The global podcast economy generated $7.3 billion in revenue in 2024, with the U.S. accounting for nearly two-thirds of the market at $4.7 billion, according to a new report from media consulting firm Owl & Co.
Direct advertising sales by publishers or podcasters remain the largest revenue source at $4.6 billion globally. However, programmatic advertising platforms, including YouTube’s AdSense, SiriusXM’s AdsWizz, and Spotify’s SPAN, are gaining market share, generating $1.6 billion.
Consumer revenue contributes $1.3 billion to the podcast economy, with Patreon leading this category by distributing $473 million to podcasters. Other consumer revenue sources include Apple Podcasts+, Supercast, Pocket.FM, and YouTube Premium, with Spotify Premium joining the mix in 2025.
“Almost every other kind of media draws significant revenue from consumers. Why shouldn’t podcasts?” the report notes, highlighting the opportunity for growth in direct listener support.
Image source: Owl & Co.
Video Transforms Podcast Economics
Video now drives 30% of all podcast revenue in the U.S., accounting for an estimated $1.4 billion previously uncounted in industry measurements. The report indicates publishers can monetize video podcasts through both direct ad sales and programmatic advertising, with premium sales opportunities available to larger publishers.
“Video podcasts see better discovery on both YouTube and Spotify than audio-only,” the report states, though it acknowledges not all shows benefit equally from adding video components.
The trade-offs for video include additional production costs, reduced flexibility in booking guests, and increased competition with traditional documentaries for narrative podcasts adopting video formats.
Image source: Owl & Co.
International Markets Show Potential
Outside the U.S., China represents the largest podcast market at $793 million, followed by the UK ($338 million), Germany ($169 million), and Sweden ($127 million). The report notes that international markets are likely undercounted due to limited data sources compared to the U.S.
The Chinese market presents a unique case study, with the platform Ximalaya alone generating $850 million in annual revenue, mostly from podcasts.
Image source: Owl & Co.
Methodology and Future Outlook
The report addresses the variance between its $4.7 billion U.S. market estimate and the IAB/PwC estimate of $2.4 billion, explaining that the difference primarily stems from counting video podcast revenue ($1.4 billion) and consumer revenue ($0.7 billion) that were excluded from the IAB methodology.
Data sources for the U.S. estimates include Magellan.AI and Podscribe for direct advertising revenue, Streamonomics models for programmatic advertising, and company statements combined with Sensor Tower data for consumer revenue.
According to Owl & Co., the podcast industry is maturing faster than measurement capabilities. Future research will aim to link revenue with time spent listening, provide more granular information for international markets, and present growth rates on a comparable basis if methodologies change.
The report predicts that podcast publishers will continue seeking to increase their share of revenue from consumers, especially as advertising CPMs and sell-through rates fluctuate across markets.
Nii A. Ahene is the founder and managing director of Net Influencer, a website dedicated to offering insights into the influencer marketing industry. Together with its newsletter, Influencer Weekly, Net Influencer provides news, commentary, and analysis of the events shaping the creator and influencer marketing space. Through interviews with startups, influencers, brands, and platforms, Nii and his team explore how influencer marketing is being effectively used to benefit businesses and personal brands alike.
The global podcast economy generated $7.3 billion in revenue in 2024, with the U.S. accounting for nearly two-thirds of the market at $4.7 billion, according to a new report from media consulting firm Owl & Co.
Direct advertising sales by publishers or podcasters remain the largest revenue source at $4.6 billion globally. However, programmatic advertising platforms, including YouTube’s AdSense, SiriusXM’s AdsWizz, and Spotify’s SPAN, are gaining market share, generating $1.6 billion.
Consumer revenue contributes $1.3 billion to the podcast economy, with Patreon leading this category by distributing $473 million to podcasters. Other consumer revenue sources include Apple Podcasts+, Supercast, Pocket.FM, and YouTube Premium, with Spotify Premium joining the mix in 2025.
“Almost every other kind of media draws significant revenue from consumers. Why shouldn’t podcasts?” the report notes, highlighting the opportunity for growth in direct listener support.
Image source: Owl & Co.
Video Transforms Podcast Economics
Video now drives 30% of all podcast revenue in the U.S., accounting for an estimated $1.4 billion previously uncounted in industry measurements. The report indicates publishers can monetize video podcasts through both direct ad sales and programmatic advertising, with premium sales opportunities available to larger publishers.
“Video podcasts see better discovery on both YouTube and Spotify than audio-only,” the report states, though it acknowledges not all shows benefit equally from adding video components.
The trade-offs for video include additional production costs, reduced flexibility in booking guests, and increased competition with traditional documentaries for narrative podcasts adopting video formats.
Image source: Owl & Co.
International Markets Show Potential
Outside the U.S., China represents the largest podcast market at $793 million, followed by the UK ($338 million), Germany ($169 million), and Sweden ($127 million). The report notes that international markets are likely undercounted due to limited data sources compared to the U.S.
The Chinese market presents a unique case study, with the platform Ximalaya alone generating $850 million in annual revenue, mostly from podcasts.
Image source: Owl & Co.
Methodology and Future Outlook
The report addresses the variance between its $4.7 billion U.S. market estimate and the IAB/PwC estimate of $2.4 billion, explaining that the difference primarily stems from counting video podcast revenue ($1.4 billion) and consumer revenue ($0.7 billion) that were excluded from the IAB methodology.
Data sources for the U.S. estimates include Magellan.AI and Podscribe for direct advertising revenue, Streamonomics models for programmatic advertising, and company statements combined with Sensor Tower data for consumer revenue.
According to Owl & Co., the podcast industry is maturing faster than measurement capabilities. Future research will aim to link revenue with time spent listening, provide more granular information for international markets, and present growth rates on a comparable basis if methodologies change.
The report predicts that podcast publishers will continue seeking to increase their share of revenue from consumers, especially as advertising CPMs and sell-through rates fluctuate across markets.
The full report is available here.