MIDiA Data Spotlight: Podcasts Riding Streaming’s Wave
This is part of MIDiA’s data snapshot series in which we spotlight curated consumer datasets.
Figure Podcasts are Gaining Real Traction, Particularly in More Developed Streaming Markets Percentage of Consumers that Listen to Podcasts, 2018
Podcast listenership is growing and could prove an important growth vehicle for streaming services. Though listenership of podcasts is as low as in developed music economies such as Japan (although of Japanese music streamers listen to podcasts on a monthly basis), at the other end of adoption curve is Sweden with podcast listenership, which rises to for its streaming audience. Sweden’s over indexing on podcast consumption is significant due to its lengthier streaming history. Its position as Spotify’s home market means it has become a de facto early bellwether for music streaming future developments.
Sweden’s over indexing therefore points to Podcasts being an opportune format for investment. This is expedited by the fact that Spotify is incentivised to push the format given the increased engagement podcast consumption on the platform brings, in turn boosting its advertising proposition. Furthermore, there is a significantly less restrictive rights framework for podcasts in comparison to recorded music.
Additionally, podcasts represent an increased ad proposition given their lean-back nature, with ads served in between content as opposed to the frequently skippable format of YouTube. However, though popular with younger demographics, adoption by older users has been stifled by the resilience of radio formats within this cohort, a format which podcasts have been adept at replacing among younger users. However, distribution is largely even across all demographics peaking in the age group.