The Podcast industry is rapidly growing, with 464.7 million listeners and over 5 million podcasts globally as of January 2023. Podcast fans enjoy listening to shows while driving, walking, doing household chores, trying to sleep, and doing pretty much anything else.
Today there are over 5 million podcasts to choose from, and standing out in this competition is not an easy task anymore! That’s why the questions that pop up in the mind of every podcaster are: What exactly can we expect from the podcast industry in 2023?
We've done some research to bring you the top podcast trends for the coming year, so keep reading!
Industry Stats to Consider
As podcasting continues to grow, the industry is experiencing tremendous growth in terms of listenership, revenue, and variety. One report observes the behavior of podcast listeners from 18 countries, including the US, Canada, France, Germany, and Brazil. According to the report, the number of podcast listeners worldwide will grow to over 465 million in 2023. Moreover, podcast industry revenue is projected to surpass $2 billion in the same year.
Another factor to consider is the ever-growing number of podcast shows and episodes. A constantly-updated report suggests more than 2.9 million podcasts are available on the web, with the number of episodes exceeding 150 million.
In the US market, podcast listenership studies imply a growing trend of podcast subscriptions in the US. According to a consumer survey by Infinite Dial 2022, over 62% of respondents listened to a podcast at least once. The remaining 38% listened to a podcast last month, while 26% listened to a podcast in the previous week. This means people are increasingly signing up for podcast subscriptions – a trend we predict will continue in 2023.
What's so special about the industry that so many people are engaging with it? Let's look at some of the top podcast trends for the next year!
Podcast Trends That Cannot be Ignored
Trend 1: Podcast Advertising Is on the Rise
Here is some good news about podcast ads. Unlike Youtube viewers who find ads quite frustrating, almost 90% of podcast listeners have a positive attitude toward podcast ads. Moreover, most of them don't skip them.
And it gets even better! There is more than a 60% chance that listeners will consider purchasing a product when they come across its ad on their favorite podcast.
Estimates suggest that by 2024, podcast advertising spending will cross the 2.5 billion dollar mark in the U.S.
So, continue looking for new advertising partners and share your product recommendations with your audience. That’s going to be a win-win-win for all involved - you, the advertiser, and the listeners!
Trend 2: User Experience Optimization Based on Previous Data
Podcasts initially became popular among innovative millennials who preferred this alternative method of consuming information. However, depending on your podcast category, your target listeners might change, so it’s crucial to continuously explore your target audience’s needs and improve the user experience.
Before starting a podcast, do thorough market research to have a holistic image of your target audience and understand the demographics and psychographics of your target audience.
Ask yourself the following questions:
- Who is my show meant for? What's the age, gender, race, location, and income range of people who will listen to this podcast and benefit from it?
- What is the lifestyle of my target listeners?? What are their pain points?
Finding the right answers to these questions will help create a better podcast script and adjust your show’s elements to your target listeners.
Along with applying your inner sense to know your audience better, do not forget the power of data. Carefully track the essential performance metrics of your show; the traffic, play-through rates, and the number of downloads. Let data speak to you and use data-driven insights to optimize your listeners’ experience.
Trend 3: More Quality and Creativity
To stand out among an abundance of competitors, you need an engaging podcast that catches the listener's attention from the first minute and keeps it until the end. Invest in your show’s quality more than ever, bring fresh ideas and creativity to each episode, and show your expertise and excellence as a host! Only the best of the best can survive in the increasing competition of the podcasting world. But what’s the definition of “best” now?
High Expertise in Your Niche
A vivid example of a successful expert podcast is "The Diary of A CEO," hosted by a British businessman, entrepreneur, and television persona Steven Bartlett. This is a non-scripted conversational podcast about business. In his weekly podcast, he invites guests of different backgrounds to share thoughts about the dark side of business and entrepreneurship and help listeners dig deep into the topic that interests them.
Steve’s high expertise in his niche and the matching expertise of the show’s guests are the core value of this show. People tune in to listen to experts, confident they will find unique and professional information.
So, if you’re about to start a show and looking for your niche, choose what you’re good at and not what is mostly demanded nowadays. If you talk about things that you are really good at, you will have a better chance to attract loyal listeners!
High Audio Quality
Podcasts are all about the listening experience. It goes without saying that a quality podcast means quality audio. So how to get it?
There is no need to record your podcast in a professional studio to get quality audio. Times have changed. Currently, specialized recording and editing software can replace a full set of professional equipment for you! Just turn on your laptop, sign up on Podcastle.ai, and record pro-quality audio content with no need of professional equipment or editing skills.
Besides basic editing functionality like trimming failing parts or adding music to your show, Podcastle.ai allows you to make your voice super consistent, remove background noise and more!.
Your listeners will appreciate it if you make it a habit to deliver the best quality content consistently.
Trend 4: Live Podcasting
One, two, three …your live broadcast has started!
Live podcasting has earned its spot on podcast trends for 2023 as this format continues to grow, proving modern society loves personal interaction. The live format suggests streaming a podcast to a virtual live audience through interviews, Q&As, or solo casts. Some podcasters host such shows once a month; for others, this is the main podcasting format.
Why is live podcasting becoming so popular? Because the audience feels connected, heard, and valued during live podcasts by directly communicating with their favorite podcaster and getting authentic and unfiltered content.
Some podcasters also save live podcasts, edit it and turn it into a podcast episode later.
Live podcasts are a big podcast trend for 2023 because people have started to appreciate natural, real-time and spontaneous content over the edited, filtered, and scripted version.
Trend 5: Cross-Promotion for Audience Expansion
Partnering with influencers in your field to mutually promote each other is another podcast trend for 2023. It is a win-win scenario, where different creators who have managed to build a solid listener base over time and promote each other on their platforms.
One of the key benefits of cross-promotion is getting more listeners. Podcast fans usually treat cross promotional activities like a good source of finding new good podcasters and adding fresh shows to their playlist.
Usually, podcasters promote each other during their shows. However, not all cross-promotion endeavors are necessarily taking place on the podcasts themselves. Podcasters can also promote each other on their social media pages or in blog articles.
Trend 6: Voice Search Optimization
Voice Search is on the rise with more than 40% of the U.S. population using it. 'Hey Google” and” Hey Siri" are the magic phrases that can deliver any needed information to us in seconds.
What does that mean for you as a creator? Correct! Ensure your show will pop up in search results if your audience searches for you via voice search.
To do so, implement all the voice search optimization techniques - use target keywords in your show’s description, invest in local SEO, and optimize your show for mobile.
Trend 7: Content Repurposing
71% of podcast listeners insist that podcasts are a quick and easy way to learn new things. In fact, podcasts are an easy and convenient way to get new knowledge while doing everyday activities.
Additionally, 67% of listeners use podcasts as a source of inspiration and motivation.
As listeners' expectations from podcasts increase, so does the podcasters’ responsibility to create useful content. While comedy, news, society, and culture are still the top podcast genres, new topics are coming onto the stage. For example, advice podcasts about relationships, dating, and family.