The podcast advertising industry is poised for significant growth, with revenues projected to reach over US$4bn in 2024, marking a 16% year-over-year increase, according to data from OnlyAccounts.io.

This comes despite a slowdown in market growth, with the industry grossing $3.46bn in 2023, a 23% increase from 2022, compared to the more robust growth rates of over 45% witnessed in 2019 and 2021.

Over the past five years, global podcast ad revenue has surged by 370%, rising from $730 million in 2018 to $3.46bn in 2023. However, the annual growth rate is expected to decelerate, dropping to 4.7% by 2028, when revenue is projected to hit $5.2bn.

The United States leads the global podcast advertising industry, with Statista projections indicating it will generate 63% of global podcast ad revenue in 2024, amounting to $2.57bn. This represents an 18% increase in ad revenue growth for the US market in 2024.

China trails as the second-largest market, with nearly $450 million in revenue expected in 2024, followed by India and the United Kingdom.

According to Statista data, while the number of new podcasts published worldwide dipped to 161,300 in 2023, down from 241,000 in 2022 and a high of 736,000 in 2021, the number of podcast listeners is on an upward trajectory. An additional 50 million listeners are expected in 2024, pushing the total to over 460 million.

By 2028, the global podcast listener base is projected to grow by almost 45%, reaching 668 million.

"The growing number of users with fewer newly published podcasts shows the market is stabilizing as more and more podcasts are finding their loyal audiences," OnlyAccounts.io added.