全球收聽播客市場前景及投資研究報告-培訓(xùn)課件外文版2024.4

INDUSTRIES

&

MARKETSTuning

in

to

podcasts:

The

stateof

the

marketOverview

reportPodcasts:

Hitting

the

high

noteExecutive

summaryWhatare

the

best

waystostayentertained

while

commuting,

walking

the

dog,ordoinghousework?

Itisvery

likely

that“l(fā)istening

to

apodcast”

will

beonthelist.Podcast

popularitysoared

duringthepandemic,and

theformat

now

takesadeserved

spot

among

other

established

media.

Buthow

didthey

get

here,

andwhat

isnext

forthem?These

arejustafew

of

the

transformations

thatthe

podcastmarket

isexperiencing:?

Loyal

audiences

arealsoone

of

the

reasons

why

advertising

inpodcastsishighlyeffective.

Podcastadvertising

revenue

intheUnitedStatesisforecast

to

grow

to3.25

billion

U.S.dollarsin2024,

ayear-on-year

increase

of

more

than

40

percent.Advertisers

arestartingtorecognize

thegenuinebondbetween

hostsandlisteners

asaperfect

conduitfortheirmarketing

messages.

Therefore,

they

areshifting

theiraddollars

to

smaller

shows

thatcharge

lessandhavemoreengaged

audiences.?

COVID-19

lockdowns

were

aperfect

breeding

spacefortheso-called

podcastboom.

Today,however,

thegrowth

isslowing

down,

with161,300

new

podcastslaunchedworldwide

in2023

compared

with241,000

in2022.

Thedecreaseindicatesthatpodcastsaresettling

in.Whilenew

creation

continues

to

decline,the

more

established

podcastsand

theirloyal

audiences

remain

anintegral

partof

the

market.?

Whatison

thecardsforpodcasts?Podcasters

areexperimenting

with

differentformats,

suchasvideo

podcastsandemerging

technologies

like

AI,

toinject

newlifeinto

theformat.

Thequestion

remains

whether

thismediumreally

needs

torejuvenate.

Thepotentialseems

tolieinreaching

different

audiencesrather

thantechnological

advancesascurrent

formats

seem

to

already

work

well

enough.?

Duringthepodcastboom,

podcast

providers

invested

heavily

inexclusive

newThereport

considers

the

current

stateof

the

podcast

market,

including

thedevelopment

ofaudiences,

content,and

consumption

habits.Furthermore,

itcontent

and

thedevelopment

of

theirplatformstobeatthecompetition.

Onesuchprovider

was

Spotify,andeven

thoughthe

streaming

giant

is

stillinterested

explores

thevariousstrategies

ofpodcast

platformsandhow

podcastadvertising

isingrowing

itspodcasting

space,ithasrefocused

itsspending.Thisisduetoachangeinstrategy

asithasstopped

concentrating

on

successful

shows

andfamoushostsand

is

now

countingonsmaller

podcastswith

loyal

audiences.evolving.

Finally,itdives

into

what

the

futuremight

look

like

forthe

audioformat.301Podcasts:

A

soundinvestment?

Reaching

newadvertising

heights?

Allears

forpodcasts?

Theflexible

podcastexperience?

Established

podcastsare

strikingachord?

Podcast

audiencesare

growing

instrengthReaching

new

advertising

heightsPodcast

advertisingrevenue

inthe

U.S.

from

2015

to

2025Unless

theyhaveadeal

with

podcastpublishers,most

podcasthostsmake

moneyfrom

advertising;

therefore,

podcastadrevenue,

ingeneral,

isagood

indicatorofthe

industry’sstate.Revenueinmillion

U.S.dollars4,5004,000100%90%Over

the

lastfew

years,

podcast

advertising

revenue

inthe

United

Stateshasincreased

significantly,especially

since2020.

Thelaunch

of

more

podcastsand3,982.880%

higherlistener

numbers

continuetodrivedouble-digit

growth.

Inrecent

years,direct

response

adshavebeen

the

most

usedform

of

podcastadvertising.3,5003,0002,5002,0001,5001,0005003,249.170%60%50%40%Typically,theseadcampaignsuseuniqueURLs

or

promo

codes

toencouragelisteners

to

make

apurchase.2,277.6While

adrevenues

havebeen

increasing,

sohasadspending.

