Ever since audio entertainment started branching away from music into other industries, there has been an endless debate as to whether podcasts or audiobooks are the most popular. Recent research has looked into the stateside market to see just how popular each is and which comes out on top.
A leading podcasting platform has shared insights revealing a significant shift in consumer preferences between podcasts and audiobooks, highlighting the rapidly growing market for podcasts. According to the findings, the podcast market has experienced a staggering 265% growth in the past five years, while the audiobook market saw a comparatively modest 115% increase in the same period.
The data demonstrates the increasing demand for diverse, episodic, and engaging audio content that podcasts uniquely provide. Wired Clip also notes that the rise of smartphones and mobile apps has played a significant role in the accessibility and convenience of podcasts, allowing consumers to enjoy their favourite shows on the go.
wiredclip.com statement:
“The soaring popularity of podcasts over audiobooks can easily be explained by the variety of topics, formats, and storytelling styles that podcasts can provide, which cater to almost every listener’s preference. Audiobooks, on the other hand, are confined to the narrative of a single book, which could explain the slower growth of the market. We’ve observed a growing trend of listeners tuning into podcasts during their daily commutes, workouts, or even as a background while they work,”
The table below summarizes the key differences between the podcast and audiobook markets from 2018 to 2023:
|
Year
|
Podcast Market Size (USD)
|
% Growth
|
Audiobook Market Size (USD)
|
% Growth
|
|
2018
|
314 million
|
–
|
2.5 billion
|
–
|
|
2019
|
478 million
|
52%
|
2.9 billion
|
16%
|
|
2020
|
711 million
|
49%
|
3.3 billion
|
14%
|
|
2021
|
1.1 billion
|
55%
|
3.8 billion
|
15%
|
|
2022
|
1.6 billion
|
45%
|
4.3 billion
|
13%
|
|
2023
|
4.2 billion
|
163%
|
5.4 billion
|
26%
|
The data shared by WiredClip.com showcases the immense potential for podcasters, advertisers, and content creators to tap into a thriving market, further solidifying the podcast industry as a major player in the realm of digital content.
