Competition on the podcast market is ramping up. In the Nordics, as well as on other markets, major actors invest in the ongoing transformation of audio. So far, Spotify is leading the effort by investing heavily in podcast content for its platform. Now, Amazon is also picking up speed by announcing Swedish original podcast productions for its audiobook and podcast subscription service Audible, that is available throughout the Nordics. Podcast listening is already widespread in Sweden – and willingness to pay for podcast content is taking off.
Podcast listening increases rapidly. Today, 19% of Swedes age 15-74 listen to podcasts on an average day – a strong increase of 20% YOY. Unsurprisingly, podcast listeners are predominantly young. 60% of daily listeners in Q3 are 15-34 years old. However, older listeners are quickly catching up. The age group 50-64-year-olds who listen to podcasts has doubled YOY.
Is there a market for paid audio content? Well, we can already conclude that there is a demand for paid podcasts, in Sweden as in the US. Mediavision recently presented research showing that a large share, almost 60%, of today’s podcast listeners are willing to pay for podcast content. The content that attract payers the most is “exclusive” and, maybe not that surprising, ad-free.
The podcast market is currently in strong growth. Likely, it will follow the same development curve as text, music and video has done previously – with older target groups following younger demos. Large investments by major players testify to the industry’s confidence in continued growth. Mediavision follows the podcast market closely and will report on the development on a quarterly basis.
*Events where Mediavision will be presenting