As podcasting becomes a thoroughly mainstream medium, a new report is placing US podcast revenue at $4.7 billion – almost double the recent IAB/PwC estimate. Why the jump? It comes from consumer-driven platforms like Patreon and the video podcast boom.
The Owl & Co. estimate shows the global podcast industry reached $7.3 billion in revenue in 2024. While direct ad sales remain the dominant source of income, the report shows significant and often underestimated gains in programmatic and consumer-driven revenue, thanks in large part to platforms like AdSense, SPAN, and Patreon.
Direct ad revenue brought in $4.6 billion globally, making it the industry’s primary revenue driver. However, programmatic ad revenue followed with a strong $1.6 billion, illustrating the growing impact of automated platforms. Consumer revenue, largely driven by platforms like Patreon, Apple Podcasts+, and YouTube Premium, contributed another $1.3 billion, with branded or work-for-hire podcasts generating $300 million.
As mentioned, the United States accounted for approximately 67% of the global podcast revenue total, with $1.4 billion in video podcast revenue and $700 million in consumer income that went uncounted by IAB/PwC.
The report cites expanded ad opportunities, subscription sharing models, and enhanced discoverability as key drivers of video’s value. Spotify alone reportedly paid out $100 million to podcasters in Q1 2025. Still, video production requires a different creative approach and higher costs, creating trade-offs for creators, especially those producing narrative or interview-based content.
Outside the States, China leads with an estimated $793 million in podcast revenue, much of it attributed to Ximalaya. The UK, Germany, and Sweden round out the top five highest markets. Owl & Co notes that international revenue may still be undercounted due to limited data availability and inconsistent public disclosures.
Owl & Co.’s full report is now available.
