Podcast Advertising - South Korea

South Korea

Highlights

In South Korea, revenue in the Podcast Advertising market market is projected to reach US$51.52m in 2024.
Revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.52%, leading to a projected market volume of US$61.25m by 2029.
In a global context, the majority of revenue will be generated the United States, with figures reaching US$2.57bn in 2024.
Within the Podcast Advertising market market in South Korea, the number of users is anticipated to reach 10.7m users by 2029.
Additionally, user penetration is forecasted to be 14.0% in 2024, with expectations of increasing to 20.9% by 2029.
In South Korea, the podcast advertising market is rapidly evolving, with brands increasingly leveraging influencer partnerships to enhance audience engagement and reach.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Podcast Advertising in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and the rise of digital media consumption.

Customer preferences: South Korean consumers have shown a growing interest in podcasts as a form of entertainment and information. This can be attributed to several factors. Firstly, podcasts provide a convenient way for people to consume content on the go, as they can be easily accessed and listened to on smartphones or other portable devices. Additionally, podcasts offer a wide range of topics and genres, catering to diverse interests and preferences. This allows consumers to find content that is relevant and engaging to them, further driving their interest in podcasts.

Trends in the market: One of the key trends in the South Korean podcast advertising market is the increasing number of podcast creators and platforms. As the popularity of podcasts grows, more individuals and organizations are entering the market to create and distribute content. This has led to a wider variety of podcasts available to consumers, further fueling their interest and engagement. Additionally, there has been a rise in podcast platforms and aggregators, providing a centralized hub for listeners to discover and access podcasts easily. Another trend in the market is the growing adoption of native advertising within podcasts. Native advertising refers to the integration of brand messages within the content of the podcast, making it feel more natural and less intrusive to listeners. This form of advertising has gained popularity as it allows brands to reach their target audience in a more personalized and engaging way. By aligning their brand with relevant podcast content, advertisers can effectively capture the attention and interest of listeners.

Local special circumstances: South Korea has a highly connected and tech-savvy population, which has contributed to the growth of podcast advertising in the country. With a high smartphone penetration rate and widespread internet access, South Koreans are well-positioned to consume digital content, including podcasts. Additionally, the country has a strong culture of storytelling and a thriving entertainment industry, which has paved the way for the success of podcasts as a medium for content creation and consumption.

Underlying macroeconomic factors: The growth of the podcast advertising market in South Korea is also influenced by macroeconomic factors. The country has a robust economy and a high level of disposable income, which allows consumers to invest in digital media and entertainment. Furthermore, the government has been supportive of the digital media industry, implementing policies and initiatives to promote its growth. This favorable environment has created opportunities for podcast creators and advertisers to thrive in the market. In conclusion, the podcast advertising market in South Korea is experiencing significant growth due to changing customer preferences, the rise of digital media consumption, and favorable macroeconomic factors. As more consumers embrace podcasts as a form of entertainment and information, advertisers are leveraging this trend to reach their target audience in a more personalized and engaging way. With the continued development of the market and the increasing number of podcast creators and platforms, the future looks promising for podcast advertising in South Korea.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on podcast advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers podcast streaming ads.

Modeling approach:

market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, web traffic, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, internet users, consumer spending, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.