Podcasts’ success has come from several angles—supply has been fluid and the demand for on-demand audio has grown, particularly for news or informational content.
“When it comes to accessibility, podcasts are generally free to listen to, which understandably attracts a wider audience,” said Niki Stoker, COO of personalization platform A Million Ads. “Additionally, podcast production is quicker and cheaper than that of TV and video, which has enabled listeners to get a constant flow of fresh content, something that became a stumbling block for the TV and film industries throughout 2020.”
According to a study from the Reuters Institute for the Study of Journalism at the University of Oxford published in November 2020, the number of daily news podcasts in the UK more than doubled between 2019 and 2020—from 8 to 18. The study noted that news podcasts only account for 1% of total podcasts produced worldwide, so these figures are merely a leading indicator of far greater growth within podcasting.
“Radio networks began implementing their digitalization strategies long before 2020, which meant that many were primed for online listener acquisition when the pandemic hit,” said Michal Marcinik, founder and CEO of digital audio advertising platform AdTonos. “Podcasts followed suit, offering a wealth of information in addition to the entertainment value listeners get from music streaming. There’s been a direct correlation between podcasts increasing their content output, in response to popular demand, and improved subscriber loyalty. As a result, brands like Spotify are investing heavily.”
Unsurprisingly, Spotify has seen similar growth. It is one of the major platforms driving growth in UK digital audio listeners. This year, there will be 17.3 million Spotify listeners in the country, up from 15.7 million in our February 2020 forecast. From 2022 onward, an extra 2 million listeners more than our original forecast will come on board each year, and by the end of 2024, the 19.8 million listeners that we predict will be 2.8 million higher than our previous estimate.