Inthe

United

States,adspendingisforecast

to

surpasstwo

billionU.S.

dollarsforthefirsttimein2023.1,825.31,448.730%

Similartorevenue

figures,theyear-on-year

growth

inadspendinghasslowed

since2021,

but

itremains

indoubledigits.842.3708.120%10%0%479.1Thisallshows

thatwhile

the

podcast

industryisstillingood

shape,themassiveboom

itexperienced

duringthe

pandemic

is

slowly

diminishing,beingreplaced

bysteady

growth

and

investment.313.9169.1105.702015

2016

2017

2018

2019

2020

2021

2022

2023*

2024*

2025*Revenue

Annualgrowthrate5Notes:United

States;

2015

to2022;

*forecast;among

companies

that

generate

revenueon

podcast

platformsSources:

IAB;

PwC,

ID:760791;

Text:IAB;

PwC,

ID:1042901;

Insider

Intelligence

(eMarketer),

ID:610187All

ears

forpodcastsShare

ofU.S.

population

aware

oftheterm

podcastingfrom

2012

to2022Inthe

United

States,podcastawareness

hastrended

upward

forseveral

years–

79percent

of

1,502

people

aged12

years

or

older

were

familiarwith

podcastingin2022.

Inothercountries

where

the

reach

ofpodcastsisnot

asextensive,

thepotential

forgrowth

isundeniable.

Therefore,

on

aglobalscale,there

is

stillspaceforthepodcastmarket

to

develop

interms

ofbothaudience

size

and

revenue.Shareofrespondents100%90%79%78%Podcast

users

tend

to

bemore

engaged

with

the

content

they

areconsumingcompared

to

other

forms

ofentertainment.

Additionally,the

medium

tiesinwithother

formats

as

podcastlisteners

notonly

spendtime

withpodcastsbut

alsoengage

withrelated

content

on

socialmedia,

thus

creating

opportunitiesforomnichannel

marketing.

Theuseof

several

channelsisnotonly

beneficial

forbrandsbut

alsoforpodcasts.

According

toa2023

Ofcomsurvey

conducted

intheUK,social

media

sitesandword

of

mouthwere

the

most

common

waysforrespondents

todiscover

new

podcasts.80%70%60%50%40%30%20%10%0%75%70%64%60%55%49%48%46%46%So,while

the

ease

ofaccessibility

andvariety

of

topicscovered

make

podcastsanobvious

choice

forconsumers,

the

format

isalsoattractiveforcompanies

andadvertisers

asthey

canchoose

to

sponsor

podcastsinacategory

thathasaspecificaudience,

targetsparticulardemographics,

andreaches

customers

more

likely

tobeinterested

intheproducts

or

services.201220132014201520162017201820192020202120226Notes:United

States;

2012

to2022;

1,502

respondents;

12

years

and

olderSources:

Edison

Research;TritonDigital,ID:188942;

Text:;

Ofcom;

Yonder,ID:1061834The

flexible

podcast

experiencePodcast

consumption

intheUK

in2023,

bydeviceOneoftheuniqueselling

pointsofpodcastsistheirconvenience;

they

canbeaccessed

andconsumedwhenever

andwherever.

The2023

Ofcom

survey

intheUKfoundthat51

percent

ofrespondentslisten

to

podcastswhile

athome

relaxing.

Othersprefer

tolisten

while

doinghousework,

walking,

ortraveling

inacar.ShareofrespondentsSmartphones78%Buttheflexibilitydoes

not

stopthere.

Podcastscanbeconsumed

onavariety

ofdevices.

Inthe

UnitedKingdom,78

percent

of1,886

survey

respondents

preferred

listening

to

podcastsviatheirsmartphones,

according

to

astudybyRAJAR

in2023.

Listening

on

smartphones

means

thatpodcastsareaperfect

on-the-go

medium.Laptopordesktop9%Infact,podcastseven

havethe

potential

toreplace

the

useofradio.

A

studybyPodimo

fielded

inFinlandshowed

thatanincrease

inpodcastconsumption

meant

asignificant

drop

inradiolistening,even

thoughbothmedia

could

beconsidered

equallyflexible.Tablet5%Additionally,there

aresomany

different

podcastsacross

allkindsof

genres,

making

the

formatinteresting

forjustabouteveryone.

