“With a world of diverse stories waiting to be told, the podcasting industry is an untapped frontier, ripe for exploration and innovation” – Partho Dasgupta
Storytelling in India has a rich and alluring history, deeply embedded in the cultural fabric of the nation. From the ancient oral traditions that passed down myths and legends to the vibrant performances of folk tales, storytelling has always served as a means of preserving knowledge, imparting values, and fostering community bonds. As society has evolved, so too have the methods of storytelling, with audio podcasts emerging as a modern extension of this age-old practice. Let us delve into the rise and potential of the podcasting industry with Partho Dasgupta, former CEO of BARC India and currently Managing Partner at Thoth Advisors.
With the rise of digital technology and the proliferation of smartphones, podcasts have become a popular medium for sharing narratives, allowing storytellers to reach audiences far beyond geographical boundaries. This new format not only retains the essence of traditional storytelling but also enhances it through the intimacy of audio, enabling listeners to connect with stories in a personal and engaging way.
India has rapidly ascended to become the third-largest market for podcast listeners globally, trailing only behind the United States and China. According to statista.com, the Podcast Advertising market in India is projected to generate a revenue of US$69.29 million by 2024. Following this growth, it is expected to demonstrate an annual growth rate (CAGR) of 4.92% from 2024 to 2027, resulting in a projected market volume of US$80.02 million by 2027.
Despite this impressive data, only about 12% of the Indian population currently engages with podcasts, indicating a significant untapped audience and immense potential for growth in this sector.
Data from The Podcast Pulse report indicates that 82% of respondents were initially unaware of podcasts, highlighting a crucial opportunity for awareness-building initiatives. Moreover, 78% of consumers discovered podcasts less than a year ago, pointing to a recent surge in interest and engagement.
“With only 12% of India’s population currently engaged with podcasts, we stand on the brink of an exciting revolution. This untapped potential not only highlights the growing interest in audio content but also promises a future where diverse voices and stories can flourish, transforming the podcasting landscape across the nation.” Says Partho Dasgupta.
The report also emphasizes the rising prominence of regional language content, which is becoming a driving force in shaping the future of the podcasting industry. By offering relatable and culturally resonant narratives, regional podcasts are attracting diverse audiences and enhancing the overall listening experience. This trend not only reflects the rich linguistic diversity of India but also underscores the potential for podcasts to foster deeper connections with listeners across different cultural backgrounds.
The Indian podcasting landscape is dominated by several influential figures, each bringing their unique perspectives and engaging content to listeners across the country. Among the most prominent is Ranveer Allahabadia, host of “The Ranveer Show.” With 9.3 million YouTube subscribers and 2.7 million Instagram followers, Ranveer has amassed a massive following.
Another standout in the Indian podcasting scene is the spiritual leader Sadhguru, whose podcast boasts an impressive 12.1 million YouTube subscribers and 12.6 million Instagram followers.
Sadhguru’s podcast explores a wide range of subjects, from personal growth to the deeper dimensions of life. With thousands of videos, it has become a go-to resource for those seeking wisdom and inspiration.
Partho Dasgupta explains, “Podcasts cater to an extensive array of niches, ensuring there is something for everyone. This diversity allows listeners to find content that resonates with their specific interests, whether it be technology, health, storytelling, finance, or any other topic. Moreover, when it comes to advertising, podcasts offer a unique advantage by enabling brands to precisely target their desired audience.”
The podcasting industry in India is witnessing a significant increase in advertising spend as brands recognize the medium’s potential for reaching engaged audiences. A survey by IVM Podcasts indicates that 56% of podcast listeners trust brands advertised on podcasts, with 73% listening to Indian-language content, highlighting the effectiveness of this medium for brand promotion.
Advertisers are increasingly drawn to the unique advantages of podcasting, such as the ability to deliver targeted, narrative-driven ads that resonate with listeners. Brands like Swiggy and BigBasket have successfully utilized podcast features, including promo codes and branded content, to enhance their marketing strategies.
According to Statista, the podcast advertising market in India is projected to generate a revenue of US$69.29 million by 2024. It is anticipated to experience an annual growth rate (CAGR) of 4.92% from 2024 to 2027, resulting in an estimated market volume of US$80.02 million by 2027.
As the podcasting landscape continues to evolve, the combination of a growing listener base and the effectiveness of targeted advertising positions podcasts as a crucial component of the marketing mix in India. With the rise of regional content and the increasing popularity of audio platforms, the future of podcast advertising in India looks promising, offering brands a unique opportunity to connect with audiences in a meaningful way.
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