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Podcast Boom May Be Slowing But Industry Continues to Grow

September 13, 2023

In the past year some platforms and networks, including Spotify and NPR, have cancelled podcasts and cut staff. But according to a Digiday review of recent podcast market studies, the contraction is more a course correction following the pandemic years of increased audience than a reflection of decreased interest by advertisers. Because large investment in high-profile podcast personalities and networks during lockdown didn't meet profit expectations, many publishers have become more selective about content offerings. Advertisers continue to believe that spending on podcasts is worthwhile, however, with 60% of agencies and advertisers currently advertising in podcasts -- up from 34% in 2020. Other study findings include:

• The U.S. audience for podcasts has grown from 46% in 2021 to 56% in 2023, and hours spent listening to podcasts have also increased.
• Increased ad spending is mostly going to large networks such as Spotify and iHeart rather than independent publishers.
• 62% of brands and agencies say they will consider advertising in podcasts in the next six months and 58% said they definitely will.

Read more of the Digiday story here.
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