This becomes even more intriguing when you factor in that a smaller proportion of the Latin American population, at 20.4%, engages with podcasts compared to Western Europe at 25.8% and North America at 37.8%.
Nonetheless, it’s crucial to note that this seemingly lower percentage is influenced by a significant portion of the population in the region that has yet to embrace the online realm. Among internet users, the podcast scene tells a different story, with popularity in Latin America essentially matching that of Western Europe (28.2% versus 30.3% in 2023). As connectivity continues to expand throughout the region, it’s set to unlock a substantial pool of potential podcast enthusiasts, painting a vibrant and promising future for the medium in Latin America.
Brazil
The Global Podcast Listeners Forecast 2023 does not yet have podcast metrics for several large countries—such as India and Indonesia—but given the digital usage trends that we do know about, it’s likely that Brazil would still end up as the third or fourth largest podcast market in the world even if we had listener data for every country. Brazil’s internet penetration rate and smartphone user rate have surged over the past 10 years, and its population has become eager adopters of new digital media like podcasting.
Spain
In 2023, Spain is set to lead Western Europe in podcast listenership, with an impressive 37.0% of internet users and 31.1% of the overall population listening in. These figures outshine the metrics of every other market in the region, even surpassing the UK. However, despite this substantial listener base, Spain will rank fourth in total listeners in Western Europe, a position influenced by its relatively smaller population compared to other countries in the region. The podcasting landscape in Spain is thriving, marking the country as a standout hub for audio content consumption in Western Europe.
How do we consume podcasts in Latin America?
In the realm of audio podcasting platforms across Latin America and Spain, Spotify reigns supreme. At Genuina, we manage millions of downloads per month, reaching audiences spanning the entire Spanish-speaking world. Our recent analysis of metrics shed light on our listenership patterns.
Astoundingly, 90% of our listeners in Latin America opt for Spotify, while 6% favor Apple Podcasts, and 1.4% tune in via Google Podcasts.
The primary driver behind this distribution becomes evident when considering the smartphone landscape in Latin America, where 73% of users have Android devices compared to the 27% utilizing iOS. With the Apple Podcast App exclusive to iOS, Spotify emerges as the dominant player, catering to the majority of our diverse audience across platforms.
Video podcasts – What is the question?
In contrast to the trend in the United States in 2022, where video just started coming into play as a companion for audio, Latin America has taken a different route. Here, we didn’t go through a distinct audio-only phase. Podcasts and video have been intertwined since the inception of podcast listenership in the region.
YouTube stands out as the foremost podcast player in Latin America. Its dominance stems from unparalleled audience accessibility and cost-effectiveness compared to alternative platforms. The preference for video content from the outset has shaped the podcasting landscape in the region, setting a unique trajectory that reflects the diverse preferences of the Latin American audience.
The paradoxical nature of Latin America’s digital landscape becomes evident in the fact that, despite not having the highest internet access rates, the region still claims the second-largest share of YouTube viewership globally. This phenomenon underscores the profound impact of digital content on the Latin American audience, as YouTube emerges as a powerful and widely embraced platform, transcending connectivity challenges.
Challenges and Opportunities for Latin America Podcasting
Room for Growth
Despite the optimistic outlook presented by podcast listener downloads in the region, there are notable areas where the industry is lagging, with expectations for it to catch up.
Monetization Challenges
While the podcasting scene in Latin America paints a promising picture, the financial aspect lags significantly. According to Statista, in 2023, only $62.5 million was spent on audio podcasting across the entire region, a substantial contrast to the $2 billion industry in the US. Anticipating the region’s surge in podcast listenership, advertisers are expected to allocate more budget to this medium, potentially benefiting from lower CPMs in comparison to the US market.
Professionalizing the Industry
Given the youth of the industry in LATAM, several challenges need to be addressed for its professionalization.
Attribution Missteps: One recurring issue in LATAM is the lack of emphasis on attribution metrics. Agencies, independent podcasts, and brands often neglect to measure the success or completion of their campaigns. The industry’s slow adoption of attribution tools creates an information asymmetry between sellers and buyers, hindering progress.
Brand Safety Dilemma: We’ve all been hearing about the upcoming necessity for brand safety features tools in podcasts. But when it comes to Spanish or Portuguese content, brands don’t have access to trustworthy information.
Moving Forward: Key Conclusions
Podcasting in Latam is only growing
By 2027, there will be more podcast listeners in Latin America than any other region in the world. Fueled by the region’s expanding internet connectivity, rising purchasing power, and an influx of high-quality content, Latin America is set to captivate brands, podcasters and listeners, solidifying its position as the next podcasting powerhouse.
Industry Responsibility
The next few years will be pivotal for the development of the podcasting industry in LATAM, with a responsibility for both buyers and sellers to navigate this burgeoning landscape responsibly and learn from past mistakes in the US industry.
Patience for Monetization
For the multitude of podcasts not currently monetizing despite substantial audiences, patience is key. Brands are expected to recognize podcasting as a cost-effective medium to connect with untapped audiences in the near future.
Universal Appeal of Spanish
Spanish is more universal than often perceived, allowing podcasts from different countries to reach Hispanic audiences globally. Quality content will prevail over regional accents.
Expansion of Industry Players
The Latin American podcasting industry is poised to welcome more participants, including US agencies, production companies, ad-tech, attribution companies, and tools that have proven successful in the US market. The landscape is set to evolve and diversify with the entry of new players.
Source link : https://podnews.net/article/podcasting-in-latin-america
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Publish date : 2024-02-15 03:00:00
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