Why Are Brands Betting Big On Podcasts?

In the last 2 decades, podcasts have changed a lot and become an important way for brands to connect with people. Brands wanted to reach people in more interesting ways, so they started using podcasts. They found that podcasts could help them get more people interested, visiting their websites, and buying their products.

As the numbers whispered their secrets, the global podcasting market showcased an extraordinary tale. The market size had swelled from $20.14 billion in 2022 to an impressive $25.85 billion in 2023, growing at a remarkable compound annual growth rate (CAGR) of 28.4%. The pandemic had played a pivotal role in this metamorphosis, with remote work fueling a demand for easily accessible content, bringing attention to the allure of podcasts.

Throwing more light on the growing numbers of the podcasting business, Mamtaa Dhingra, Noted Podcaster said, “The projected revenue of US$61.60 million in the Podcast Advertising market and a monthly podcast listenership of 176.1 million in 2023 showcased the market's allure. Distribution platforms became valuable assets for brands and creators, as content was crafted with intriguing storytelling and released in various forms to captivate audiences.For brands that are willing to pay & play on the pillars of immersion, intimacy and intrigue, podcast presents itself as a winning proposition for brands & marketers.If you take a careful stock of this data and listen in to these numbers,  there is  a 'telling' new story , about the potential and promise of 'podcasts' that is lying just around the corner of marketing mix.”

“With the right kind of advertising structures and spends from the brands , these platforms can go beyond the competence of just publishing & distribution and can actually become the hub of features, recommendations, digital content libraries etc’, she added.

Brands Betting Big on Podcast:

Among the enchanting features that beckoned brands were Language Diversity and Wider Audience Reach. In this era of globalization, businesses understood the importance of breaking linguistic barriers. Embracing the magic of multilingual podcasts, brands ventured into new realms, reaching diverse demographics, and strengthening their global presence.

Roshni Baronia, Founder & CEO of Done For You Podcasts, revealed the role of platforms in curating personalized feeds for listeners. “Tapping into editorial pushes and AI-driven recommendations. Have opened new pathways for independent creators, seeking their place in the grand symphony of podcasting.The Indian podcasts leaned heavily into storytelling and native languages, presenting a marked advantage for brands in the quest for novel narratives and fresh audience access.”

With key players like Apple, Amazon, Soundcloud Limited, and Spotify, dominating the Podcasts Space, these platforms provided brands with a grand stage and opportunities for monetization.

Naveen Samala, Founder and Chief Host of The Guiding Voice "Who sees podcasts as a potent source of wisdom and storytelling, not just for individuals but also for brands says that the beauty of podcasts lies in their ability to accompany listeners during gardening, cooking, or any other activity, setting them apart from video platforms.

“Brands recognized the allure of podcasts, gaining access to a captivated audience yearning for authentic storytelling. The power to position themselves as thought leaders, sharing valuable insights and knowledge, allowed them to solidify their authority and credibility within their respective domains”, he explained.

Abhishekh Sharma, Founder Director of Bhopuwala Creative Solutions says,"podcasts often cater to specific niches or interests, which means they attract highly engaged audiences.

He explains, "Brands appreciate this targeted approach as it allows them to reach audiences who are already interested in their products or services.Podcasts are a fantastic medium for seamless and believable marketing, unlike other mediums podcasts listenership is loyal and most of them are not by the way listeners, So if you pick up a good podcaster and do a proper integration and avoid hard selling, there are more chances that the listener will retain the message more than insta, fb and YT combined.”

Podcasting is evolving in India,Deepali Naair,Group Chief Marketing Officer CK Birla Group says,”My podcast launched in 2020 in midst of COVID, and I was the first female podcaster in business domain. The response has been phenomenal to “Being CEO with Deepali Naair”. And the platform Aawaz where the podcast is hosted has grown its listenership, tenfold in three years. The market is maturing slowly, and the focus is on professional content rather than UGC. Brands should focus on platforms which help them create professional content rather than attempting UGC. Brands should also not deploy amateurish efforts for creating brand podcasts even if its for internal communications perspective, keeping in mind that audio content life is forever.”

"Podcasts have become a powerhouse industry for marketing. With the rise of podcasting platforms, brands now have a unique opportunity to captivate audiences through audio storytelling. From intriguing mysteries to informative discussions, podcasts offer an immersive experience that keeps listeners hooked. This has transformed the way companies promote their products and connect with their target market, making podcasts a fascinating frontier in the world of marketing". said Ashwin Gangakhedkar, COO, Ideabrew Studios (Bingepods.com)

The progression of podcasting technology has introduced a host of captivating innovations. With the incorporation of interactive components, real-time recordings, and AI-powered personalization, the podcasting landscape has been rejuvenated, captivating the imagination of both content creators and their dedicated audience.