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After a Year of Pullback, Podcast Industry Hopes to Regroup In 2024 — With an AI Boost

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Summary

Podcasting executives remain bullish on growth for the sector in 2024, with plans to create multiple revenue streams for creators and use AI and video to expand their audience globally. Advertisers are returning to the sector, and companies are partnering with local creators and talent to produce content and adapt popular shows for different countries. AI will be used to translate, transcribe, and voice content into multiple languages. The sector's top publishers are iHeartMedia and Wondery, with both looking to reach Black and Hispanic podcast listeners. Advertising and subscription revenues are expected to continue to increase, and companies are exploring additional revenue streams such as TV adaptations, live comedy showcases, and video podcasts. Mergers and acquisitions could also be on the table in 2024.

Q&As

What steps are podcasting executives taking to expand the medium in 2024?
Podcasting executives are looking to create multiple revenue streams for creators and using artificial intelligence and video to expand the audience.

How is artificial intelligence being used to expand global audiences?
AI is being used to translate, transcribe and voice content from podcast archives into multiple languages.

What is the predicted growth for podcast advertising revenue in 2024?
Podcast advertising revenue is projected to more than double between 2022-2025 to about $4 billion.

What are iHeartMedia and Wondery doing to meet the growing demand from Black and Hispanic podcast listeners?
iHeartMedia is leaning into The Black Effect podcast network and My Cultura joint venture to meet these two sectors. Wondery is partnering with local creators and talent in countries such as Germany, Mexico and Brazil to produce content.

What revenue streams are podcast creators looking to expand into in 2024?
Podcast creators are looking to expand into areas such as comedy, sports, kids and family, business, and history. They are also looking to create more frequent content and video podcasts, as well as TV adaptations of the show.

AI Comments

👍 It's great that podcasting executives are still bullish on growth in the sector, and that they plan to use AI and video to expand the audience. It's also encouraging that podcasts are becoming more accessible with partnerships and content becoming available in multiple languages.

👎 It's disappointing that the podcast sector faced some pullback in the past year, notably with layoffs and programming cuts at Spotify. It's also concerning that the overall advertising market took a hit last year, and that early stage companies may not be able to access capital to keep their business going.

AI Discussion

Me: It's about the podcast industry and how it's hoping to regroup and use AI to expand its audience in 2024. It also talks about the potential for increased advertising revenue and global expansion.

Friend: That's really interesting. What do you think the implications are?

Me: I think it's a sign of the industry's growth and potential. With the use of AI, podcast creators can now reach a wider global audience. It's also encouraging to see that advertising revenue is expected to increase, which could lead to more revenue streams for podcast creators. Additionally, I think the increased demand for podcasts among Black and Hispanic listeners is a positive sign for diversity in the industry.

Action items

Research AI technology and its potential applications in podcasting.
Reach out to podcast creators and explore potential partnerships for creating localized content.
Develop strategies for leveraging video podcasts and other multimedia content to expand the podcast audience.

Technical terms

Pullback: A decrease in activity or intensity.
AI (Artificial Intelligence): A branch of computer science dealing with the simulation of intelligent behavior in computers.
Transcribe: To convert speech or other audio into a written or printed form.
Translation: The process of changing words from one language into another.
Voice Content: Content that is spoken aloud.
Scalable: Able to be increased in size or scope.
Dealmaking: The process of negotiating and concluding business deals.
Direct Response: A type of advertising that seeks to elicit an immediate response from consumers.
Macroeconomic Environment: The overall economic environment of a country or region, including factors such as inflation, unemployment, and economic growth.
Revenue: Income generated from the sale of goods or services.
Subscriptions: A regular payment made to receive a service or product.
Adapting: To make suitable for new use or purpose.
Localizing: To make something local or specific to a particular place or region.
Metadata: Data that describes other data.
Impressions: A measure of the number of times an advertisement is seen.
Packaging: The process of preparing something for sale or distribution.
M&A (Mergers and Acquisitions): The process of combining two or more companies into one.