Forexample,

Spotify’s2023

PodcastTrendsreport

found

thatcomedy,

society

and

culture,andlifestyle

andhealthwere

themost

popularpodcasttypesworldwide.Digitalmusic

player2%Voice-activatedspeaker3%Thisdemand

forflexibility

and

mobility

ofconsumption

ismadepossible

bytheaudio-only

spokenword

format,

which

indicatesthatpodcastsasasegment

will

likely

remain

purely

audio-based

(moreon

page

21).7Notes:United

Kingdom;

February2023;

1,886

respondents;

15

yearsand

olderSources:

Ipsos;

RAJAR,

ID:412226;

Text:Ofcom;Yonder;

Podimo;Spotify,

ID:1428226Established

podcasts

are

striking

a

chordNumberofnewpodcastspublished

worldwide

from

2010

to2023While

the

numberof

podcastusers

is

stillincreasing,thenumberof

new

podcastslaunchedworldwide

isdecreasing.

During

the

COVID-19

pandemic,inparticular,many

podcaststook

offaspeople

turnedtothemasaform

ofentertainment

whilegoing

throughperiods

of

lockdown.

However,

with

less

timeavailablepost-pandemic,fewer

new

podcastsare

beinglaunched.

Butthisdoes

not

mean

thenumberof

podcastsisdecreasing;

itonly

means

fewer

new

ones

areentering

themarket

–themajority

of

established

podcastsremain.Number

ofpodcasts

inthousands1,2001,019.71,0008006004002000Thedevelopment

implies

thatthepodcastmarket

isstabilizing.Italsoshows

thatmost

podcastshavefoundtheiraudience,publishingnew

episodes

each

or

everyother

week.

Atthesame

time,audiences

havefoundtheirfavorite

podcastsamongthe

variety

of

offers

withineach

genre.

Inthefuture,thiscould

indicatethatnewpodcastsmightstruggletofind

dedicated

listeners

and

aloyal

following.

However,there

arepodcaststhatstill

instantlyconquer

the

market,

suchasthe2023

BBC

hitseries

“Believe

inMagic,”which

showed

theundying

interest

innew

content.736.5336.9241.2203.5161.3133.390.657.734.7

40.323.2

26.7

30.52010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

20238Notes:Worldwide;

2010

to

2023Sources:

Listen

Notes

Inc.,

ID:1418180Podcast

audiences

are

growing

in

strengthNumberofpodcast

listenersintheU.S.

from

2022

to

2026Sincetheintroduction

ofpodcastsinthe

mid-2000s,

theformat

hasgained

amassivefollowing.

IntheUnitedStates,thenumberofpodcast

listeners

isexpected

toexceed

100million

in2023,

jumpingtonearly

120

million

by2026.

However,

thefrequency

of

aperson’spodcast

consumption

remains

low.

Just11

percent

ofU.S.

respondents

saidthey

listen

topodcastsatleast

once

aday,while

14

percent

dososeveral

timesaweek,

according

toa2022

study

byVorhaus

Advisors.Number

oflisteners

inmillions140119.4120100806040200114.7109.1103.698.4Even

thoughsome

speak

of

apodcastboom,

thegrowth

thatthe

medium

hasexperiencedhasbeen

steady

forover

adecade.

Whileitsadvancement

hasbeen

slowing

slightly,thesteadiness

and

longevity

of

the

rise

of

podcastsindicatesthattheformat

is

here

to

stay.Outsidethe

industry’sbiggest

market,theUnited

States,listener

numbersare

stillincreasing,showing

thatpodcastinghasyet

more

potential

to

grow

before

saturationis

reached.Thismeans

thatwhile

podcastsareanestablished

partof

media

consumption

inmanyareassuchasNorth

America

andNorthern

Europe,

other

regions

are

yettodiscover

the

format.ForSouthern

Europe,

this

was

the

case

in2022:

Spotify

reported

thatpodcastlistensgrew

by379

percent

inFranceand298

percent

inSpaincompared

with

theprevious

year.

Thisdevelopment

alsomeansthemarket

is

opening

up

tocontent

inlanguagesotherthanEnglish.202220232024*2025*2026*9Notes:United

States;

2022

to2023;

*forecastSources:

Insider

Intelligence

(eMarketer);Oberlo,ID:1417787;

Text:VorhausAdvisors,

ID:

1197703;

Forbes;Spotify02Podcast

services:

Listening

to

the

market?

Podcast

providers

are

changing

theirtune?

Therest

is

strategy?

