By Saket Vaidya
In recent years, podcast advertising has emerged as a promising marketing tool in India, capturing the attention of both brands and listeners. As the Indian podcast industry experiences significant growth, it’s worth examining whether podcast advertising is a fleeting trend or a lasting component of the digital marketing landscape in the country.
The rise of podcast advertising in India
The podcast medium has experienced substantial growth over the past few years. According to PwC’s Global Entertainment & Media Outlook 2020-2024, India is the third-largest podcast listening market globally, with 57.6 million monthly listeners in 2020. This number is expected to grow at a 30.4% CAGR by 2024.
Podcast advertising revenue in India has mirrored this growth. While specific revenue figures for the Indian market are limited, the rapid increase in listenership suggests a growing opportunity for advertisers to reach engaged audiences through this medium.
Why advertisers are drawn to podcasts?
Podcast advertising in the Indian market is gaining traction due to several factors. The audience primarily consists of young, urban professionals, a highly sought-after demographic for advertisers. Additionally, the growing popularity of regional language podcasts enables brands to reach diverse linguistic groups across the country. Indian podcast listeners also exhibit high engagement, often tuning in during commutes or leisure time, providing a valuable opportunity for advertisers. With a wide range of podcast topics, advertisers can precisely target niche interest groups, and the platform offers a brand-safe environment compared to some social media channels.
Challenges and evolving landscape
Despite its growth, podcast advertising in India faces several challenges. One major hurdle is the lack of standardized metrics and measurement tools, making it difficult for advertisers to assess performance effectively. Additionally, many Indian brands remain unfamiliar with podcast advertising, resulting in hesitation to adopt this medium. Infrastructure issues, such as inconsistent internet connectivity in certain regions, can also hinder podcast streaming and downloads. Furthermore, podcasts face stiff competition from other popular audio formats like FM radio and music streaming services, which are already well-established in the Indian market.
The future of podcast advertising
Despite current challenges, podcast advertising in India holds strong potential for future growth, driven by several key trends. Firstly, more Indian brands are expected to join the podcast advertising space as awareness and popularity continue to rise. Additionally, the growing availability of region-specific and language-specific podcasts will offer advertisers better opportunities to reach diverse audiences. The entry of Bollywood celebrities and influencers into podcasting is another promising development, creating more advertising avenues. Improved analytics tailored to the Indian market will help advertisers better calculate their ROI, while the integration of podcast advertising with e-commerce platforms can significantly benefit D2C brands by driving seamless engagement with listeners and shoppers.
Conclusion
By taking into consideration the forecasted growth of the listenership, the advancement of the platform, and the shift to the digital landscape in India – it can be seen that podcast advertising is not just a fad. However, there are limitations that must still be addressed; the ability to target the medium’s primary audience: young, urban India, makes podcast advertising a promising facet of the rapidly evolving advertising and marketing domain.
With the issues that the industry faces today and as the overall industry continues to grow, podcast advertising in India will continue to develop and find its niche as one of the effective platforms for advertising within the digital marketing sphere. Podcast advertising is an effective avenue for brands that wish to engage with the population, mostly the youth and the working population that are internet and social media-savvy hence providing a promising forecast for future advancements.
The author is CEO, Korra India. Views expressed in this article are personal.