Podcasting as a Business in 2024 - Statistics and Facts

Starting a podcast can be very lucrative, The most important things are to focus on creating valuable content and consistently delivering for your audience. The rest can be figured out along the way. With a clear strategy, starting a podcast can be an incredibly effective way for businesses to reach new audiences and drive growth in 2024 and beyond. Here are the most important statistics and facts to know about the business of podcasting in 2024.

Podcast Listener Demographics

• As of 2024, there are over 464 million podcast listeners worldwide, a figure that has grown rapidly from just 274 million in 2019.
• In the U.S., 64% of Americans ages 12 and older have listened to a podcast, up from 57% in 2021. 38% listened in the last month and 26% in the last week.
• 50% of monthly U.S. podcast listeners are aged 12-34, 43% are 35-54, and 22% are over 55.
• 51% of monthly podcast listeners are male and 49% are female.
• Podcast listeners tend to be more affluent and educated, with 51% having a full-time job and 28% having a university degree.

These demographics show that podcasts reach a wide and desirable audience for many businesses. The typical podcast listener is young, employed, and well-educated.

Podcast Consumption Habits

• The average podcast listener spends over 7 hours per week listening to podcasts. 22% of listeners spend over 22 hours per week.
• 35% of listeners tune into more than 10 different shows per month.
• Listeners consume an average of 8 podcast episodes per week.
• Popular activities while listening to podcasts include doing housework (70%), driving (65%), exercising (51%), and cooking (50%).
• 79% of podcast fans say they listen to podcasts to learn new things.

Podcast listeners are highly engaged, spending significant time each week tuning in. They listen while doing other activities and actively seek out podcasts to learn and be entertained. This presents an opportunity for businesses to reach listeners when they are attentive.

Podcast Growth and Revenue

• There are over 2.8 million podcasts globally as of 2024, up from just 500,000 in 2018.
• The global podcasting market is expected to grow at a compound annual growth rate of 27.6% from 2023 to 2030.
• Podcast advertising revenues in the U.S. are projected to exceed $2 billion in 2024 and $4 billion by 2024.
• The average podcast advertising revenue per listener is forecast to be $8.42 in 2024.

The podcasting industry is growing rapidly in terms of both content and revenue. Ad spend is increasing as more brands recognize the unique benefits of podcast advertising. Starting a podcast now allows businesses to ride this wave of growth.

Benefits of Podcasting for Business

• 37% of small business owners and 71% of medium-sized business owners are regular podcast listeners.
• 94% of business owners who listen to podcasts plan to maintain or increase their podcast consumption.
• Adding podcasts to an existing marketing strategy increases trust levels from 45% to 63%.
• 69% of podcast listeners say podcast ads have made them aware of new products or services.
• 50% of listeners are more likely to buy from a brand after hearing its podcast ad.

Podcasting is a particularly effective medium for reaching business decision makers. Many executives and business owners are avid podcast listeners. Hearing from a brand on a podcast they enjoy builds trust and drives purchasing decisions.

Keys to Podcasting Success

• Consistency is crucial, with 35% of podcasts publishing a new episode every 3-7 days.
• Average podcast length is around 41 minutes, but anything from 20-60 minutes can work depending on the topic.
• 40% of listeners discover new podcasts through recommendations from friends and family.
• Topping the podcast charts requires around 25-30 downloads per episode when starting out.

To succeed with podcasting, it's important to publish consistently on a schedule. Episode length should be long enough to dig into the topic but not so long that it feels overwhelming. Encouraging listeners to recommend the podcast to others is one of the best ways to organically grow an audience. Don't be discouraged by download numbers when starting out.

How to Get Started

While the growth and revenue numbers around podcasting may seem daunting, it's very achievable to start a quality podcast on a small budget. Here are some tips:

• Develop a focused, niche topic that you can speak about for 100+ episodes.
• Invest in a quality microphone ($100-$200) for good audio, but you don't need a full professional studio.
• Create eye-catching cover art (1400 x 1400 pixels) to stand out in directories.
• Record using free software like Audacity or GarageBand and find affordable royalty-free music for intros and transitions.
• Sign up for a podcast hosting provider like Buzzsprout and submit your feed to major directories like Apple Podcasts and Spotify.
• Promote new episodes on social media and encourage listeners to subscribe, leave reviews, and recommend to others.