Reality

check

forSpotify’spodcast

strategyPodcast

providers

are

changing

their

tunePreferred

podcastprovidersintheU.S.

in2022In2022,

YouTube

was

the

most

preferred

podcast

platforminthe

United

States.Spotify,theSwedish

streaming

giant,

invested

heavily

initspodcast

segment,especially

during

theCOVID-19

pandemic.

Nevertheless,

the

factthatYouTubeleadstheindustryshows

thatpodcastsareevolving

byalsooffering

videoeditions,where

consumers

canwatchtheirfavorite

podcasters

asthey

record

thelatestepisode.Shareofrespondents

inpercentThisformat

is

alsoslowly

being

adaptedbyother

publishers.

According

to

RouteNote,

Spotifypublishedapproximately

100,000

video

podcastsonitsplatformin2022.

Toput

thisinto

perspective,

more

thanfivemillion

podcast

titlesare

availableon

Spotify.Whilewell-established

podcast

markets

likethe

U.S.

and

Germanyproduced

the

larger

shareof

availablevideo

podcasts,more

nichemarkets

suchasthe

Philippineshad

highervideo

podcast

consumption

rates.However,

industryspecialists

estimate

thatpodcastswill

mostly

remain

apurelyaudio-focused

format,astheconvenience

ofbeing

abletolisten

to

themwhiledoingother

activitiesis

oneof

the

major

uniqueselling

points.Atthe

same

time,platformsoriginally

mapped

outforother

forms

ofentertainment

areslowlycatchingup

byaddingpodcastfunctions,like

YouTube’s

podcast

tab

inthe

mainstudioapplication

where

creators

edittheircontent.11

Notes:United

States;

October29

to31,

2022;

1,172

respondents;

18

yearsand

olderSources:

Morning

Consult,

ID:712306;

Text:Route

NoteThe

rest

is

strategyMost

used

podcast

audio-only

platforms

intheU.S.

in2023,

byageEachaudio-only

podcaststreaming

service

hasitsvery

own

strategy

forapproaching

the

medium:Shareofrespondents?

Spotifyis

the

most

usedaudio-only

podcast

platforminthe

United

States.

Thecompany

hasbeen

countingonitsexclusive

content

anddoes

not

takeanyshareof

hosts’revenue.

However,

in2023,

itannounced

itwould

look

intosharingitsexclusive

content

byselling

episodes

or

series

toother

platforms.60%5350%424140?

ApplePodcastsisused

by30

percent

ofAmericans.

Thestreaming

service

offers40%30%20%10%0%37podcast-only

subscriptionsbuttakesa30percent

cutfrom

whathostsearn.3131302826?

Google

Podcastsisthethird-most

usedservice

intheU.S.Itannounced

itwouldclose

down

itsservices

infavorof

concentrating

onGoogle’s

other

audioplatform,YouTube

Music,which

hasbecome

apopularpodcast

platforminitsown

right.252522202016

1615141311

11111110886Podcastinghasnot

been

around

aslong

asother

audioformats

likeradio,soitwillstillbeatrial-and-error

strategy

formost

platforms

inorder

tofind

themostprofitableandeffective

delivery

method.

However,

itcanbesaidthatno

matterwhich

strategy

podcast

streaming

services

will

follow,

thechoice

of

contentandthechoice

of

advertising

model

will

playthe

biggest

roles.4442SpotifyAppleGooglePodcasts

PodcastsAudibleTunelnRadioStitcherOtherDon'tknowAll

18-34years35-54years55yearsandolder12

Notes:United

States;

April

2023;

adults

who

listen

to

apodcast

at

leastonce

aweek;18

years

and

olderSources:

YouGov,ID:1385092;

Text:MIDiA

ResearchReality

check

forSpotify’s

podcast

strategyItisnosecret

thatSpotifyhasdominated

themusicstreaming

market

over

the

lastdecade.

Thecompany

transformed

theway

people

listen

tomusic,and

now

theSwedish

streaming

giant

is

pushing

developments

inthe

podcast

market.

In

2019,However,

afterpostinganet

lossof

430

million

euros

in2022,

Spotifystarted

toletgoofemployees

inthe

podcast

segment

in2023.

According

to

estimates

bytheFinancialTimes,

podcastsonly

contributed

twopercent

tothe

company’s

overallfounderDaniel

Ekannouncedthataudio,meaning

notjustmusic,was

the

futureof

revenue

in2022,

but

musicstreaming

remained

aprofitable

segment.the

company

and

central

toSpotify’sstrategy.

