Podcasts will generate $4 billion by 2024

Podcasts are an entertainment format that is gaining more and more followers. This is because it is a type of content that we can easily consume, either when we go from home to work, at the gym or even while we work.

The podcast is a growing format that offers creators several ways to monetize their content.

This has caused an industry to be generated around it, capable of generate billions of dollars. In this sense, according to data from a report published by the Interactive Advertising Bureau and PricewaterhouseCooper, this year alone podcasts have generated 2,000 million dollars in revenue and it is expected to generate more than 4,000 million by 2024.

This growth is not only due to the increase in the audience, nor to the number of platforms such as Spotify that have begun to host these types of programs. In fact, podcasts have become a fundamental part of Spotify’s strategy. Much of this growth is due to advertising revenue which, thanks to advances in technology, allows you to target an audience that is much more willing to buy.

In this sense, the type of advertising that is inserted in podcasts has also changed a lot. In 2021, 84% of the ads that appear in the programs are of the dynamic type. Also, thanks to geotargeting and other improvements, advertisers can track ads much more deeply and create much more focused audiences.

This new ad dynamic encourages advertisers to invest more money in advertising, while podcasters have easier ways to monetize their content, being able to place an ad even in old programs.

However, not all podcast revenue comes from ads. Apple Podcasts, Spotify or Patreon offer user subscription options. This is another way of monetizing the content, so that the user pays a monthly fee to receive all the updates.

On the other hand, most of the podcasting platforms have seen increases of up to 37% at your hearing in a few months. This data is relevant, if we take into account that the growth of traditional radio has remained around 14% during the same period of time. In this sense, Richar Schmaeling, CFO of Audacy, has indicated that he has a growth forecast of more than 47% for the following year.