Dive into the future of audio with Deloitte’s predictions! Despite soaring popularity, turning listens into profits remains a challenge. Deloitte forecasts over 1.7 billion monthly podcast listeners, 270 million audiobook enthusiasts, 750 million streaming music subscribers, and nearly 4 billion radio listeners globally in 2024. Annual revenues for podcasts, audiobooks, streaming music, and radio are set to exceed $75 billion, a 7% YoY increase!
Monetisation Opportunities
Audio platforms aim to capitalize on a growing market, focusing on factors like cost, content, and convenience. With only 14% of global smartphone users paying for a streaming music service, there’s room for expansion, especially among Gen Zs and Millennials. As economic pressures persist, free or low-cost content, diverse genres, and convenience drive audio consumption.
Podcast Revolution
Deloitte predicts a podcast boom, with 1.7 billion global listeners driving ad revenues to $3.5 billion by 2024 – up 30%! Integration with other media, companion podcasts for TV shows, and innovative content contribute to this surge. Video podcasts and strong show content innovations promise to draw more listeners, potentially offsetting previous profitability challenges.
Audiobook Renaissance
Audiobooks gain momentum, with 270 million listeners in 2024 and a 15% YoY increase. Deloitte expects audiobooks to account for 6% of global book sales, reaching $7 billion in revenues. Intense competition among streaming platforms and the rise of Generative AI voices contribute to the audiobook market’s evolution.
Streaming Symphony
Streaming music projects significant growth, attracting over 750 million subscribers globally. Revenues are expected to hit $23 billion, making it the most lucrative audio format. Consolidation, bundling, and technological innovations, including AI personalization and lossless audio, fuel subscriber growth and enhance the listening experience.
Radio Resilience
Radio, supported by ads, remains resilient with nearly 4 billion monthly listeners in 2024. In the US, radio continues to engage across age groups, especially among 18 to 34-year-olds. As digital offerings evolve, radio broadcasters must adapt, considering future FM switch-offs and exploring generative AI possibilities.
Seizing Growth Opportunities
Audio’s secondary nature becomes its strength! Providers can innovate by consolidating formats, offering a diverse range of content in one platform. Content recommendation systems and strategic partnerships can enhance engagement. Monetization opportunities arise with advancements in advertising technology, making audio “shoppable” and attracting sponsors.
The Future Sounds Promising
As we navigate 2024, audio entertainment unveils untapped potential. While challenges persist, strategic investments, technological advancements, and tailored content pave the way for a harmonious future. Audio’s growth opportunities beckon providers, creators, and advertisers to join the symphony of innovation and audience engagement! 🎶✨
Read the full Deloitte report here: TMT Predictions 2024
