The podcast industry is ever-evolving, and new technologies are changing the way we create content and campaigns. Advances in technology in 2023 have opened up an array of opportunities to take podcasts to the next level—from AI to implementing cutting-edge interactive features to incorporating personalization tactics into engagement strategies. In this discussion, we’ll examine where the future of podcasting is headed and break down what you need to know about the tech trends set to revolutionize this increasingly competitive space across 2024 and beyond.
Our key 2024 predictions:
AI: The robots are taking over
Artificial Intelligence (AI) is playing an increasingly significant role in podcasting. A study by Gartner predicts that by 2024, AI-generated content will account for 30% of the total content produced by enterprises. (Gartner.) Is this a good thing?
Automated editing, production and transcripting can streamline processes, allowing creatives and marketing staff extra time and fewer wastage. Also, automated translation could open up podcasts in various languages to new markets all over the world.
Looking on the less positive side of things, there are concerns over privacy, algorithmic bias, and the ethical implications of automated decision-making. 2024 will see further innovation in this space, but if 2023 was anything to go by, uptake will be slow and wary. AI can enhance - but not replace human creativity.
2. The rise of video
While both audio and visual formats have their own specialities, running both formats at once can tell a holistic, impactful story to listeners.
61% of Australian podcast listeners listen/watch podcasts on YouTube (The Infinite Dial, 2023).
The rise of YouTube as a podcasting platform is significant, especially considering its recent introduction of a dedicated podcast tab. YouTube's commitment to promoting podcasts and its large user base make it an attractive platform for content creators, meaning its prominence in the industry is likely to rise in 2024.
This coupled with the rise of podcast discovery on social media means video will continue to play an important role in podcast discovery and consumption in 2024.
3. Tiktok for discovery and community
MeltWater and We Are Social revealed that Australia has the highest TikTok monthly usage time in the world per person in 2023. The platform is less of a place to connect and network with friends like Facebook and Instagram and more of a source of entertainment, with 47% of users saying that they “pay full attention” to TikTok (with sound for an immersive experience), compared to 39% for other platforms. (TikTok).
This year, several podcasts have achieved viral fame on TikTok and many podcasters and marketers are harnessing the power of TikTok to increase their podcast's visibility and to build a community.
In 2024,TikTok will be rolling out a new podcast features. Joe Wituschek, BGR explains:
“Creators will have to link their account to an RSS feed, then can select specific episodes to be linked to specific posts. Audiences who view the TikTok will then be prompted to listen to the entire episode of the podcast within the TikTok app. While I'm not sure audiences will want to actually listen to entire podcast episodes within the app known for extremely short-form content, integrating podcasts within TikTok could definitely be great for podcast discovery.”
4. More platform-exclusive content and features
Competition between podcasting apps like Spotify, Apple and Google heated up in 2023. To stand out, many publishers are securing talent that is featured on their platform exclusively.
Next year, it's likely that this trend will continue as the battle for share of ear continues. The platform wars are a good thing for the industry, with more spend pouring in from tech giants, bringing more innovation and talent for listeners. Whilst exclusive platform content is likely to increase, podcasters are also getting more savvy about where they broadcast, likely to bring a rise in independent publishing such as patreon.
5. Podcasts IRL!
Podcast events, including live recordings have grown in popularity in recent years, with some popular podcasts such as My Dad Wrote a Porno completing national tours. The appeal of these events for the audience offers a chance to connect with your favourite hosts in person, with Q+As and exclusive guests.
They are also often broadcast live online, which holds a certain appeal for the listener at home who appreciates the raw, real nature of a live recording. As this method has proved an extra income stream for podcasters, the trend is likely to continue in 2024.
6. Genres expand
Although comedy, true crime and news continue to be key genres in podcasting, as podcasts continue to reach new audiences, new genres are emerging. 2024 will bring new approaches to podcasting explored, with shows like Dark Shining Moment experimenting with new narrative structures.
Producer Greg Muller (Wrong Skin, Gerties Law) elaborates:
“The next podcast series I find both scary and liberating. Scary because it's a glimpse into what is possible when it comes to messing with something we (especially in Australia) usually take for granted: democracy. And then liberating because the only way to deal with these threats is to know about them.
Most people have heard how Russia can manipulate elections, and in particular the 2016 one in the United States, which brought in Donald Trump. But the story of how this actually happened, and why, is less well known. It's an incredible story. And it's still happening right now.
Chris Zappone has meticulously broken down this progression in interference. He takes you through it step by step and before you know it, the whole thing makes sense. Moreover, it was under our noses all this time, but we just didn't see it.”
Watch this space for a release date for Dark Shining Moment.
This year, AI, tech, and industry developments have evolved the industry. 2024 offers more innovation allowing the podcast world to grow and strengthen. The future of podcasting in Australia is ripe with opportunity and you can be a part of it. All signs point to another strong year for the medium in terms of quality of shows, diversity of genres and more listeners, which makes it a compelling format for any advertiser. To find out more, plus insights, and commentary on the growing podcast industry, sign up to our newsletter or feel free tocontact us anytime.