Podcasting Goes Mainstream: The Explosive Growth of the Medium

 

The market for podcasts is quite impressive. Even with the economic challenges and many other industries being stunted, podcasting continues to grow massively. As the economy continues to bother a lot of people, many experts believe that podcasts should actually continue to rise. 

If you’re looking to start a podcast or even already have one, you might want to understand the dynamics of the industry and why it is expected to see even more growth going forward. 

The Younger Generation Loves Podcasts 

It goes without saying that podcasting has never been this popular. A significant reason for that has been the rise to prominence of the Gen Z audience. 

Gen Z members - that is, people born between 1997 and 2012 - have come to love podcasts because they provide an opportunity for them to have their voices heard. Whether they are listeners or podcasters themselves, Gen Z members have a more personal feeling for podcasts - something that they just couldn’t get on the radio.

At the moment, Gen Z members make up the largest market for podcasts in the United States. The percentage of these people who listen to podcasts grew by 62% in Q1 2022 alone - compared to the year before. These people are growing at twice the rate of other demographics, and they’re helping to build the standards for the industry as time goes on. 

Podcasts Are Flexible 

One of the major reasons why podcasts have become so popular is the fact that they are also varied. Today, it’s easy to find a podcast on just about anything - from politics and religion to finances and relationships. People can even find podcasts on gambling where they can hear about the best March Madness odds and other important trends within the gambling industry. 

This means that regardless of what listeners want to hear, there’s a podcast that’s ready to give it to them. In fact, this flexibility has also led to varying options on the same subject matter. If you’re interested in something, there’s a high chance that there’s more than one podcast that is ready to feed you that content. 

Another interesting part is that this flexibility is why Gen Z members love podcasts. With these people having a broad range of interests, they can easily hop from one podcast to the other. This also allows podcasts to target different market segments and curate content that speaks to their listeners directly. 

Following the pandemic, for instance, podcast hosts found that mental health was a huge topic of interest for Gen Z members. In the first quarter of 2022 alone, podcasts related to this topic surged by about 62%.

Ease Of Content Production

It should also be noted that podcasts are also advantageous for the people who produce them. At the moment, there is a significant rush of people going into podcasting - whether they’d like to be niche podcasters or cast a broader net to appeal to more people. 

One major benefit of podcasting in general is that it is easy to do. Podcasters simply need enough sound equipment and the content to discuss, and they’re ready to go. And with platforms like Spotify and Apple Podcasts now allowing people to record podcast episodes on their phones, it’s a gold rush out there. 

As a niche podcaster, you can easily choose which field to focus on and create the type of content that your audience members will want to hear. If there’s any news breaking in and around your niche, you can hop on your podcast and immediately speak about it. 

This ease makes it possible for podcasters to maintain their position with their audience - while also staying true to the type of content that they want to create and maintaining their prestige in their chosen industry. 

A Solid Marketing Opportunity 

Podcasts have also become more popular because they provide an impressive opportunity for marketing. 

As you’d expect, many marketers and brands have noted the rising popularity of podcasts. As such, they’ve been quick to find podcasts that are related to their niches and sponsor them. So, if you run a podcast in the tourism industry, for example, you could easily get sponsored by a travel agency or a hotel destination. 

Brands are always looking for opportunities to make money and reach new people. With podcasts seemingly being the new golden opportunity, spending is expected to increase in this area. 

Looking ahead

As 2023 is now fully underway, you might want to know what is in store for the podcasting space. 

Generally, experts and analysts expect podcasting ad revenue to cross $2 billion by 2023 - and possibly even $4 billion by the end of next year. The creation of new podcasts did drop between 2020 and 2023, but listenership has not been a victim of this downtrend. As of January 2023, 465 million people listened to podcasts across the world - almost double the number in 2019. 

The industry is ripe for growth, and it’s welcoming to everyone!