According to a report by PwC India and the Indian Music Industry (IMI), the podcast industry in India is projected to grow at a compound annual growth rate (CAGR) of 34.5% from 2018 to 2023. This growth is driven by factors such as the rise of regional language content, the increasing adoption of smartphones and the internet, and the evolution of audio streaming platforms.
Currently, the Indian podcast industry is dominated by platforms like Spotify, Gaana, and JioSaavn, which offer international and Indian content. However, a growing number of independent podcasters are creating content across various genres, including news, sports, comedy, and business.
The popularity of podcasts is rising worldwide, and India is no exception. In recent years, the podcast market in India has witnessed significant growth, with new players and existing ones expanding their offerings. However, like any other business, India’s podcast industry has pros and cons, and there are concerns about saturation in the market.
Podcasting in India – the good side
India has a large and diverse population, and as more people gain access to smartphones and the internet, the podcast audience base is expected to grow significantly. This allows podcasters to reach a broader audience and expand their reach.
“Podcasting is a booming industry in India, and to stand out, podcasters must experiment, and one way of doing that is to explore musical podcasts,” says Manjula Chauhan, who hosts a successful podcast called 90s Ki Cassette on Gaana.
However, there is a flip side to it.
India is also known for its rising popularity of regional language content with multiple regional languages. With its increasing demand, podcasters offering content in regional languages have an advantage in reaching a larger audience and building a loyal fan base.
We spoke to Aabir Lahiri, who heads the podcasting division of ABP Network.
“The kind of content we consume daily is primarily video in nature. However, the scenario is expected to change a few years down the line due to screen fatigue (when audiences cut down their screen time). The consumption of podcasts will go up. Thankfully, podcasts have given voices to the unheard, and there is something for everyone here,” says Aabir.
Podcasting is a relatively cost-effective business model, requiring minimal investment in equipment and infrastructure, making it easier for anyone to start their podcasting journey.
Also, multiple revenue streams are available for podcasters, including advertising, sponsorships, merchandise sales, and live events. This allows podcasters to diversify their revenue streams and reduce their dependence on any one source of income. But is it the case?
And the not-so-good side
One of the biggest cons of the podcast business in India is its limited monetization options. While multiple revenue streams are available for podcasters, advertising remains the most common source of income. This limits the podcaster’s monetization options, and there is a need to explore alternative revenue streams to sustain the business.
“As far as brand investment goes, it is not at par with the video business, but the good news is that brands are showing keen interest in the podcasting business. Therefore, the future looks promising, but still, a long way to go,” adds Aabir Lahiri, Head – Podcast Division of the ABP Network.
However, despite the growing popularity of podcasts, there is still a lack of awareness about the podcast industry in India. This makes it challenging for podcasters to reach a wider audience and build a loyal fan base. And even if they do, most of them are left in the mercy hands of corporate giants and label politics.
“Musical podcasts are a big differentiator in this industry. Unfortunately, they cannot sustain themselves due to the unavailability of music labels as it becomes difficult to bear their huge licensing fees regularly. Therefore, labels must extend their support, especially to the independent musical podcasters,” adds Manjula Chauhan – a podcaster from Gaana.
The podcast industry in India is still in its nascent stage, and there is a lack of data on listener behavior, preferences, and demographics. This makes it challenging for podcasters to tailor their content and offerings to the needs of their audience.
The podcast market in India is snowballing, and there is a concern about saturation in the market. With more players entering the market, it may become increasingly challenging for new players to gain visibility and build a loyal fan base.
“Podcasting in India is like a cottage industry. Some are doing it out of passion; some are making money out of it. Still, the podcasting business is far from reaching saturation because our capacity to consume content has grown exponentially. Still, expectation management from the monetary perspective needs to be seen about how much money one can make, as the Indian audience is still reluctant to spend money on the content,” says Sarthak, who hosts Good Morning Delhi with Sarthak on Radio One.
When RJs are gradually shifting from Radio to Podcasting, Sarthak circled his career back to Radio. He maintained that podcasting will always remain a classic form of radio, barring the music, as it keeps the freshness and the relevant conversations alive.
The future of the podcast business in India looks promising, with a growing audience base and diverse revenue streams. However, there are concerns about limited monetization options, low awareness, and the fear of saturation.
To sustain the business, podcasters need to explore alternative revenue streams, build awareness about the industry, and tailor their offerings to the needs of their audience. With the right strategies and investments, the podcast industry in India has the potential to grow and thrive in the years to come.
Do you listen to podcasts? If not, why?