Dwnload Media’s Chris Peterson has surveyed a group of 60 podcasting executives about how their business did this year and what predictions they have for 2025. He points to what could have been a better-than-expected year, albeit one that quietly outpaced industry projections. Nearly half (46%) of executives say their businesses exceeded revenue projections in 2024, with just 1% reporting their companies underperformed. As a result, four in ten think the IAB forecast of 12% industry revenue growth will be beat, while 57% think it will be met and the podcast industry will exceed the $2 billion mark for the first time.
“What’s clear from these results is that the industry is buzzing with optimism,” Peterson says. “The ‘good vibes’ are strong, and this momentum is setting the stage for a big 2025,” he writes in a blog post.
The survey of the C-suite finds that advertising remains the biggest growth area for podcast companies, with six in ten saying it’s where their business had the most momentum this year. Yet a quarter say for-hire productions saw the biggest growth during 2024, while one in ten point to video. Subscription podcasts may be more common, but the numbers remain small. And Dwnload Media’s survey finds just 5% of executives say it was their biggest revenue growth area this year.
Peterson says video and subscription may be “underperforming” for now, but he expects that to change. “Most every CEO I speak to is seeing these as high-priority growth areas over the next few years. These areas hold far too much untapped potential to remain sidelined for much longer,” he says.
The survey, in fact, finds four in ten executives think video is their largest growth opportunity for 2025. And with advertising still where most revenue comes from, half say growing the size of their network and ad impressions will deliver the best growth results in the new year. Another 10% point to international expansion plans. Peterson thinks international markets represent “enormous untapped potential” for many companies.
The Dwnload Executive Insider Survey also digs deeper into what podcast executives are thinking when it comes to video. Today that conversation is mainly about YouTube, as more than three-quarters (78%) of executives say they only distribute shows on YouTube, with the other 22% making them available anywhere they can, including Spotify. As a result, 44% of executives say they saw the most growth on YouTube this year vs. other platforms. Spotify was the runner-up at 30%, while 15% say no platform outperformed the others in any meaningful way.
Last month Spotify announced a new push to work with more creators on video, but the survey says it has not yet had much of an impact. A majority 52% of surveyed executives say the new monetization and video features debuted by Spotify has not had any impact on whether they will upload video there.
“Spotify’s video push clearly hasn’t landed,” Peterson says. “With 90% of respondents either ignoring or minimally engaging with the platform, it’s obvious Spotify has some serious work to do if it wants to become a significant player in video podcasting.” He writes in the blog that he has even heard from several CEOs who have said it has made them less likely to upload content to the platform.
Even so, 18% of those surveyed say Spotify will be the most important platform for your company in the coming year. That’s nearly double the 10% who point to Apple Podcasts. The app that the vast majority say will be most critical to their 2025 plans is YouTube, with 72% expecting big things from the app next year.
“What stands out most here is how much growth YouTube has seen in the eyes of our respondents since our last survey,” Peterson says. “And I’m not surprised by the results. They make sense. Right now, YouTube is the only platform actively working to bring new listeners/viewers to a podcast via their algorithm.”
In the blog post, Peterson also shares his own predictions for the new year, including his belief that forecasts for 2025 revenue growth are too conservative. He expects this year’s final revenue numbers for the industry to reach $2.2 billion, with $2.6 billion likely next year as the election has helped to open even more advertisers’ eyes to the power of podcasts to sway listeners.
Peterson also expects to see more industry consolidation as companies look for scale and leverage their newfound profitability. That could also attract private equity investors, hinting that at least one firm is poised to enter the space next year.
Peterson also announces that he has joined the Swedish podcast tech company Podspace as a Senior Advisor. He says the company has seen rapid growth and profitability during the past year, and it is looking to extend its global reach in the new year.
Read more of Peterson and podcast executive’s 2025 predictions HERE.
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