The Podcast Market in 2018
The podcast market continues to grow at a steady rate in all areas and shows few signs of slowing down. From awareness to listening habits, podcasting is the medium to which people are turning in order to consume their information. The following data is from a 2018 Infinite Dial Study. It sheds light on a number of evolving listening habits as well as areas and opportunities for growth within the market. A thorough understanding of the listenership demographic is an essential part of successful podcasting, and BN1 Productions will be passing this on to those with whom we work.
The above chart (Fig. 1) details people’s familiarity with the term ‘podcasting’. Familiarity with a concept is a necessary precursor to the adoption of it, and this is clear from Fig. 2 below, showing the percentage of people who have ever listened to a podcast, which largely mirrors the pattern seen above, including the relative stagnation from 2010 to 2014. This bodes well for the future of podcasting as a 9% increase in term familiarity in the last two years will translate into an increased listenership. Judging from the trends in this data, we would predict a 2020 listenership percentage of 53%.
It is the syndication and aggregation of podcasts which make them an attractive form of media, and as a result it’s necessary to examine whether weekly listening habits reflect the trends seen above. Fig. 3 below suggests that while the percentage growth may not be as pronounced as above, it shows signs of being both steadier and more predictable. A 2%-3% year-on-year increase is apparent, and as such, similar growth is to be expected for the next two years.
There are two more important factors to consider in the analysis of the podcast market. These are the demographics of the people listening to podcasts along with the location in which they are doing the listening. Fig. 4 shows a clear disparity between age groups with the 55+ group lagging behind, but as with any gap in the market, this should be viewed as an opportunity for growth.
Fig. 5 below shows the location in which people usually listen to their podcasts.
It is obvious from this that the majority (49%) of podcasts are listened to at home, and this is set to rise further given the ever-increasing adoption of ‘smart speakers’ in the home (as detailed in Fig. 6). It is this development which we believe will open up the podcast market to the 55+ group, as the ease with which one can listen to a podcast at home through these smart speakers removes so many barriers that ordinarily exist. After all, once the speaker has been installed, we all know how to give instructions using our voice.
This is just a brief overview of some of general trends we are seeing continue to develop within the podcast market, so be sure to have a look at some other posts which focus on more specific areas such as case studies, as and when they appear.
This data was sourced from http://www.edisonresearch.com/podcast-consumer-2018/