Podcasting is one of the newest digital marketing tools available on the market, especially when compared to other more traditional channels like social media. 

Nevertheless, its potential to build brand image, establish credibility, and ultimately grow a business is immense. This is shown by the growth in podcast revenue that’s been forecast for the coming years. 

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Podcast revenue: 2015–2023

The latest statistics show that in 2023, podcasting revenue in the US is expected to hit $2.3 billion, a 24.8% annual increase. Despite the increase, this year’s growth pace still marks a slight slowdown from 2022, when podcasting revenues increased by 26% from $1.4 billion in 2021 to $1.8 billion. 

By experts’ estimations, from 2015 to 2023, US podcast revenue will increase by more than 20 times. This translates to an average annual growth rate of 48.5% over this period.

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Podcast revenue forecast: 2024–2027

To further highlight the tremendous growth, US podcast ad revenue is set to increase further and exceed the $3 billion mark in 2024. By 2025, US podcast ad revenue is forecast to be just under $4 billion. Considering total ad revenue was just $105.7 million in 2015, this means that growth is expected to skyrocket by nearly 40-fold in just a decade. This is also an average annual growth rate of 45.3% from 2015 to 2025. 

Between 2015 and 2025, the biggest annual increase in podcast revenues is expected to have come in 2017, when total revenues surged by 85.6%. In comparison, the smallest rise was in 2020, when revenues grew by 19%.

Podcasts’ increasing popularity driving podcast revenue

One of the biggest drivers behind the increasing podcast revenue in the US is its growing user base. In 2022, 62% of US consumers said they listened to podcasts. This was a five percentage point increase from 57% in 2021.

In fact, podcasts have become increasingly popular in the US in recent years. The latest podcast listener numbers show that in 2023, there will be an estimated 103.6 million people tuning in to podcasts every week, a 5.4% annual increase. Between 2022 and 2026, the number of US consumers listening to podcasts weekly is set to increase by 21.3% from 98.4 million to 119.4 million.

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