Is the podcast marketplace finally hitting a ceiling?
Every year, it becomes more laughable that podcasts used to be considered a niche media format. Ninety million U.S. consumers listened to podcasts monthly in 2019, a figure up from 73 million in the year prior. predicts this figure to grow to 131 million by 2024 in its newest 36-page special report, “Podcasts Go Boom,” which provides an expansive view of the podcast market and offers forward-looking analysis on the growth prospects for the industry.
Scripted TV is generally much more expensive to produce than a scripted or unscripted podcast, so it’s expected there would be more podcasts out there, but the comparison still helps make clear how big of a mad dash creators have made for podcast riches in recent times. That’s because the 700,000 podcasts figure cited earlier is essentially inflated — it includes podcasts that no longer regularly produce new episodes as well as low quality podcasts that many consumers likely wouldn’t want to listen to anyways.
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