Podcast Advertising Industry Still Sees Double-Digit Growth; Revenue to Jump by 16% and Hit Over $4B in 2024

Published January 02, 2024

Podcast popularity soared during COVID-19, helping the format to take a deserved spot among other established media. And while the massive boom this market experienced during the pandemic is slowly decreasing, podcast advertising, its biggest revenue stream, still sees double-digit growth. According to data presented by OnlyAccounts.io, podcast advertising revenue is expected to grow by 16% year-over-year and hit over $4bn in 2024.

The Massive Boom Replaced by Steady Growth

Unless they have a deal with podcast publishers, most podcast hosts make money from advertising. Global podcast ad revenue has soared by 370% in just five years, jumping from $730 million in 2018 to $3.46bn in 2023. The Statista data show that 2019 and 2021 saw the highest annual growth rates of more than 45%, while ad revenue grew by an average of 35% in the rest of this period.

Last year, the podcast advertising industry grossed $3.46bn, 23% more than in 2022, showing that market growth is slowing down. Statista expects this slowdown to continue in the following years as the massive boom the market experienced during the pandemic is being replaced by steady growth and investment. In 2024, global podcast ad revenue is expected to increase by 16% year-over-year and hit over $4bn. By 2028, revenue will jump to $5.2bn, while the annual growth rate is expected to drop to 4.7%.

In global comparison, the United States is undoubtedly the world`s largest podcast advertising industry. Statista data show that 63% of global podcast ad revenue in 2024, or $2.57bn, will come from the United States. Far below, China follows with nearly $450 million in revenue next year, six times more than India and the United Kingdom, as the next two highest-grossing markets.

Besides generating most of the global revenue, the US market will also see the highest ad revenue growth, rising by 18% in 2024. The remaining three markets will see their podcast ad revenues increase between 10% and 12%.

The Number of New Podcasts Drops, but User Count Still to Jump by 50M in 2024

While COVID-19 lockdowns were a perfect breeding space for the so-called podcast boom, the number of newly published podcasts started falling as life returned to normal. The Statista data show 161,300 new podcasts were launched worldwide in 2023, down from 241,000 a year before or a massive 736,000 in 2021. And while new creation continues declining, the number of users still rises.

Statista expects around 50 million new podcast listeners next year, pushing their total number to over 460 million. By 2028, this figure is projected to grow by almost 45% and hit 668 million worldwide. The growing number of users with fewer newly published podcasts shows the market is stabilizing as more and more podcasts are finding their loyal audiences.

Jastra Kranjec

Jastra is an editor, writer, and PR specialist with years of experience in news, research, and report writing. Over the years, she has covered different topics and markets, including social media, digital content, the creator economy and the entertainment industry.