Podcasting grosses $9.2 billion globally

Forbes reported on May 22 that global podcasting revenue reached $9.2 billion, citing new estimates from consulting firm Owl & Co. The report said the figure covers the business as it now exists across audio and video, with money coming from advertising, subscriptions and sponsorships rather than from audio ads alone. Music Ally, citing the same analysis a day earlier, said video is “changing the picture” for the sector as platforms and creators push harder into visual formats. (forbes.com) ### Where does the $9.2 billion figure come from? Owl & Co estimated that global podcasting revenue grew 23% in 2025 to $9.2 billion, according to Forbes. Forbes said the consultancy was founded by Hernan Lopez, the former Wondery founder, and focuses on media, technology and the attention economy. (newsroom.spotify.com) Music Ally reported that the estimate breaks the market into several buckets rather than treating podcasting as a single ad-supported business. That framing matters because the revenue total includes direct ads, programmatic ads and consumer spending, alongside the broader shift toward video-led podcast distribution. (forbes.com) ### Which parts of podcasting are generating the most money? Music Ally reported that $5.3 billion of the total came from direct advertising and another $1.4 billion came from programmatic advertising. Consumer revenues, including subscriptions on platforms such as Patreon, grew to $2.2 billion, according to the publication’s account of Owl & Co’s report. (forbes.com) Those figures suggest advertising still supplies most podcast revenue, even as paid memberships and subscriptions become a larger part of the mix. Forbes said the $9.2 billion total spans audio, video, ads, subscriptions and sponsorships, indicating that the category is being measured more broadly than in earlier years. (musically.com) ### Why is video now central to the podcast business? Music Ally said the report’s main theme was that video is “changing the picture” for podcasting. Spotify said on May 21 that “video is a core part” of its podcast strategy as it introduced new features aimed at making shows more interactive and personalized for listeners. (musically.com) Spotify’s creator site said in January that eligible creators would gain new ways to publish and monetize video on Spotify without switching hosting platforms. That gives creators another route to sell ads, sponsorships and platform-native subscriptions around shows that can live as both listening and watching products. (forbes.com) ### How are platforms trying to capture more of that money? Spotify said this week that it is rolling out Memberships, a subscription model that lets creators offer subscriber-only content for a fee and gives them recurring revenue from fans. The company said the product will also provide data on how paying fans engage with shows and let creators reach those members directly. (musically.com) Spotify also said its podcast business is being built around more interactive and personalized features for fans and creators. On its creator monetization pages, the company says podcasters can earn from ads, video and the Spotify Partner Program, underscoring how platforms are bundling multiple revenue streams into one creator pitch. (creators.spotify.com) ### What should readers watch next? Spotify said Memberships will begin rolling out this year, while its January update said more tools for creator sponsorships and video monetization are due later in 2026. Owl & Co’s revenue estimates, cited by Forbes on May 22 and by Music Ally on May 21, are likely to remain a benchmark as platforms, creators and advertisers track how much of podcast growth comes from video and paid fan relationships. (creators.spotify.com) (forbes.com) (newsroom.spotify.com)