Podcasting Software Industry - Market Size
By 2021, the global revenue for podcasting ad sales is projected to reach $1.36 billion, and by 2022, the market will reach about $1.62 billion. Below are our helpful findings, as well as our research strategy, to explain why the requested information could not be obtained.
- The global podcasting advertising revenue was $650 million in 2018.
- According to PwC's Global Entertainment and Media Outlook, the global podcasting advertising "revenues are projected to grow at a nearly 30% annual rate between 2018 and 2022."
- As per the IAB/PwC Podcast Advertising Revenue Study for 2018, the total revenue for the global radio industry is estimated to be $45.2 billion, therefore, "podcasting ad revenues are 1.4 percent of total radio revenues."
- By 2021, the global revenue for podcasting ad sales is projected to reach $1.36 billion (from the Revenue Stream graph), and by 2022, the market will reach about $1.62 billion.
- The estimated US market size for podcasting advertising revenue was $479.1 million in 2018.
- The PwC report provided the compound annual growth rate of the music, radio, and podcast industry to be about 3% between 2018 and 2023.
- The percentage share of the US podcast ad revenue in the global podcast revenue is 73.71%. [($479.1 million/$650 million) x 100]
To find the global market size of the podcasting software industry, we initially searched through various industry research reports, and other industry-specific sources including PwC Study (PwC’s Global Entertainment & Media Outlook 2018-2022), Strategy+Business, The Verge, Podsights, and others. The research yielded the number and percentage of podcast listeners, podcast ad revenue, market size, growth rate, and other podcast specific stats. None of these sources could provide any information on the global market size for the podcast software industry. However, this search also led us to the PwC report, which could only provide the compound annual growth rate of the music, radio, and podcast industry to be about 3% between 2018 and 2023.
Next, we decided to locate the US market size and percentage share in the global market to further calculate the global market size for the podcasting software industry. Some of the sources we consulted include IAB Study Report, Podcast News, Podcast Insights, Consulting.us, and others. But all the sources talk about podcasting ad revenue, growth rate, and not the podcasting software industry as a whole. Some sources also discuss the number and percentage of podcast listeners, consumer habits of podcast listeners, and other podcast-related stats such as the percentage of home listening podcasts, income of podcast listeners, etc. None of these sources discussed the market size of the entire podcast software industry in the US. Therefore, it was not possible to calculate the global market size using this strategy.
We then decided to adopt another strategy to calculate the global market size for the podcasting industry by finding the percentage share of ad revenue in the total revenue generated by the podcast software industry. For this, we looked through the IAB (Interactive Advertising Bureau) study, PwC study, and other media sources. But none of these reports and articles talked about the percentage share that ad revenue holds in the total podcast software industry revenue. Therefore, this strategy also failed in providing the desired stats.
Most notably, an extensive search to find the market size of the podcast software industry through various sources resulted in providing 'Podcast ad revenue'. However, we have noticed that many of the reports and articles were titled as "Podcast revenue" with the information providing on the "podcast ad revenue". For example, at IAB.com, the article titled as "The Second Annual Podcast Revenue Study by IAB and PwC: An Analysis of the Largest Players in the Podcasting Industry" only provided podcast ad revenue and not the podcast software industry revenue. Another blog mentioned the quote from Neal Shore, the CEO at Triton Digital, “I believe that podcasting will be here for a long time, and that revenue will ramp up quickly. I see podcasting becoming a billion-dollar market in 2020 or 2021 and a $3-billion market by 2023.” This again showed that even people from the industry are using the word "Podcast revenue" and "Podcast ad revenue" interchangeably.
This leads us to draw the conclusion that either the market research firms and industry reports have not provided an estimate of the market size of the entire podcast software industry or they are the same; the market size provided for the podcast ad revenue implies to the podcast software revenue. Based on the above-mentioned strategies, we have established that the information on the global market size of the podcast software industry revenue, excluding advertising revenue, could not be found. However, we found the global podcast ad revenue and also noted that many of the sources used the term "Podcast ad revenue" as the "Podcast revenue".