Pod-racing: Listening numbers and ad revenue grow for podcasts

A quarter of UK adults are tuning in to podcasts weekly, a threefold increase since 2016, according to an exclusive white paper, Media Pulse: Podcasts, published by Adwanted Connected, the platform operated by The Media Leader parent Adwanted UK.

This translates to 113m hours of audio consumed each week and outpaces the growth in music streaming. Meanwhile, nearly 39% of the population have listened to a podcast in the past year, with younger audiences leading the charge: almost half of 16- to 34-year-olds listened (and watched) podcasts. 

The report also tackles financial performance, with podcast advertising revenue increasing.

The US market alone is seeing 26.4% year-on-year growth, reaching $2.43bn (IAB/PwC Internet Ad Revenue Report). Ad innovation from podcast providers, from dynamic ad insertion to baked-in ads, and the authenticity of host-read endorsements, are growing and research shows can be effective for advertisers. 

And it is not just ads. While the BBC has reversed advertising plans and will keep its ad-free stance in UK podcasting, the broader market is embracing a range of revenue models. Subscription services, exclusive content offerings and strategic partnerships with major brands are supplementing traditional advertising, creating a dynamic and lucrative landscape.

Video is rapidly becoming an essential ingredient. Many podcasters are now recording both audio and video versions of their episodes, significantly expanding their reach and engagement. Spotify alone hosts 250,000 podcasters incorporating video content. This trend is set to accelerate, making a robust video strategy crucial for attracting both audiences and brand partnerships.

You can download the full Media Pulse: Podcasts report, which looks at the UK podcast market from the perspective of both the consumer and commercial industry.

It features data from Adwanted products around listening, including weekly hours, reach, types of topics listened to, devices used and locations, combined with commercial data around ad types, campaign data and consumer response to ads and special offers. 

The white paper also features thoughts and predictions from audio and media experts, including:

Steve Carsey, director, speech, Bauer Media
Tom Webster, partner, Sounds Profitable
Sue Cullingham, executive director, head of audio, Adwanted UK
James Longhurst, content director, The Media Leader
Katie Bowden, managing director of commercial audio, Global
Sophie Hind, managing director, Sport Social Podcast Network

Want to delve deeper into the podcasting phenomenon? Download the full Media Pulse: Podcasts white paper now to unlock a wealth of data, insights and strategic recommendations.