Last update: Dec 16, 2024
We're building this estimate primarily to provide transparency to industry participants. An accurate sense of how big the podcast industry is (and how fast it's growing) can help us make strategic decisions. Overestimating the size of the industry could lead to:
- Misallocation of resources: Companies might overinvest in podcasting based on inflated market expectations, leading to inefficient use of capital. Spotify experienced this when it overinvested in 2021.1
- Increased competition and market saturation: An overestimated market might attract more competitors than the actual market can sustain, potentially leading to a "race to the bottom" in pricing and unsustainable business models.
- Financial risks and investor disappointment: Overestimation can lead to inflated valuations and unrealistic revenue forecasts, potentially resulting in financial strain, layoffs, and disappointed investors when actual results don't meet expectations.
Currently, two public numbers are often cited to describe the overall value of the podcasting industry:
- A figure from the IAB shows that annual podcast advertising revenue in the USA was nearly $2 billion in 2023.
- The second number is from Grandview Research, who estimates the entire podcast market, including all segments, to be $20 billion a year.
Unfortunately, neither the IAB nor Grandview Research has shared a meticulous description of their methodology or sources, making verifying or substantiating their estimates difficult.
We've collected annual returns, financial statements, and other public information. Using this data, we estimate the size of each sub-category within the podcast industry.
We will continually update and publish our findings here. This page will function as a collaborative wiki to which anyone can contribute.
This page is hosted on a public GitHub repo; anyone can issue a pull request with sources and rationale.
I hope the contributions and discussion about these numbers here will lead to an accurate estimate of the podcast industry's size.
Cheers,
Justin Jackson
Co-founder of Transistor.fm
Find me on Bluesky
Find me on LinkedIn
Our estimate for the global podcast industry's annual revenue is approximately $3.94 - $4.95 billion.
This estimate is based on available data from various segments of the podcast industry, including advertising, hosting, equipment, direct listener support, events, and other related categories.
| Category | 2024 |
|---|---|
| Podcast Advertising | $3.0 - $3.4 billion |
| Podcast Hosting | $100 - $150 million |
| Podcasting Equipment | $285 - $300 million |
| Direct Listener Support | $400 - $450 million |
| Podcast Production Services | $120 - $180 million |
| Podcast Recording and Editing Software | $100 - $150 million |
| Podcast Events and Conferences | $15 - $20 million |
| Podcast Analytics and Measurement Tools | $50 - $75 million |
| Podcast Transcription Services | $15 - $25 million |
| Total | $3.94 - $4.95 billion |
Categories that still need to be estimated:
- Podcast Consulting and Education
- Podcast Network Revenues (beyond advertising)
Each category's estimate is explained in detail in the sections below.
It's important to note that the podcast industry is rapidly evolving, and these figures may change quickly. Additionally, there may be some overlap between categories, and the industry's global nature makes precise estimation challenging.
Estimated annual revenue: $3.0 - $3.4 billion
Sources:
- IAB U.S. Podcast Advertising Revenue Study (2023): $1.9 billion in U.S. podcast ad revenue2
- IAB Australia Podcast Advertising Market Report (2023)3
- WARC Global Advertising Trends Report (2023)4
- Oberlo Digital Ad Spend by Country Report (2023)5
- DWNLOAD Q3 2024 Report: Highlights stronger-than-expected growth with significant increases in programmatic ad sales and political advertising 6
- SiriusXM, iHeartMedia, and Acast financials indicate growth above industry averages 7
Rationale: The IAB study provides a concrete figure for the U.S. market at $1.9 billion. We analyzed data from multiple sources (above) to estimate the global market.
Based on this data, we estimate that the U.S. represents approximately 60-65% of the global podcast advertising market. This estimate is based on these findings:
a) The U.S. market's podcast monetization is advanced compared to other countries. b) The relative size of the U.S. digital ad market compared to other major markets. c) The dominance of U.S.-based podcast platforms and networks globally.
Calculating from the U.S. revenue of $1.9 billion:
- If the U.S. is 65% of global: $1.9 billion / 0.65 = $2.92 billion global
- If the U.S. is 60% of global: $1.9 billion / 0.60 = $3.17 billion global
This results in our estimated $2.9 - $3.2 billion range for global podcast advertising revenue. In December 2024, I upped my overall estimate to $3 - $3.4 billion due to strong Q3 2024 performance across major platforms, which could suggest podcast advertising is growing faster than originally forecasted. Programmatic and political ads have provided additional revenue boosts.
