The podcast industry has experienced explosive growth over the past few years, and 2024 is no different. With more than two million podcasts and over 48 million episodes available, podcasts have firmly established themselves as a mainstream media format. Here’s a look at what’s new and trending in the podcast industry.

1. Diversified Content:

Podcasts are no longer just about storytelling or interviews. There’s a significant shift towards diversified content, including branded podcasts, fiction series, and educational podcasts. Companies are leveraging podcasts to build brand loyalty and engage with their audiences on a deeper level. Fiction podcasts are gaining popularity, offering a unique blend of radio drama and audiobook. Educational podcasts are also on the rise, providing listeners with valuable knowledge on various topics, from history and science to personal development.

2. Enhanced Technology:

The technology surrounding podcast production and distribution has advanced significantly. High-quality recording equipment has become more affordable, making it easier for new podcasters to produce professional-sounding content. Additionally, AI-driven tools for editing and transcription are becoming commonplace, streamlining the production process. Platforms like Spotify and Apple Podcasts are continuously updating their algorithms to improve content recommendations, helping listeners discover new shows tailored to their interests.

3. Video Podcasts:

This isn’t new, but it is continuing to grow. The idea of video podcasts, for some people, makes zero sense. If you look at the history of media consumption and track the pathway that people took to their podcast listening habits - you’ll see some common paths. People that entered podcasts through talk radio and audio book habits generally aren’t that interested in video podcasts. These are people who have generally used spoken audio mediums to enhance some other activity (working, working out, driving…) Their normal habits have no room for video. However, those who come to podcasts because of more visual media formats (TV shows, Youtube Channels…) they are more likely to adopt a podcast that also offers a video format as well. Video podcasts are FOR SURE not even close to the majority of podcasts that are releasing today - but the number does continue to climb. In a study that evaluated the video consumption of podcasts, it found most people who consumed a video podcast episode actually didn’t spend their time MOSTLY looking at the screen - but rather NOT watching it, and just listening.

4. Monetization Strategies:

Podcasters are exploring diverse monetization strategies beyond traditional advertising. Subscription models, where listeners pay for premium content or early access, are becoming more popular. Crowdfunding platforms like Patreon allow podcasters to receive direct support from their audience. Branded merchandise and live events are additional revenue streams being tapped into by successful podcasters.

5. Global Reach:

The podcast industry is seeing significant growth globally. Non-English podcasts are becoming more prevalent, catering to diverse linguistic audiences. This global reach is opening up new markets and opportunities for podcasters and advertisers alike. We are beginning to see podcast interpreting services start to crop up in hopes of expanding audience reach. However, don’t get too crazy, there are plenty of english speakers to reach.

The podcast industry is dynamic and continuously evolving. Staying up to date on these trends can help us understand the direction in which the industry is heading and capitalize on new opportunities.

If you want to talk more about the podcast industry or have any podcast show ideas, feel free to hit me up. I always love hearing new perspectives and discussing innovative concepts. You can email me anytime or message over on instagram at @thepodkitchen