It seems that recently everyone and their mother has hopped onto the podcast train.Nowadays, it’s rare to find someone who hasn’t at least heard of, if not actively listened, to a podcast. This trend shows no signs of slowing down, with over 2 mn podcasts available in over 100 languages, catering to a staggering 400 mn podcast listeners.

The podcast phenomenon has witnessed significant growth. Before the pandemic, approximately 62 mn people in the US listened to podcasts. However, after only one month of social isolation, podcast consumption skyrocketed by a whopping 18%. The increase is nowhere near negligible if you look back at the past decade when podcasts transformed from a completely untapped medium to a well-established form of entertainment by 2018. According to The New York Times, between 2018 and 2019 alone, the number of people listening to at least one podcast in the US increased from one in four to one in three.

The concept of podcasting, originally known as audio blogging, was initiated by Dutch

MTV video jockey Adam Curry and software wiz Dave Winer, according to Pinkston. The pair created the first audio files for internet download, essentially pioneering audio content subscription. The term “podcasting” was coined in 2004 when Ben Hammersley wrote an article for The Guardian about it. Journalist Christopher Lydon, in collaboration with Dave Winer, launched the first-ever podcast, “Open Source,” hailing it as a way for “anyone to be a broadcaster.”

The podcast landscape gained traction with Apple’s release of thousands of podcasts in 2005. The real turning point, however, occurred in 2014 with the release of iOS8, featuring a dedicated podcast app. This move by Apple established podcasting as the new norm.

There was one trailblazer. One of our favorite podcasts, Serial, was groundbreaking — becoming the first to amass 5 mn downloads. In the five years following Serial’s success, podcast listenership surged from 39 mn to 90 mn.

ALL THE POTENTIAL TO GROW

#1- Low barriers to entry. The low costs associated with podcasting make it accessible to anyone with a microphone and recording equipment. With minimal investment there is a podcast for every niche, leading to a diverse market.

At the same time, it’s easy to monetize. Low cost + high revenue = production gold. What’s specific to the broadcasting genre is that there is no need to fight to secure a live air spot or agreements with big networks to enter the scene. Anyone can enter, and anyone can profit if they’re able to gain popularity. The global podcast ad revenue is expected to grow to USD 4 bn in 2024 up from USD 1.1 bn before Covid, according to data from Statista Market Insights.

#2- Human connection in a lonely world. The pandemic saw an astronomical rise in podcast listening, driven by the inherent human need for connection. In a time of social distancing and isolation, podcasts provided a source of intimacy, filling the void left by the absence of physical interaction. people were craving some sort of intimacy to fill the hole of being around others that we so dearly missed.

#3- Content for the masses: Podcasts are refreshingly accessible, available on most smart devices, and often without the need for a paid subscription. They exist in both audio and video formats on platforms like YouTube, making them versatile and easy to consume.

#4-You can also enjoy them anywhere. Podcasts can be enjoyed everywhere — whether during chores, commuting, or simply relaxing at home. The flexibility in consumption has contributed to their widespread appeal.

#5-There’s something out there for everyone. The diversity of the podcasting landscape draws a lot of appeal. From small content creators to major companies, there is a podcast for every topic imaginable: Want to learn about trees? You got it. Wondering how your favorite movie got made? Not for long. Trying to keep up with the latest news? They’ve got you covered. Not only that, there are chatty podcasts, educational, true crime, or a mix of all so that you can tune in no matter what mood you’re in or whatever your interest is.

It looks like podcasts will continue to shape the entertainment industry, and their influence is likely to endure, providing a space where anyone can be a broadcaster and everyone can find content that resonates with them.

Tags: