Study: Australian Podcast revenue to grow $105m by 2022
Australia’s entertainment and media sector is set to expand at 3% a year in the next four years, while podcast listenership and revenue is set for even greater growth.
PwC’s 17th annual Australian Entertainment & Media Outlook report forecasts that podcasts will continue to be a growth industry between now and 2022.
PwC says the number of podcast listeners will grow in the time period from 3.5 million to 8.9 million, while revenue will take a huge leap from $5 million to $110 million.
Internet radio advertising is also expected to reach $276 million from $172 million, meanwhile terrestrial radio revenue is up from $1.143 billion to $1.229 billion.
The $1.6 billion spend on radio will only be 8% of the entire media and entertainment spend.
“The resilient radio industry will find growth over the forecast period via new products and distribution channels such as podcasts, streaming, on-demand and Digital Radio Plus (DAB+),” says the report.
“Consistent content and good talent still draw loyal audiences on radio’s mainstream channels, and as the digital mediums grow, so too will opportunities for radio to offer advertisers more ways to target their audiences.
“Well publicised trust issues have taken some of the shine from social media, underlining the importance of reliable channels like radio as part of a diverse advertising strategy”.
See the entire report here.