It's important to note that this estimate is based on available data primarily from English-speaking countries and major digital advertising markets. The actual figure could be higher if we had more comprehensive data from non-English speaking markets with growing podcast industries.
Estimated annual revenue: $100 - $150 million
Sources:
- Libsyn financial statements: $32.7 million in hosting revenue (2023)8
- Acast financial statements: Approximately $17.3 million in hosting revenue (2023)9
- Market share estimates based on total RSS feeds data, excluding free hosting platforms10
- Reddit thread discussions on podcast expenses11
Rationale: We start with known revenue from two major players: Libsyn ($32.7M) and Acast ($17.3M).
For Acast, the $17.3M figure is an estimate based on their financial statements. Acast reported that approximately 11% of their net sales are generated by non-ad revenue streams, which include hosting, SaaS products, and other services. With total net sales of 1,636.4 million SEK in 2023, 11% equates to about 180 million SEK or $17.3 million USD.12 This figure likely overestimates pure hosting revenue, as it includes other non-ad services.
Using the RSS feed data but excluding free hosting platforms (Anchor/Spotify for Creators, Soundcloud, and Feedburner), we can recalculate market shares:
- Total paid hosting feeds: 1,034,606
- Libsyn: 100,043 feeds (9.67% of the paid market)
- Acast: 40,119 feeds (3.88% of the paid market)
Extrapolating from Libsyn's revenue and market share suggests a total market of $338M ($32.7M / 9.67%). Using Acast's figures suggests $446M ($17.3M / 3.88%). However, these extrapolations assume similar revenue per podcast across all hosts, which is likely untrue. The Acast figure, in particular, may lead to an overestimate as it includes non-hosting revenues.
From the Reddit threads, hosting costs range from $0 (using free platforms) to about $20/month for paid services. Let's assume an average of $10/month for podcasters who pay for hosting.
Using our estimate of 1,034,606 paid hosting feeds, and assuming 80% of these are actively paying (some may be on free trials or inactive):
827,684 * $10 * 12 months = $99,322,080
Considering that:
- The providers that host the most RSS feeds typically don't charge for hosting (Spotify for Creators, Soundcloud).
- Other hosting providers (Acast) don't rely on hosting revenue (opting for ad revenue instead).
- Acast's estimate ($17.3 million USD, 11% of net sales) includes hosting, SaaS, and other services.
- Libsyn's financial statements define hosting revenue ($32.7 million), but it's hard to know how much revenue other hosting providers are doing.
- There's a wide range of pricing among hosts
We conservatively estimate the paid podcast hosting market to be between $100 million and $150 million annually. This range accounts for the known data while acknowledging the limitations of our extrapolation method and the potential overestimate from Acast's figures.
Estimated annual revenue: $285 - $300 million
Sources:
- Audio-Technica annual statement (2023)13
- Sennheiser Group press release (2023)14
- Logitech SEC filing regarding Blue Microphones acquisition (2018)15
Rationale: This estimate is based on financial data from major audio equipment manufacturers, with assumptions about the percentage of their sales related to podcasting. We estimated Sennheiser's podcasting revenue at $85.2 million (15% of the total), Blue Microphones at $47.6 million (40% of the total, adjusted for growth since 2018), and Audio-Technica at $2.6 million (10% of microphone sales). Assuming these companies represent 45-50% of the market, we estimate a total market estimate of $285-300 million.
Estimated annual revenue: $400 - $450 million
Sources:
- Patreon press release: "Podcasters earned over $350 million from their real fans on Patreon last year" (2023)16
Rationale: This figure comes directly from Patreon's press release (Patreon is the dominant player in this space for podcasters). The $350 million likely represents the majority of direct listener support for podcasters. We've added another $50 - $100 million to this estimate to account for platforms like Buy Me a Coffee, Ko-fi, etc.
Estimated annual revenue: $120 - $180 million
Sources:
- Reddit thread discussions on podcast expenses11
- Extrapolation based on the number of active podcasts10
Rationale: Many podcasters mentioned hiring editors or production teams in the Reddit threads. Costs varied widely, but we assumed an average of $100 per episode for those who outsource. Assuming 10% of active podcasts (103,460) use these services monthly:
103,460 * $100 * 12 months = $124,152,000
We've provided a range to account for potential variations in usage and pricing.
Estimated annual revenue: $100 - $150 million
Sources:
- Reddit thread discussions on podcast expenses11
- Extrapolation based on the number of active podcasts10
Rationale: Many podcasters mentioned using software like Descript, Riverside.fm, Squadcast, GarageBand, and Adobe Audition. We estimated that about 30% of active podcasters use paid software, with an average monthly cost of $25:
310,381 * $25 * 12 months = $93,114,300
We've provided a range to account for free software users and potential variations in pricing and usage.
