Podcast Industry Statistics 2024 – Global Market Size and Growth

Last update: Oct 21, 2024

How big is the global podcast market?

Purpose of this report

We’re building this estimate primarily to provide transparency to industry participants. An accurate sense of how big the podcast industry is (and how fast it’s growing) can help us make strategic decisions. Overestimating the size of the industry could lead to:

Introduction

Currently, two public numbers are often cited to describe the overall value of the podcasting industry:

  1. A figure from the IAB shows that annual podcast advertising revenue in the USA was nearly $2 billion in 2023.
  2. The second number is from Grandview Research, who estimates the entire podcast market, including all segments, to be $20 billion a year.

Unfortunately, neither the IAB nor Grandview Research have shared a meticulous description of their methodology or sources, which makes it difficult to verify or substantiate their estimates.

We’ve collected annual returns, financial statements, and other public information. Using this data, we estimate the size of each sub-category within the podcast industry.

We will continually update and publish findings here, and this page will function as a collaborative wiki that anyone can contribute to.

This page is hosted on a public GitHub repo; anyone can issue a pull request with sources and rationale.

I hope that the contributions and discussion about these numbers here would lead to an accurate estimate of the podcast industry’s size.

Cheers,
Justin Jackson
Co-founder of Transistor.fm

Overview

Our estimate for the global podcast industry’s annual revenue is approximately $3.94 - $4.75 billion.

This estimate is based on available data from various segments of the podcast industry, including advertising, hosting, equipment, direct listener support, events, and other related categories.

Global Podcast Market Revenues by Category (millions USD)

Breakdown by category:

Category 2024
Podcast Advertising $2.9 - $3.2 billion
Podcast Hosting $100 - $150 million
Podcasting Equipment $285 - $300 million
Direct Listener Support $350 million
Podcast Production Services $120 - $180 million
Podcast Recording and Editing Software $100 - $150 million
Podcast Events and Conferences $15 - $20 million
Podcast Analytics and Measurement Tools $50 - $75 million
Podcast Transcription Services $15 - $25 million
Total $3.94 - $4.75 billion

Categories that still need to be estimated:

Each category’s estimate is explained in detail in the sections below.

It’s important to note that the podcast industry is rapidly evolving, and these figures may change quickly. Additionally, there may be some overlap between categories, and the global nature of the industry makes precise estimation challenging.

Breakdown by Category

1. Podcast Advertising

Estimated annual revenue: $2.9 - $3.2 billion

Sources:

Rationale: The IAB study provides a concrete figure for the U.S. market at $1.9 billion. To estimate the global market, we analyzed data from multiple sources (above).

Based on this data, we estimate that the U.S. represents approximately 60-65% of the global podcast advertising market. This estimate is based on these findings:

a) The U.S. market’s podcast monetization is advanced compared to other countries. b) The relative size of the U.S. digital ad market compared to other major markets. c) The dominance of U.S.-based podcast platforms and networks globally.

Calculating from the U.S. revenue of $1.9 billion:

This results in our estimated $2.9 - $3.2 billion range for global podcast advertising revenue.

It’s important to note that this estimate is based on available data primarily from English-speaking countries and major digital advertising markets. The actual figure could be higher if we had more comprehensive data from non-English speaking markets with growing podcast industries.

2. Podcast Hosting

Estimated annual revenue: $100 - $150 million

Sources:

Rationale: We start with known revenue from two major players: Libsyn ($32.7M) and Acast ($17.3M).

For Acast, the $17.3M figure is an estimate based on their financial statements. Acast reported that approximately 11% of their net sales are generated by non-ad revenue streams, which include hosting, SaaS products, and other services. With total net sales of 1,636.4 million SEK in 2023, 11% equates to about 180 million SEK or $17.3 million USD.10 This figure likely overestimates pure hosting revenue, as it includes other non-ad services.

Using the RSS feed data but excluding free hosting platforms (Anchor/Spotify for Podcasters, Soundcloud, and Feedburner), we can recalculate market shares:

Extrapolating from Libsyn’s revenue and market share suggests a total market of $338M ($32.7M / 9.67%). Using Acast’s figures suggests $446M ($17.3M / 3.88%). However, these extrapolations assume similar revenue per podcast across all hosts, which is likely untrue. The Acast figure, in particular, may lead to an overestimate as it includes non-hosting revenues.

From the Reddit threads, hosting costs range from $0 (using free platforms) to about $20/month for paid services. Let’s assume an average of $10/month for podcasters who pay for hosting.

Using our estimate of 1,034,606 paid hosting feeds, and assuming 80% of these are actively paying (some may be on free trials or inactive):

827,684 * $10 * 12 months = $99,322,080

Considering that:

  1. Larger hosts may have economies of scale
  2. Many podcasts generate little to no revenue
  3. There’s a wide range of pricing among hosts
  4. Our Acast estimate may include non-hosting revenues

We conservatively estimate the paid podcast hosting market to be between $100 million and $150 million annually. This range accounts for the known data while acknowledging the limitations of our extrapolation method and the potential overestimate from Acast’s figures.

3. Podcasting Equipment

Estimated annual revenue: $285 - $300 million

Sources:

Rationale: This estimate is based on financial data from major audio equipment manufacturers, with assumptions about the percentage of their sales related to podcasting. We estimated Sennheiser’s podcasting revenue at $85.2 million (15% of the total), Blue Microphones at $47.6 million (40% of the total, adjusted for growth since 2018), and Audio-Technica at $2.6 million (10% of microphone sales). Assuming these companies represent 45-50% of the market, we estimate a total market estimate of $285-300 million.

