Usage of free and paid music services also increasing in post-pandemic world
New research from Parks Associates shows that 80-85 million US consumers ages 18 and older report they listen to a podcast for at least one hour each week. The research study, Podcasting: An Exploding Market, examines the impact of the rapid growth in the podcast market, including household audio equipment adoption, consumer behaviors across various platforms and genres, and crossover effects with consumption of music services.
The research firm reports smartphones are the most commonly used device for listening to podcasts and YouTube is the leading app/website used to access podcasts. Almost half of podcast listeners are 35-44 years old. Notably, podcast listening declines for ages 45 and older, indicating that content creators are overlooking this audience segment.
“Audiences self-select to listen to specific content, and the most popular means to discover new podcasts is through recommendations by friends and family. Since people often find new titles by asking people with similar interests, content creators will need to make extra efforts to attract a more diverse audience,” said Sarah Lee, research analyst, Parks Associates. “There is reward in expanding your reach, as currently more than 60% of podcast listeners pay some amount per month for a subscription. Consumers are also willing to pay for music services: 15% report use of the Spotify Premium service.”
The research includes insight into consumer spending on podcast content, equipment, and production; user experience and discovery sources; and segmentation by podcast listeners and producers, both professionally and personally. In addition, it addresses consumer adoption of music services.
About Parks Associates
Parks Associates is a global research, consulting, and marketing firm with 40 years of experience delivering proprietary consumer data and industry insights for businesses. The firm produces market research reports, forecasts, surveys, and competitive business intelligence on connected consumer, small business, and commercial technologies and related business solutions. A woman-owned and woman-led company, Parks Associates is a trusted partner and advisor to executives, providing custom research, strategic consulting, and forward-looking analysis across smart home, small business, and commercial markets, including security, broadband, entertainment, energy, multifamily, smart buildings, connected health, and emerging AI-driven technologies.
Parks Associates supports industry growth through proprietary research, consulting, and executive networking and convenes thousands of leaders each year through its flagship conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.
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