Podcasting continues to become increasingly popular among audio consumers and the industry continues to grow exponentially. This growth will likely continue, according to Michael Wolf’s Annual Technology and Media Outlook. We reviewed a LinkedIn post from Jessi Hempel from Hello Monday summarizing the Outlook.
The report found that podcasts attracted close to 88 million listeners in the past year. While the number of podcast listeners has increased exponentially in the last year, the number is expected to grow even more, with the report projecting that podcasts will begin attracting close to 164 million listeners within the next five years.
The number of podcasts available has also increased significantly in the last five years, with 750,000 podcasts available today compared to 60,000 in 2015. The most popular podcast is “The Daily” which is published by The New York Times. The report also found that most of the shows with the highest listenership are produced by legacy media companies.
By 2023, it is projected that podcasts will have a total revenue of $1.6 billion – four times what it was in 2018.