Amit Tiwari, Global Head, Marketing Demand Center, TCS
The podcasting industry has expanded into a multibillion-dollar one in recent years from its unassuming, casual beginnings with niche audiences to its ascension to dominance in the cut-throat media market. Its growth has been fueled by a plethora of shows, participation from celebs, investments from major corporations including Spotify, and the spread of technologies that increase awareness, such as smart speakers. The global audience for podcasts is expected to nearly double from 275 million in 2019 to over 500 million by 2024.
Content creators are flocking to podcasting because it provides them a “creative outlet” without the layers of complications in the media that control the process such as networks. Because podcasts lack visuals, they are distinctive and captivating to many in our screen-driven culture, and creators are aware of this opportunity.
Numerous brands have similarly been drawn in by the rapid growth of the podcast industry to take advantage of advertising opportunities targeted at niche audiences and in turn, provide a boost to the creative economy. With 4.8 million different podcasts already out there, the future of audio entertainment is boundless for consumers, advertisers, creators, and tech development professionals alike.
WHY SHOULD PODCASTS MATTER TO MARKETERS?
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