Podcast Market Shows Signs of Growth Heading into 2024

Major podcast companies report revenue increases and anticipate profitability, driven by an improving advertising market and strategic adjustments.

Podcast companies, including iHeartMedia, Spotify, SiriusXM, and Acast, report year-over-year revenue growth in Q4 2023, signaling an improving ad market.
Spotify and Acast anticipate reaching profitability in their podcast businesses for the first time in 2024, driven by increased ad demand and strategic cost reductions.
iHeartMedia's podcast revenue grew 17% in Q4 2023, contributing to a 12% increase in its overall digital audio group revenue.
The impact of Apple's iOS 17 update on podcast listens and ad measurements has been significant, but companies like Acast are adjusting and expect no further revaluations.
iHeartMedia and Acast express optimism for continued growth and profitability in 2024, with iHeartMedia expecting a mid-single digit increase in digital audio group revenue in Q1.