Estimated annual revenue: $50 - $75 million
Sources:
- Reddit thread discussions on podcast expenses11
- Extrapolation based on the number of paid hosting users10
Rationale: Several podcasters mentioned using analytics tools. We assumed 20% of paid hosting users subscribe to such services at an average of $20/month:
206,921 * $20 * 12 months = $49,661,040
The range accounts for potential variations in usage and pricing.
Estimated annual revenue: $15 - $25 million
Sources:
- Reddit thread discussions on podcast expenses11
- Extrapolation based on the number of paid hosting users10
Rationale: Some podcasters mentioned using transcription services. We assumed 15% of paid hosting users use these services at an average of $10 per episode monthly:
155,190 * $10 * 12 months = $18,622,800
The range accounts for potential variations in usage and pricing.
Estimated annual revenue: To be determined
Sources: [To be added]
Rationale: This category would include revenue from podcast consultants, online courses, workshops, and educational resources about podcasting.
Estimated annual revenue: $15 - $20 million
Sources:
Rationale: This estimate is based on data from major podcast conferences and an estimation of smaller events worldwide:
-
Major conferences:
- Podcast Movement (2 events): ~$3 - $3.5 million annually
- The Podcast Show London: ~$950,000 - $1.2 million
- PodFest: ~$700,000 - $900,000
-
Other conferences and events: Estimated 20-30 additional events generating an average of $250,000 - $350,000 each. Estimated total for smaller events: $5 - $10.5 million
The estimate includes ticket sales and sponsorship revenues. For major events, we calculated based on reported attendance figures and estimated average ticket prices. Sponsorship revenues were estimated based on publicly available sponsorship packages.
This estimate is likely conservative as it may not fully account for:
- Associated revenue streams (workshops, merchandise, etc.)
- Rapid growth in the podcast event industry
- Potential underreporting of attendee numbers or ticket prices
Estimated annual revenue: To be determined
Sources: [To be added]
Rationale: This category would cover revenues generated by podcast networks through means other than advertising, such as content licensing, merchandise, or other monetization strategies.
This estimate is based on publicly available financial data, industry reports, and reasonable assumptions where specific data is unavailable. The actual global podcast industry revenue may differ due to:
- Limited financial data from private companies
- Rapid changes in the industry
- Varying definitions of what constitutes podcast-related revenue
- Potential overlap between categories (e.g., some hosting providers also offer advertising services)
Further research and data collection could help refine this estimate.
The goal here, whenever possible, is to avoid sourcing generalized estimates from other sites (like Statistica, Latka, CB Insights, LeadIQ, etc) that don't share their methodology.
This page is hosted by Transistor.fm. Ready to start a podcast? Create as many podcasts as you'd like on Transistor, and we'll distribute your shows to Apple, Spotify, YouTube, and more.
Footnotes
-
"Everything you know about the podcast industry is a lie", Techcrunch ↩
-
WARC: Global advertising to top $1 trillion in 2024, as big five attract most spending ↩
-
DWNLOAD Q3 2024 Report: The State of the Podcast Industry. Highlights significant podcast advertising growth, programmatic ad sales, and political ad revenue contributions. ↩
-
SiriusXM, iHeartMedia, and Acast financials showing strong podcast revenue growth in Q3 2024. Referenced in the DWNLOAD Q3 2024 Report: DWNLOAD Q3 2024 Report. ↩
-
Reddit threads discussing podcast expenses: Thread 1 and Thread 2 ↩ ↩2 ↩3 ↩4 ↩5
-
In the Annual Report for 2023, on page 20 under "Net sales breakdown", there's a note that says: "Acast's net sales are mainly generated from advertising revenue recognized over time. Just over 11% of Acast net sales are generated by non-ad revenue streams, such as SaaS and subscription revenue, for the reporting periods presented." Given that Acast's total net sales for 2023 were 1,636.4 million SEK (as stated multiple times in the report), we can calculate 11% of 1,636.4 million SEK = 179.9 million SEK. Converting to USD at an approximate exchange rate of 0.096 SEK to USD: 179.9 million SEK * 0.096 = $17.27 million USD ↩
-
Sennheiser Group Looks Back on a Successful 2023 Fiscal Year ↩
-
Patreon Press Release: Podcasters earned over $350 million from their real fans on Patreon last year ↩