Original Source: BCC Global
Date: December 11, 2024
Introduction
On November 23, the Third CPA Chinese Podcast Culture Festival kicked off in Shanghai, unveiling the 2025 Podcast Marketing White Paper. Podcasts are witnessing rapid global growth, with the industry’s market value projected to exceed $30 billion by the end of 2024. In China, the number of podcast listeners is expected to surpass 150 million in 2025. While podcasts have emerged as an influential media format in events such as the U.S. presidential election, what does the commercialization path of the Chinese podcast market look like?
Podcast = iPod + Broadcast
The concept of “podcast” originated in the U.S. In 2003, a software developer released the world’s first podcast program on a webpage. In 2004, a British journalist coined the term “podcast” by combining “iPod” and “broadcast”.
During the 2024 U.S. presidential election, podcasts became a prominent platform for candidates to appear and express their viewpoints, reaching specific audiences that traditional media often miss. For example:
- Trump participated in around 13 podcast programs (Forbes statistics), which resonated with younger male listeners—one of his key voter demographics in this election.
- Vice President Harris appeared on “Call Her Daddy”, a podcast with a weekly audience of 5 million—primarily young women.
With years of development, podcasts in the U.S. wield significant influence and have achieved a high level of commercialization. In 2023, U.S. podcast ad revenue reached $1.9 billion, with comedy and sports as the most lucrative content categories.
In contrast, China’s podcast industry is still in its early stages but is growing rapidly. In 2022, the market size reached approximately RMB 1.73 billion ($240 million), with a growth rate exceeding 200%.
Current State of Chinese Podcasts
1. Audience
- Growth: In 2024, China’s podcast listener base grew by 43.6%, the highest growth rate globally.
- Audience Profile: Podcast listeners are primarily highly educated, high-income, young individuals concentrated in first-tier and new first-tier cities. They exhibit strong consumption potential, with an average monthly expenditure close to RMB 7,000 ($970). Listener growth in lower-tier cities is also increasing, signaling that podcasts are gradually breaking out of their niche. Over 50% of podcast listeners spend more than 5 hours per week listening, indicating a stable listener base.
- Content Preferences: The top five podcast categories are:
- Film/TV
- Society/Culture
- Comedy/Entertainment
- Stories/Mysteries
- Personal Growth
Unlike short video platforms like Douyin or Xiaohongshu, which focus more on entertainment, podcast listeners expect diverse and in-depth content. Over 70% of listeners subscribe to programs for their professionalism or value, and many are even willing to pay for premium content.
2. Creators
- Growth: In the first three quarters of 2024, the total number of podcast programs on Xiaoyuzhou (a popular podcast app) increased by more than 40% year-on-year.
- Composition:
- Individual Creators dominate, with minimal time and cost investments—about 5.6 hours per week and an annual spend of RMB 3,900 ($540).
- Institutional Creators make up 20–25%, providing professional, in-depth, and high-quality content to meet niche demands.
- Other Participants: As podcasts gain traction in China, more media professionals, scholars, celebrities, and entrepreneurs are joining the space. For example:
- Liang Wendao, Xu Zhiyuan, and Yang Tianzhen have launched their own podcasts.
- Hosts like Lu Yu regularly appear on shows such as Yan Zhong Hua Shu.
- Notable figures like Lei Jun (founder of Xiaomi) appeared on the podcast Gao Neng Liang.
Brands are also entering the podcast market. By October 2024, over 120 brands created or commissioned branded podcasts (DTC model), including Anta, Wenxian, CEIBS, and Ipsos China.
3. Platforms
- Major Players: Popular Chinese podcast platforms include Ximalaya, Qingting FM, Lizhi Podcast, Xiaoyuzhou, and Apple Podcasts. Traditional music platforms like Kuwo Music, NetEase Cloud Music, and Tencent Music are also investing in podcasting.
- Platform Actions:
- Many platforms have launched subscription services for listeners and support programs for creators.
- In May 2024, Xiaoyuzhou introduced “Zhuiguang”, a platform designed to help podcast hosts commercialize their content and promote their personal brands.
Commercialization of Chinese Podcasts
Podcast commercialization primarily relies on brand advertising and content monetization, with platforms and creators sharing revenue based on agreements.
1. Brand Advertising
- In 2024, over 180 brands engaged in podcast advertising, a 50% year-on-year increase. Advertisers span various industries, including Lululemon, LEGO, 霸王茶姬 (BaWangChaJi), L’Oréal Paris, Xiaomi, and Move Free.
- Ad Formats:
- Host-read advertisements (pre-roll or post-roll ads)
- Sponsored content
- Series sponsorships
Among these, sponsorships are the most accepted by listeners, with over 70% approval.
For example:
- “Basically Harmless” launched the series City Survival Manual with Dafexin as the title sponsor. This high-cost series involves live recordings and coordination, with 21 episodes released since August 2023.
- “Wuliaozhai” is also experimenting with similar IP series sponsorships.
2. Content Monetization
Paid programs are another significant revenue stream, available as single-episode or series-based subscriptions. For example:
- “Black Water Park” offers weekly paid episodes priced at RMB 4 ($0.55) per episode. Paid episodes average 5,000–10,000 listens within a month, compared to 15,000–20,000 for free episodes.
Approximately 19% of creators have attempted paid programs, and over 55% are open to exploring this model.
Additional monetization methods include membership programs and publishing books. For instance:
- “Yile Podcast” requires a RMB 30 ($4.20) monthly membership for access to exclusive episodes.
- “Genius Catcher FM” turned 10 audio episodes into the book Interviews with Genius Professionals, priced at RMB 58 ($8).
Conclusion
Podcasting in China has evolved from a niche hobby to a rapidly growing industry, particularly after 2020, which marked the “Year One” of Chinese podcasting due to the pandemic. Over the past four years, the number of podcasts and listeners has surged, and the industry’s commercialization models have become increasingly diverse.
As podcasts continue to break into the mainstream, the future of this medium in China appears highly promising.
[Disclaimer]: The above content reflects analysis of publicly available information, expert insights, and BCC research. It does not constitute investment advice. BCC is not responsible for any losses resulting from reliance on the views expressed herein. Investors should exercise caution.