Aspartof

thisstrategy,the

companyEven

thoughpodcastadvertising

revenue

is

stillincreasing,

the

market

isreaching

asaturation

point.Nolonger

the

new

kidon

the

block,podcastswill

likely

becomemore

ofanestablished

format

thataddstoacompany’ssuccess.

Inorder

to

makepodcastsmore

profitable,streaming

services

havetodevelop

new

waysto

makethe

segment

cost-efficient.

Examples

includeselling

exclusive

content

tootherplatformsor

increasing

adrevenue

byplacingmore

adswithin

podcastsinstead

offocusing

only

onsubscriptions.

With

arathersaturated

catalogof

topics,creatorsboughtup-and-coming

podcastplatforms

and

struckdealswith

producers

left

andright,includingGimlet,

Anchor,

Parcast,and

TheRinger.

Simultaneously,

thecompany

invested

inmassive

podcast

dealswithcelebrities

suchasPrince

Harryandthe

Obamas.Among

the

reasons

behindSpotify’sinvestment

inpodcastswere

the

medium’spotential

and

theinfluenceSpotifyhoped

tohaveonthemarket.

Whilethemusicmarket

isdominated

byafewpowerful

record

labels,thepodcastmarket

seems

to

andpublishersmightstruggletofind

the

next

smash

hit,

something

thatwasbeanopen

fieldfor

newplayers

toenter.common

inthe

format’s

early

days.This

alsomeans

thatcontent

and

itsqualityisbecoming

increasingly

relevant.Afterallthe

investment

inpodcasts,itnowseems

asthoughSpotifyisslowlyrefocusing

itsspending

and

knowledge

onthefurtherdevelopment

of

the

platform

Nonetheless,

podcastsareakey

partof

audiostreaming

services

now.

Asmanyratherthanitspodcastofferings.

While

videostreaming

platforms

suchasNetflixandDisney+

hadto

cuttheirworkforces

duetofallingsubscriber

numbers,Spotifynever

saw

the

same

diminishingreturns.subscribers

consume

bothmusicand

podcasts,they

would

potentially

bewilling

toswitch

toamarket

competitor

iftheirplatformstopped

offering

podcastsinadditionto

music.13Sources:

Financial

Times;

Spotify03The

power

and

potential

of

podcast

ads?

Podcast

advertising

reaches

theaudience?

Companies

arenot

skipping

thepodcastads?

Whatdoes

itmean

forpodcast

advertising??

How

hasadvertising

inpodcastschanged?Podcast

advertising

reaches

the

audiencePodcast

advertisingeffectivenessintheU.S.

in2022Forpodcast

listeners,

itcanbehardtoavoid

and

skipadvertisements.

Podcastsoften

useso-called

baked-in

advertising,

meaning

theyare

either

playedas

anannounced

advertisement

inthe

middle

ofanepisode

or

even

presented

bythepodcast’shost.

However,

podcastconsumers

donotnecessarily

wish

to

avoidpodcast

adsastheyseem

more

authenticand

genuine

than

thoseserved

inothermedia.

Infact,advertising

inpodcastscansuccessfully

initiatetraffictotheadvertiser’s

website,

drivethe

conversation

aboutproducts

andservices,

andleadtobrand

discovery.ShareofrespondentsLookedat

advertiser’s70%websiteTalkedtofriends

orfamily

about

advertiser67%Today,podcastsareclose

tobeinganestablished,

standard

medium

within

theaudioindustry,andthismaturation

alsomeansslower

growth

ratesinterms

ofconsumption.

Thesame

cannotbesaidaboutpodcast

advertising

revenue,

which

isforecast

togrow

by75

percent

inthe

U.S.

between

2023

and

2025.

Sofar,only

afew

advertisers

havediscovered

thepotential

and

possibilities

of

the

medium,

butthese

few

haveinvested

heavily.

