The Podcasting Industry is Booming
Research confirms Podcasting remains a high-growth media industry. Podcast listening audiences within the US adult population continues to grow. The 2017 Infinite Dial Report confirmed that 67 million Americans, or 24%, listened to a podcast in the past month. Americans are also listening to more podcasts per week, and listen to them in a variety of locations and when doing other activities.
Smartphones and Mp3 players are already numerous and will only proliferate further, making on-demand streaming increasingly accessible from any point on the globe. This Pandora’s box of new possibilities also presents new challenges. Unlimited reach means unlimited competition. The next generation of audio giants will be those who acknowledge this truth, step forward and ride the wave of change.
Podcasting; its quality content and loyal audiences attract big money
The money that sponsors are now spending on podcast ad campaigns had ballooned at a rapid rate. The Interactive Advertising Bureau reported that the podcast industry’s advertising revenue in 2016 was $119 million. Its estimates for 2017 totaled $220 million – an 85% increase year-over-year. 2018 should see a similar jump in revenue, and another study we examined at a few weeks ago estimated that total industry revenue could be over $500 million by 2020.