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Business News/ News / India/  Users in India, US spend 90 minutes a day on audio series: Redseer report
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Users in India, US spend 90 minutes a day on audio series: Redseer report

The total addressable market for audio series in India is expected to grow from 350 million users in 2023 to 540 million by 2027, the report said.

About 10-11% of users in India said they paid for audio content in 2023, with micropayments fueling this growth. Photo: iStockPremium
About 10-11% of users in India said they paid for audio content in 2023, with micropayments fueling this growth. Photo: iStock

New Delhi: Users in India and the US spent 1.3 hours a day on audio series content in 2021, and by the end of 2022 dedicated as much as 1.5 hours a day to it, according to a survey by Redseer Strategy Consultants. The survey was carried out in India and the US, which are seen as early-adoption markets for streaming audio, and had 903 respondents in India and 1,121 in the US.

Improved quality and variety of content, apart from the ability to listen on demand, were among the major factors driving the popularity of audio series. While most respondents said they were satisfied across multiple parameters, including personalised recommendations, there was demand for better pricing and more flexible payments.

In India, users of Google Podcasts, Spotify and Pocket FM reported the highest sentiment scores, which were based on customer satisfaction and a positive experience with new formats. The report found that 38% of users heard about new series through YouTube ads, 37% through social-media ads and 17% through referrals and word of mouth.

About 10-11% of users in India said they paid for audio content in 2023, with micropayments fueling this growth. Though this demographic is currently limited, paid-user penetration is almost on par with that of OTT video in India, the report said.

While micropayments ensure affordability, users also seem to want payment options for longer durations, given that paid subscriptions increased from 5% at the start of 2021 to 13% by the end of 2022. There is also significant scope for monetisation through advertising, given that subscription or content-monetisation models contribute over 90% of the revenue generated by audio series.

With the rise of streaming audio, including podcasts and audiobooks, the total addressable opportunity for the global audio-series market is estimated at $21-25 billion, and is projected to double in value by 2027, the report said. The total addressable market for audio series in India is expected to grow from 350 million users in 2023 to 540 million users by 2027, the Redseer report said.

“The digital media and entertainment space has been a site of significant evolution in terms of media formats that are resonating well with audiences in developed markets like the US and emerging markets like India. Take for instance the recent popularity of audio series and short-form videos. Key factors like compelling storytelling with immersive user experience on the go are seen to be the driving factors for its rapid adoption," said Mukesh Kumar, associate partner at Redseer.

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ABOUT THE AUTHOR
Lata Jha
Lata writes about the media and entertainment industry for Mint, focusing on everything from traditional film and TV to newer areas like video and audio streaming, including the business and regulatory aspects of both. She loves movies and spends a lot of her free time in theatres, which makes her job both fun and a bit of a challenge given that entertainment news often just talks about the glamorous side of things. Lata, on the other hand, tries to find and report on themes and trends in the entertainment world that most people don't notice, even though a lot of people in her country are really into movies. She’s a graduate of the Columbia School of Journalism.
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Published: 21 Feb 2024, 12:26 PM IST
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