The global podcasting market size is expected to reach US$41.8 billion by 2026, rising at a market growth of 24.6% compound annual growth rate during the forecast period, according to Research and Markets.
The simple availability of podcasts during travel times and performing multiple tasks, for example, strolling, planting, working out, or cleaning, drive the market development, adds the research group. While the market is still in its early stage, it has seen massive development in both production volume and utilization over the previous decade.
As indicated by a report published by the New York City legal body, New York, known as the focal point of this industry, recorded 42.0 million weekly listeners in 2017. Since the market for podcasts is adjusted to follow present-day consumption patterns, it’s anticipated to become exponentially over the forecast period due to the popularity of promptly accessible entertainment content.
The COVID-19 episode has prompted expanded guidelines on venturing out of homes and assembling at public spots., according to Research and Markets. This outbreak has decidedly affected the already emerging market for Podcasts; clients pick to tune in to streaming channels when doing their family tasks or when working from home.
While podcast utilization is straightforwardly related to commuting practices, the shortening of drive times because of less traffic has diminished the listening extents. Nonetheless, the Podcast industry has accomplished opportunities because of the unexpected rise in in-home media consumption during this outbreak, says Research and Markets.
