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Audio streaming is expected to grow by 6.5%

Se prevé un crecimiento del 6.5% del streaming de audio

Colombia. In Colombia, the growth of the podcast has been on an upward path and worldwide it continues to grow in penetration, since it is shown as a tool to socialize with other people, which opens a great door to be the center of any communication strategy.

After a period of large acquisitions in 2021 and 2022, audio companies have shifted their focus from exclusive properties and are exploring options for monetizing the medium through advertising and subscription revenue in 2024.

According to WPP's Media Investment GroupM, in its 'ThisYearNextYear' report, digital audio (or streaming) growth is forecast to grow by 6.5% on a compound annual basis over the next five years.

In Latin America, the leadership of the Swedish platform is maintained: Spotify, which is also one of the fastest-growing streaming companies, which has recorded a 30.7% year-over-year growth in monthly active users (MAUs) with advertising through the first three quarters of 2023 and a 31.8% growth in advertising revenue in constant currency. More than 85% of people surveyed in the region use it. Even in some countries such as Argentina, Uruguay and Paraguay the proportion exceeds 90%.

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The evolution and reception of the podcast is changing the way we consume content today. In the absence of images, the podcast forces people to pay more attention to what they hear, and according to experts this improves attention span and memory, stimulates trust and creates closeness with the listener. Understanding these listeners, with empathy and precision, is essential for brands to be relevant in the right context and to be able to respond efficiently to their needs and emotions, as well as forge deeper connections with these users. Podcasting has also become a platform for journalism and entertainment, which has revolutionized in many cases the way news and content are created, distributed and consumed.

"People's identities are evolving as we increase the time we spend with digital platforms. From self-expression, to our relationship with other cultures, our identities influence our behaviors, passions, and interests and are the link that connects communities through shared experiences. Identity drives decisions that affect every aspect of our lives, including the media we choose to consume, creating a huge opportunity for brands and their strategies," says Rubén Gómez, Regional B&I Leader at GroupM.

In a world immersed in visual stimuli and screens, sound is a crucial element for content and entertainment experiences. In the case of music, it provides gratification and triggers nostalgic emotions inherent to people's identity, and the main attraction of the podcast is that it can be listened to anytime, anywhere, which allows you to get closer to niche audiences and create stronger bonds than radio, given the communities that are formed.

Among the trends for 2024, shared in a study conducted by EssenceMediacom in Latam, GroupM's agency, is the "video podcast" preferred by 64% of consumers. And this year 2024 they expect an increase in live podcast events, with the support of sponsorship from sponsoring brands. And we will also see the application of AI (Artificial Intelligence) which, according to Marien Castañeda, Director of System & Planning & Attribution of the agency, "Artificial intelligence will play a central role in the future of podcasts. Not only will it facilitate transcription, automatic editing, and boost creativity, but it will also allow podcast recordings to be turned into responsive content for various media and social media platforms."

Other results of this study show us that the time when people listen to podcasts the most is between 6 and 10 PM. And the most listened to podcasts on Spotify in Colombia are "Metarse al Rancho" with Santiago Alarcón, "Psicología al desnudo by Psi Mammoliti", "Se Regalan Dudas" by Dudas Media, Diana Uribe. FM, among others.

Claudia Rodríguez, Client President of Mindshare Colombia, adds to these conclusions important data, such as that "49% of millennial users on Spotify listen to podcasts at least once a week and the consumption of hours, year after year, has doubled on this same platform. 5 out of 10 Podcast users use the service at least 3 times a week. And 71% do it weekly, while 32% consume it daily."

Generation Z or centennials have become one of the populations that consume the most products through digital means. A study recently revealed by Cultura Next shows that young people in this population group, born between 1997 and 2015, listened to 560,000 songs and more than 3,000 million podcast episodes in the first half of 2023.

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Frequency of use that makes the podcast an important medium, already incorporated into the habits and lives of consumers in Latam as it happens in the rest of the world. According to data handled by GroupM and its agencies, in less than 3 years, the number of podcast listeners worldwide has increased by 70% and is expected to reach 504.9 million by the end of this year 2024.

"There is no doubt that podcasting in Latam is a great industry with high potential for brands and creators. With a fact of high value, both for brands and for the media themselves: active podcast listeners do not mind paying for on-demand digital cultural consumption, and series and movie services such as HBO, Disney + and/or Amazon Prime. We are talking about consumers with a high commercial value. It is for this reason," says Andrea Ruiz, Managing Director of Wavemaker Colombia, "that we see in the podcast a clear option to be included in our media and communication strategies with the aim of beginning to explore and measure the benefits it brings to brands."

Richard Santa, RAVT
Author: Richard Santa, RAVT
Editor
Periodista de la Universidad de Antioquia (2009), con experiencia en temas sobre tecnología y economía. Editor de las revistas TVyVideo+Radio y AVI Latinoamérica. Coordinador académico de IntegraTec y LiveTec.

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