4. Direct Listener Support

Estimated annual revenue: $350 million

Sources:

Rationale: This figure comes directly from Patreon’s press release. While there are other platforms for direct listener support (like Buy Me a Coffee, Ko-fi, etc.), Patreon is the dominant player in this space for podcasters. The $350 million likely represents the majority of direct listener support for podcasters.

5. Podcast Production Services

Estimated annual revenue: $120 - $180 million

Sources:

Rationale: Many podcasters mentioned hiring editors or production teams in the Reddit threads. Costs varied widely, but we assumed an average of $100 per episode for those who outsource. Assuming 10% of active podcasts (103,460) use these services monthly:

103,460 * $100 * 12 months = $124,152,000

We’ve provided a range to account for potential variations in usage and pricing.

6. Podcast Recording and Editing Software

Estimated annual revenue: $100 - $150 million

Sources:

Rationale: Many podcasters mentioned using software like Descript, Riverside.fm, Squadcast, GarageBand, and Adobe Audition. We estimated that about 30% of active podcasters use paid software, with an average monthly cost of $25:

310,381 * $25 * 12 months = $93,114,300

We’ve provided a range to account for free software users and potential variations in pricing and usage.

7. Podcast Analytics and Measurement Tools

Estimated annual revenue: $50 - $75 million

Sources:

Rationale: Several podcasters mentioned using analytics tools. We assumed 20% of paid hosting users subscribe to such services at an average of $20/month:

206,921 * $20 * 12 months = $49,661,040

The range accounts for potential variations in usage and pricing.

8. Podcast Transcription Services

Estimated annual revenue: $15 - $25 million

Sources:

Rationale: Some podcasters mentioned using transcription services. We assumed 15% of paid hosting users use these services at an average of $10 per episode monthly:

155,190 * $10 * 12 months = $18,622,800

The range accounts for potential variations in usage and pricing.

9. Podcast Consulting and Education

Estimated annual revenue: To be determined

Sources: [To be added]

Rationale: This category would include revenue from podcast consultants, online courses, workshops, and educational resources about podcasting.

10. Podcast Events and Conferences

Estimated annual revenue: $15 - $20 million

Sources:

Rationale: This estimate is based on data from major podcast conferences and an estimation of smaller events worldwide:

  1. Major conferences:
    • Podcast Movement (2 events): ~$3 - $3.5 million annually
    • The Podcast Show London: ~$950,000 - $1.2 million
    • PodFest: ~$700,000 - $900,000
  2. Other conferences and events: Estimated 20-30 additional events generating an average of $250,000 - $350,000 each. Estimated total for smaller events: $5 - $10.5 million

The estimate includes ticket sales and sponsorship revenues. For major events, we calculated based on reported attendance figures and estimated average ticket prices. Sponsorship revenues were estimated based on publicly available sponsorship packages.

This estimate is likely conservative as it may not fully account for:

11. Podcast Network Revenues (beyond advertising)

Estimated annual revenue: To be determined

Sources: [To be added]

Rationale: This category would cover revenues generated by podcast networks through means other than advertising, such as content licensing, merchandise, or other monetization strategies.

Methodology and Limitations

This estimate is based on publicly available financial data, industry reports, and reasonable assumptions where specific data is unavailable. The actual global podcast industry revenue may differ due to:

  1. Limited financial data from private companies
  2. Rapid changes in the industry
  3. Varying definitions of what constitutes podcast-related revenue
  4. Potential overlap between categories (e.g., some hosting providers also offer advertising services)

Further research and data collection could help refine this estimate.

Final notes

The goal here, whenever possible, is to avoid sourcing generalized estimates from other sites (like Statistica, Latka, CB Insights, LeadIQ, etc) that don’t share their methodology.

This page is hosted by Transistor.fm. Ready to start a podcast? Create as many podcasts as you’d like on Transistor, and we’ll distribute your shows to Apple, Spotify, YouTube, and more.

Footnotes

  1. “Everything you know about the podcast industry is a lie”, Techcrunch ↩

  2. IAB U.S. Podcast Advertising Revenue Study FY 2022 ↩

  3. IAB Australia: Podcast revenue: a global perspective ↩

  4. WARC: Global advertising to top $1 trillion in 2024, as big five attract most spending ↩

  5. Oberlo: Digital Ad Spend by Country ↩

  6. Libsyn Audited Financial Statements 2023 ↩

  7. Acast Year End Report 2023 ↩

  8. Listen Notes Podcast Stats ↩ ↩2 ↩3 ↩4 ↩5

  9. Reddit threads discussing podcast expenses: Thread 1 and Thread 2 ↩ ↩2 ↩3 ↩4 ↩5

  10. In the Annual Report for 2023, on page 20 under “Net sales breakdown”, there’s a note that says: “Acast’s net sales are mainly generated from advertising revenue recognized over time. Just over 11% of Acast net sales are generated by non-ad revenue streams, such as SaaS and subscription revenue, for the reporting periods presented.” Given that Acast’s total net sales for 2023 were 1,636.4 million SEK (as stated multiple times in the report), we can calculate 11% of 1,636.4 million SEK = 179.9 million SEK. Converting to USD at an approximate exchange rate of 0.096 SEK to USD: 179.9 million SEK * 0.096 = $17.27 million USD ↩

  11. Audio-Technica Companies House Document ↩

  12. Sennheiser Group Looks Back on a Successful 2023 Fiscal Year ↩

  13. Logitech SEC Filing Q2 2019 ↩

  14. Patreon Press Release: Podcasters earned over $350 million from their real fans on Patreon last year ↩

  15. Podcast Movement Events ↩

  16. The Podcast Show London ↩

  17. PodFest Expo Sponsor Deck ↩