How to build a profitable podcast.
From Waves to Bytes: The Evolving Future of Podcasting in a Digital Age!
Let's welcome our guest writer Jamie Carter
The concept of “podcasting” was invented back in 2004. Soon, in 2005, Apple released its first iTunes version (4.9) with native podcast support. These two events are considered to have given roots to the culture of podcasting, yet, for many years, it remained a very narrow industry – until today.
After its first rise in 2012-2013, podcasting is gaining momentum faster than ever. It has been deeply integrated into all major streaming platforms and networks, including Spotify, YouTube, and others. And it has become a billion-dollar industry. Read on to learn more about this evolving nature and the future of podcasting!
According to Statista, only 22% of US adults were aware of podcasting in 2006. In 2022, as many as 79% of the adult population in the country were familiar with this concept. In 2024, the number of podcast listeners is projected to beat the 100 million point in the US and 500 million in the entire world. These numbers perfectly depict the evolving landscape of podcasting. But let's get into some specific details.
Thanks to its rapidly growing nature, as of 2024, podcasting has rooted into many mediums:
So, we already clearly see the huge benefits of podcasting for education, business, and marketing. What’s next?
Although this medium has already grown a ton and is rooted in many industries, it doesn’t seem to stop there. The culture of podcasting continues expanding and is projected to be here to stay in the upcoming years. To prepare for the future, let’s consider the top trends we’re projecting to rise in the podcasting industry soon!
Spatial audio is a technology that creates a virtual surround sound for more immersive experiences. It’s also called the 3D audio effect. Simply put, it puts listeners in the center of the room, making them feel like they are surrounded by multiple sources of audio. This creates a sense of a live environment and makes listeners feel more involved in the process.
This technology is already trending. Apple Music reports that the number of its monthly Spatial Audio listeners has more than tripled since the launch of this feature. The number of plays in this section in Apple Music has grown by over 1,000%.
Experts claim that this technology is driving greater engagement among audiences in movies, TV shows, music, and, of course, podcasts. So, if we want to succeed in the podcasting sector in 2024 and beyond, spatial audio is the first trend to adopt.
Blending the audio and visual realms is another evolving trend. It began surging in 2023. The Podcast Index listed 50,000 video podcasts last year, compared to 39,000 in 2022, and we expect this trend to stay here for a while.
The concept of video podcasting isn't new. Yet, it's actively growing these days. And it’s all thanks to its potential to expand the audience outreach for podcast hosts.
Converting audio podcasts into video ones can enable you to engage with new audiences beyond streaming platforms, for example, on Instagram or YouTube. For this reason, about 17% of hosts are already recording their episodes in both audio and video formats.
According to studies, the number of paid podcast events has increased by over 2,000% over the past 6 years. Live events have offered an additional source of revenue for well-known podcast hosts, as well as the ability to drive new audiences.
The popularity of such events is quite easy to explain. Live shows revolutionize the conventional podcast experience. Before, listeners used to join episodes all alone. Instead, live events offer us a much more immersive setting. In this setting, listeners can connect and interact with podcast hosts and other guests. This led to an increased engagement among audiences.
Bonus tip: If you are planning to leverage live events to the benefit of your podcast or business, you must know that personality-driven shows are the most trending ones for today! Live shows with famous guests enhance credibility and grow the audience's engagement. Besides, personality-driven podcasts create a deeper level of “intimacy” between the host and guests, increasing trust and loyalty.
Today, when speaking about future trends, it's impossible to omit artificial intelligence. AI technology has turned the world upside-down. It quickly made its way into many different industries and mediums. It also offered more opportunities for creators, businesses, marketers, and other individuals.
Unsurprisingly, AI has also made its way into the field of podcasting. This technology is already revolutionizing the landscape by letting hosts generate transcripts and notes for their episodes, creating podcast summaries, and otherwise making podcasting much more efficient.
According to recent data, AI-powered podcasts have already grown by 500% in the past year. Leveraging this technology in your podcasts can cut costs by up to 50%, boost listener satisfaction, and bring a wealth of other benefits.
As you can already see, the majority of evolving podcasting trends all aim toward two primary goals - greater immersion and interactivity. Indeed, active podcast listeners are already craving to interact more with their favorite hosts and communities. And this brings us to another trend that we are expecting to see in the overseen future - interactive podcast platforms.
Currently, most platforms only enable listeners to stream shows. However, there are plenty of ways to create more immersive journeys for your audience. Hosts are already doing it by encouraging listeners to participate in the show. Hosts actively ask their audiences questions in podcasts, encourage them to share their experiences, and cover the audience's questions in episodes.
We expect platforms with podcasts to integrate more interactivity features in the upcoming years to support this trend. This would revolutionize the way people experience audio content!
The last trend on our list doesn't have much to do with technology or with the audience's craving for more interactivity. It's all about the duration of podcasts in the future and its effect on the audience's engagement.
Although we have long gotten used to lengthy podcasts, short-form shows are now stepping into the game with a larger potential. According to experts, modern listeners prefer bite-sized episodes more than long-form content. They want to be able to consume audio content during their short breaks and on the go.
In 2024 and beyond, shorter podcasts of 5-30 minutes will be on the rise. Experts suggest that such bite-sized shows can increase hosts' productivity while also driving more listeners. Additionally, creating shorter podcasts should also enable hosts to cut the costs of advanced recording software. So it’s a win-win deal for everyone.
The total podcasting market is projected to reach over $150 million by 2030. Given that this market was valued only at $13,785 million in 2021, this is a massive growth. So one way or another, we expect podcasting to be here to stay for years down the road and gain even more popularity all over the world.
Being already used in business, education, marketing, and many other sectors, podcasting really has the potential to revolutionize the way people learn, entertain, and interact with brands. Yet, the podcasting market itself is also expected to undergo lots of changes and improvements in the following years.
So, what will the future of podcasting be? Based on everything we’ve discussed in this article, we can confidently state that successful podcasts in the future will be:
We also expect a greater reliance on spatial audio for better audience immersion. And we project the rise of AI-powered podcasting. AI is expected to lead to greater listener experiences, better hosts’ productivity, and more personalization in the audio content.
Hopefully, this overview of the key trends will help you become more future-ready, too, and gain a competitive advantage in your podcasts as well. So be sure to embrace the changes and keep up with other trends that emerge!
