Global podcast ad revenue is forecast to reach $1.4 billion this year despite the COVID-19 pandemic hitting some budgets. That is according to Omdia Tech analyst Georgina Howes, who writes in a new report that Amazon’s recent addition of podcasts to the Amazon Music app and Amazon-owned Audible will help drive the medium’s growth. She said it signals global players are “waking up” to podcasting’s potential.
Amazon Music began featuring podcasts in September with a mix of established podcasts and new, original shows produced exclusively for Amazon Music. It also has an array of podcasts from other publishers. Then in October, Audible did the same when it added roughly 100,000 podcasts with a similar list of publishers.
“Amazon will still be some way behind its competitors with its combined audio service, with the platform home to a much smaller content portfolio compared to other industry heavyweights,” said Howe. “But with deep pockets and a global presence, there are strong opportunities for a wider rollout and future investment into content rights and original productions.”
Amazon is adding podcasts to its music app in the U.S., U.K, Germany, and Japan. Howes predicts by 2025 the four countries will account for 15% of total global monthly podcast listeners.