New findings from Deloitte reveal that the Australian podcasting market is poised to reach almost $50 million in revenue by the end of 2020, with growth outpacing global counterparts. In fact, 1.6 million Aussies are now downloading podcast content, an impressive increase of 70 per cent from 2015, driven by supply and demand.
It's safe to say podcasts have stepped out of the shadow of radio.
And unlike radio, podcasts are more convenient. You don't need to tune in at a particular time to catch the latest segment of X, Y, and Z. You can just download it to your mobile device and listen to it whenever suits you. It's essentially the Netflix of radio.
Myself? I have a long commute into the office, wherein that time I often find myself tuning into the latest episodes of my favourite podcasts -- which, in true millennial nerd fashion, are typically that of Joe Rogan or Sam Harris.
We Aussies love our devices. We love our entertainment. But most of all, we love convenience. And these are the key factors behind the surge in podcast assumption by Australians. Marketers should not dismiss this growing trend as podcasts are the new way to consumers' hearts.
A 2019 ABC Podcast Survey unveiled that Australian podcast listeners are highly engaged, with each person listening to an average of six podcast episodes a week. Moreover, 76 per cent said they prefer original content rather than catch-up radio podcasts.
So why do podcasts possess such highly engaged audiences? Because convenience + great content breeds engagement and keeps an audience hungry for more.
Amidst a shrinking and increasingly concentrated media landscape here in Australia, marketers need to be thinking about new mediums they can leverage to tell their story.
It's still early days for podcasts in Australia and there is already such an appetite for them. It will be interesting to see how Australian marketers tap into that potential in 2020 and beyond.
A new study from Deloitte says the Australian podcasting market will grow faster than the rest of the globe, with annual revenue expected to reach almost $50 million by the end of the year.