The podcast industry has a lot of things to offer in terms of content but the growth of this industry is slow in India. The key reason behind its slow growth rate is the adoption rate has been on the lower end. It came to know that the essence of the podcast is a question regarding getting people to listen to it.
At the expense of music, everyone will not consume a podcast. However, there is a certain amount of population intended to listen to the podcast. In India, due to the way in which radio licensing is structured, there is devoid of talk radio. This ultimately leads to a big challenge since the majority of the natural extension of the talk radio is podcast the similar way TV’s natural extension is YouTube and Netflix. The same is absent in India.
One of the prime reasons behind the less prevalence of podcasts in India is there is little awareness about the same. Once more and more people begin entering the industry, the growth will be higher and awareness will be created automatically. It is observed that the adoption rate of podcasts in India is much lesser than the desired level.
In countries like US, UK, China, this adoption rate is higher and the popularity of podcast there is higher too. In the US, the podcasting was a $314 million industry during 2017 which denotes how excellently the podcast trends are prevalent there.
With the assistance of subscription-driven revenue as well as choice for premium educational content, the prevalence of podcast is high in such countries.
In India, the advertising industry is still remaining to take much notice. The experts consider that the podcasts will take off once brands perceive the growth of their business because of investment in the media. It is observed that in India creators and producers lose the direction and momentum since the podcast industry is growing at a slow rate.
There is a dire need to spread awareness regarding the same through various effective approaches in different fields.
The podcasting prevalence in India is at a growing stage notwithstanding the fact that the country has a huge number of active bloggers. In recent times, many of the existing podcasts provide their services to the Non-Resident Indian community.
The key reason behind this is the podcasting in India is still not so developed. It is true that the US is presently the most advanced podcast market but the industry experts envisage that podcasting growth will be an increment in the upcoming years in India. Therefore, podcasts will turn out to be an economically feasible standalone industry.
Gradually, we will see podcasting in languages like Hindi, English and different other Indian languages.
Taking a look at the growth of podcasting already being done in India, the TinyTales by Radiofly Podcasts is basically an anthology audio fiction podcast delivered in Hindi. This podcast features a full-cast audio drama in all episodes and it was created by Pratik Arora.
Moreover, Aawaz.com is the first audio-on-demand platform of India with original programming done in Hindi. This platform has audio and text content both delivered across multiple genres. Next, the Hubhopper is India's biggest podcast directory; its platform is made available for Android and IOS users both. Digital Wave One is recognized as an integrated content company focusing on podcasting services through political podcasts which emphasize on current events.
These events will usually last half an hour to an hour. They will depict journalists, politicians, pollsters, writers, and others with qualifications in the public sphere. In India, the majority of the political podcasts possess a host-guest interview format and they are being broadcasted every week depending on the news cycle. There are many different companies in India that have now begun to offer podcast production services in an effective way.
Generally, they target companies’ ad brands willing to provide a podcast to their customers in the form of brand engagement.
Factors that will lead to growth and awareness of podcasting in India:
Industry experts foresee that the growth of the podcast industry will be exponential in the upcoming years in India. Take a look at the factors leading to awareness and growth of podcasting in India:
Technology boosting user convenience and engagement
- Increasing ownership of smart devices and adoption of digital interface
- Creation of thriving platforms to generate and consume content
- Demography dynamics and varied content
- Nostalgic appeal through an improved listening experience
- Face of podcast industry in India in coming years:
In 2019 and the coming years, the podcasting industry in India will gradually be in growth and the podcasting trend will be seen gradually. It is definite that we will observe some competition and increased awareness too. Also, India will see some authentic numbers on consumption and an increased number of shows in Indian languages.
In addition to that, India may also see shows delivered in different languages in podcasting for the excitement and benefits of users. Initially, it may be difficult to search for shows but it would get organized gradually. It is anticipated that India will perceive a rush of shows and distribution initially. The same would make it difficult to find things. However, all of them will get streamlined over time.
The worth of the radio industry in India is anticipated to rise by approximately four times from 2007 to 2021.
This directly indicates the huge amount of opportunity available in the streaming audio entertainment industry.
However, at the global level, the podcast industry is growing but lacking in providing a strong transparent platform to the content creators and consumers. All the big names including Spotify, Soundcloud, PodBean, Libsyn and many others are doing great. They are providing advanced features to the content creators and already have millions of users.
But if we take a look in the podcast industry deep inside, it has many major issues demanding quick attention. There’s no transparency in content monetization. A huge part of the earning is deducted as a commission by third parties. Also, there are ad frauds where advertisers have to face huge losses.
However, the solution lies in making use of technology and improving the podcast industry. Blockchain is the solution here. As blockchain technology provides more transparency and security, it will be beneficial to implement it.
PodMiners, a digital radio, and podcasting platform claim to implement blockchain technology to revolutionize the podcast industry.
According to the reports, the platform claims to be the first digital radio and podcasting platform that is solving the industry problems. Just like the blockchain based music streaming platforms like Bitsong, Musicoin and Resonate or blockchain based video streaming platforms like Livepeer, Play2Live, we need more for podcast industry too.
The prevalence of podcasting in India is at a growing stage and in upcoming years this industry will attain great acceleration. Similar to countries like the US, UK, China, etc. India too will excel in the podcasting industry for its application in diverse fields for the benefits of consumers.
Disclosure: I do not hold a position in any of the projects mentioned in the story above.