The UK’s Podcast Industry Report 2022
The UK’s podcast industry has evolved to a great extent over the past years. It has become one of the favourite sources of entertainment and information, attracting major investors into the industry and millions of audiences. In addition, podcasts have made gathering information on the current news and trends much more accessible.
In today’s world, when most people are on busy timelines to devote to amusements, podcasts serve as an excellent tool to stay updated on current events. Whether on your morning commute to your office or your exercise session, it is never inconvenient as you can plug and play audio recordings from anywhere, anytime.
What Is a Podcast?
A podcast is a type of downloadable media as audio files. It can be an interview, an experience-sharing show, or news updates. The audio files can be accessed via the internet. One can listen to the audio with the help of their devices at hand, such as mobile phones, tablets, or laptops. The audio recordings can be played as one complete episode or in parts.
Users can subscribe to podcasts in simple steps. First, open the podcast application on your mobile device or computer. The application will have different options for paid and unpaid subscriptions: basic, standard, or premium. Then, the user can enter the login details and proceed to subscribe.
Podcast Industry Insights
The podcast industry involves investing in podcast production, hosting, and marketing by companies aiming for business returns. The audio industry is gaining momentum in shifting gears from traditional audio broadcasting services to modern-day streaming through podcasts. For instance, Google Play Podcasts Portal is an application developed by Google offering much more than music streaming services. Budding entrepreneurs and students use educational podcasts like the EdTech podcasts, streaming informative content in audio format. Educational podcasts save the tiresome reading process through large chunks of academic materials.
The growth and popularity of podcasts have depended mainly on the millennials and Gen-Z, who seek information and are inquisitive compared to previous generations. The rising demand for audio formats has seen plenty of podcast applications developed solely to promote discussion forums. Digitalisation opens the scope to search for information effortlessly and brings everything to the fingertips. There is a range of topics from global politics, true crime, health and fitness to sports included in podcasts to establish them from being normal to being famous.
Audio streaming, in turn, has greatly influenced the current generation to stay motivated in their field of interest. For example, aspiring entrepreneurs can get access to business owners’ success stories and get exposed to new ideas, and grow their businesses keeping the pros and cons in mind. Another instance is when writers can utilise a podcast to listen to their favourite authors, learn how to structure complex topics into digestible sections, and frame ideas into words.
How Much Is the Podcast Industry Worth?
According to a podcast industry report by Market Data Forecast, the global podcast industry was worth $ 9M in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 27.5% from 2020 to 2027.
How Much Has the UK’s Podcast Industry Grown so Far?
The podcast industry statistics throw light on the upward curve of its growth in the UK. The estimated number of podcast listeners increases every year, showing steady growth. As per the report by the Statista research department, there were over 16.9 million podcast listeners in the UK in 2020. The number is expected to scale up close to 25 million listeners by 2024. In any case, the number will touch over 17M podcast users by 2022.
Podcasts are most popular among the young aged 26 to 35. Young audiences contribute to nearly 40 per cent of the UK’s podcast listeners.
Podcast Industry Trends
The podcast industry’s growth has opened up new opportunities for further development. Some of the trends in the industry are:
Numerous Platforms for Hosting
Though the files are available in various formats or produced by various production teams, most devices are compatible for users to download and play them. Spotify, Apple, and Google podcasts are the most popularly used platforms in the podcast industry. In addition, news podcasts like BBC Sounds streamline live audio updates on-demand across the globe.
Connecting Audiences in Different Regions
Native and non-native audiences worldwide can subscribe to live stream musical events and shows. Podcasts address sensitive issues worldwide, such as racism, gender issues, and other underprivileged sections. It opens the minds of audiences to understanding and being compassionate toward one another to approach an issue from a different standpoint.
Scope for Marketing
Advertisements have always been a part of the entertainment industry, nurturing in various ways to grow. Add-on features in applications support advertisements for attracting sponsorships and investments.
Investing in the Podcast Industry
If you wonder how to invest in the podcast industry, always weigh the critical metrics of the number of podcast listeners you plan to reach, a monthly analysis of listener behaviour, the ROIs, and other ways of monetising podcasts.
Podcasts for Effective Communication and Knowledge Sharing
Embracing podcasts as a communication channel for your business can be a wide turn for its overall success. It is a massive relief for people who shy away from communicating with people, learn new ways, and eventually build on their skills at their own pace.
If you are looking for podcasts, especially about business topics, you can check out our Top 20 UK Podcasts to Follow!
