If you are looking for a new source of income, you may want to consider podcasting. It is a popular form of digital media that has exploded in recent years. With over Emarketer Spotify 28.2M Apple PodcastSperezTechCrunch and a reported podcast syndication revenue of almost $2 billion, it is becoming more and more important for businesses to consider podcasting as an advertising medium.
If you want to know how to increase podcast listenership, you need to look at the Millennial demographic. Among other things, Millennials prefer non-fiction broadcasts. They also recommend their favorite shows to their friends. These are the people who are responsible for the rise in the popularity of podcasts.
On-Demand Entertainment Medium
Podcasts are an on-demand entertainment medium, which allows young people to get news, entertainment and non-fiction content. They can listen to podcasts while they are driving, exercising or doing other tasks. Millennials also share their favorite shows on social media.
Almost half of the Millennial podcast listeners say that they’ve listened to more podcasts this year. This number is up from the past two years, and the trend is growing. The average time spent listening to podcasts has also risen.
Emarketer Spotify 28.2M Apple PodcastSperezTechCrunch to a recent study by Edison Research, 41% of American adults between the ages of 12 and 34 listen to podcasts on a monthly basis. Millennials are leading the pack in this area. However, Gen Z and Boomers are also big podcast consumers.
In addition, radio continues to be the top audio choice for Gen Z. This younger demographic spends an average of 2.6 hours a day listening to audio. It is also more accustomed to visual entertainment. That means that TV, which used to be the primary form of audio entertainment, is losing ground.
What is the Competition Like?
The first quarter of the year saw a slew of new subscribers to the service and a lot of those are the young lions. But what is the competition like? It’s not that the old guard is slacking off. On the contrary, there is a clear trend for the newer and younger set. In particular, the younger and more tech-savvy millennials are leading the charge. This is good news for Spotify because the millennials are the most likely to pay their dues in the coming years. Keeping the young lions in mind, the company has rolled out a plethora of new features that cater to a wide variety of listeners. Not to mention the fact that it now provides access to more than one billion songs on more than a dozen platforms. And that’s a feat in and of itself.
With its impressive list of accolades, the company is on track to be a major force in the future of audio and entertainment. One of its most significant new initiatives is a new service that will allow users to download and play music on virtually any device, including phones and tablets. Another is the introduction of a new music-centric tier for premium users.
The Rise of the Emarketer – Spotify Gains 28.2M Apple Podcast Subscribers
Emarketer Spotify 28.2M Apple PodcastSperezTechCrunch the millions of streaming services in the world, there’s no shortage of competition. For a start, Spotify has a leg up on its competitors. Its array of features includes a slick and intuitive dashboard, as well as an impressive library of over a million songs. As of press time, it also offers a host of exclusive content, including podcasts, music and audiobooks.
Despite its relative newness, it has already managed to garner a sizable share of the coveted audio market, a feat that’s expected to continue into the foreseeable future. In fact, it’s already become the go-to source for podcasts among the general population. Using its proprietary ad-free, high-definition audio streaming, users can easily enjoy their favorite show without leaving the comfort of their couch. At the same time, the company has also nailed the high-volume premium subscription tier, which allows for full access to its vast catalog of offerings.
Emarketer Spotify 28.2M Apple PodcastSperezTechCrunch the introduction of the aforementioned perks, Spotify has gone all in on making podcasting mainstream. The company has also rolled out the most innovative and slickest subscription plans on the market, with one-click upgrades and a nifty mobile app to boot. By the end of this year, it expects to have snagged a sizable slice of the pie, with a predicted audience of 28.2 million US consumers. A hefty percentage of this figure is made up of millennials, whom the service owes much of its growth to.