Asthemedium

develops

andthe

demographics

ofthe

audience

change,itislikely

thatpodcastadvertising

will

adapt

accordingly.Lookedat

advertiser’s66%66%social

mediaFoundanewfavoritebrand

fromtheadMadeapurchase

fromtheadvertiser60%0%15%30%45%60%75%15

Notes:United

States;

December2022;

600

respondents;

18

to

64

yearsSources:

Acast;

Attest;

Inside

Radio,ID:1205722Companies

are

not

skipping

the

podcast

adsLargestpodcast

advertisersintheU.S.

in2022Atthemoment,

thepodcastadvertising

landscapeintheUnitedStatesisdominated

byafew

key

players

thathaveinvested

heavily

inthe

medium.BetterHelp,

Amazon,and

Shopify

aretheleadingcompanies

to

identifypodcastsasanew

advertising

carrier.Spendinginmillion

U.S.dollars4.44.7526TeladocHealth(BetterHelp)AmazonShopifyAthleticGreens

andHelloFresh

are

among

the

companies

thathaverealized

thepotential

and

effectiveness

of

podcastadvertising.

As

anexample,

when

listening

toatypicalsportspodcast,there

isagood

chanceitwill

includeabaked-in

adforAthleticGreens

or

HelloFresh.

Thepodcasthost

will

speak

of

theirown

positiveexperiences

withtheproductandperhapsmention

theproductwhen

promotingthe

latest

podcast

episode

inasocial

media

post.

Withinthe

host’ssocial

mediachannels,they

arevery

likely

tobeconnected

with

othersportspersons

or

contentcreators

inthe

same

field

whohavealsobeen

advertising

forthebrand.Fortheconsumer,

thiswill

present

avery

authenticand

well-rounded

brandimage.5.7Flutter

Entertainment

(FanDuel)AthleticGreensHelloFresh6.3SimpliSafePelotonDraftKingsPepsiCo717.57.5916

Notes:United

States;

Q42022;

based

ondata

fromthe

top

3,000

podcasts

in

the

U.S.

asrankedby

Apple

Podcasts,supplemented

by

Magellan

AI’s

proprietarymodel

to

estimate

ad

spendSources:

Inside

Radio;

Magellan

AI,ID:1273734What

does

it

mean

for

podcast

advertising?Oneofthereasons

for

the

slowing

growth

inadrevenue

inthe

United

Statesisthat

manypodcastswerestarted

duringthe

pandemic

andarenolonger

being

produced.

Not

only

aresome

podcastslessrelevant

post-pandemic,

but

listeners

are

alsoadapting

theirbehavior

andmedia

consumption

tothenew,

more

outdoor-related

circumstances.SpeedMany

companies

invested

heavily

inpodcastsduring

thepandemic.

However,

the

substantialspendingofthe

pastfouryears

ispossibly

coming

to

anend,resulting

infewer

podcast

projects

and

adifferentapproach

to

advertising.0.250.50.75Especially

early

on,podcastswere

often

alimited

series

ratherthan

anongoing

program,

which

meantthey

were

heavily

fundedbysingleadvertisers.

With

podcaststhatarepublishedon

a

weekly

or

biweeklybasis,companies

and

advertisers

havemore

spacetoplacetheiradsanddiversify

theirportfolios

inorder

to

reach

different

audiences.Theearly

megadeals

were

driven

bystreaming

services’

ambitionstobuild

podcast

libraries

fast

–forexample,

dealsforpodcastsbytheObamasor

the

Sussexes

–but

now

the

market

is

maturing,andpodcast

advertising

budgetsaremuch

more

modest.

Atthesame

time,

thiscreates

anopportunity

forsmaller

podcaststobechosen

as

advertising

partnersandachanceforcompanies

andbrandsto

bemore

selective

aboutthehostwith

which

they

wish

tobeaffiliated.17Sources:

IAB;

PwC,

ID:760791How

has

advertising

in

podcasts

changed?Influence

ofpodcast

hostsandsocial

mediainfluencersThe

podcast

space

is

stilla

valuable,

untapped

market

for

advertisers.

Brands

that

have

already

discoveredonpodcast

listenersinthe

U.S.

in2023,

bygenerationShareofrespondentspodcast

advertising

will

likely

continue

to

dominate

the

landscape

over

the

next

few

years,

but

smaller

brandshave

started

to

trickle

into

the

market.As

of

now,the

top

10

advertisers

still

make

upa

larger

share

of

ad

revenue

in

the

United

States,

leaving

littlespace

for

the

smaller

advertisers.

However,

this

is

likely

to

change.

Although

investments

in

podcasts

bystreaming

services

have

decreased,

the

good

news

for

the

industry

is

that,

so

far,

there

have

been

no

cuts

topodcast

advertising

revenue,

as

it

is

estimated

to

reach

over

two

billion

U.S.

dollars

in

the

U.S.

in

2023.45%Genera