Justin Taylor

Why Podcasts are Growing So Rapidly

What started as a niche area of entertainment is now a billion-dollar industry. According to podcast listener data, this form of media is more popular than ever and shows no signs of slowing down anytime soon. But why are podcasts suddenly becoming so mainstream?

In this article, we'll go over some factors that contribute to the rapidly growing podcast sphere.

An Influx of Content

When podcasts first started gaining traction in the early aughts, the options were relatively limited. Many podcasts were only available on one platform, creating accessibility issues that prevented the medium from proliferating.

Things are much different now. Podcasts are now available on a wide range of platforms and devices. Not only that, but more and more outlets are investing in podcasts. In early 2021, there were an estimated 1.75 million podcasts, totaling more than 43 million episodes.

Some would think that the growing number of podcasts on the market would lead to oversaturation. But that's not the case. Podcast listener data indicated that the influx of content only drew more people to the audio format.

Convenience and COVID

There's no denying that convenience plays a big part in flourishing podcast numbers. These audio-only shows are super easy to consume. Many listeners enjoy them in the car, while doing chores, or working out. It's a much easier way to consume content than watching videos or reading articles.

Pair that with the low costs to produce podcasts, and you have a recipe for success.

The worldwide COVID pandemic saw a notable uptick in listenership. Listener data rose approximately 42 percent during the pandemic, likely due to more available time to enjoy the content. Fortunately, those listeners stuck around.

The Future of Podcasts

The rising popularity of podcasts continues to grow. Forecasters expect podcast ad revenue to reach $1.7 billion by 2024! For advertisers, podcasts are a goldmine of marketing opportunities. Producers also have a world of monetization opportunities, making the podcast industry one worth keeping an eye on.

Author Resource:-

I'm Justin Taylor, podcast marketing consultant, providing info about monetizing a podcast, analytics, promotion ideas and advertising for SME's. You can find my thoughts at podcast guides blog.