The Indian podcast scene is experiencing a listener explosion, yet this surge in popularity is not translating into a financial windfall for creators. A new report highlights a stark paradox: while millions are tuning in, the advertising rupees are failing to follow at the same pace, with YouTube reshaping the landscape.
The Numbers: Growth in Listeners, Stagnation in Revenue
According to a detailed analysis by PwC (PricewaterhouseCoopers), India had 177 million monthly podcast listeners in 2024, a significant jump from 154 million the previous year. The growth trajectory is steep, with projections indicating the audience will swell to 267 million by 2029, expanding at a compound annual growth rate (CAGR) of 8.5%.
However, the financial story is far less impressive. Podcast advertising revenue in India stood at a modest just over $39 million (roughly ₹350 crore) in 2024. It is expected to reach only a little more than $57 million by 2029, growing at a slower CAGR of 8%. This disconnect between listener numbers and revenue generation points to deep-rooted challenges in the ecosystem.
Discovery Dilemma and the Celebrity Crutch
Industry experts unanimously point to a critical problem: podcast discovery remains a major hurdle. This lack of easy discoverability makes it difficult for advertisers to measure impact and justify spending. The market heavily favors recognizability over content quality.
"The only source of revenue is from advertisers who also cherry-pick what they like and want to go with," said Goldie Behl, filmmaker and founder of Rose Audio Visuals. He noted that the podcast business is still largely unorganized and ad-hoc, unlike the music industry which offers royalties.
This sentiment is echoed by Kavita Rajwade, co-founder of IVM Podcasts-Pratilipi, who stated that the business operates more on recognizability. "Advertising is doing well there but there are challenges because subject matter experts have slid off the radar, so the bar is quite low," she added. Podcasts led by celebrities or well-known faces attract the bulk of advertiser interest, while niche shows featuring domain experts struggle to break through.
YouTube's Dominance and the Monetization Maze
A significant shift influencing the market is the rise of YouTube as a primary podcast platform. An Edison report reveals that in India, 93% of weekly podcast consumers actively watch video podcasts, a rate higher than in the US. Over half (51%) watch through smart TVs, citing ease of use, mobile access, and affordability as key reasons.
This migration to a visual medium fragments measurement further, as explained by Yatin Naik, business head of HTSmartcast. Podcasts are streamed across multiple platforms like Spotify, Apple Podcasts, Amazon Music, and JioSaavn simultaneously. "Advertisers lack the standardization and impact metrics they crave, leading to limited conviction and lower ad spends," Naik said.
He also highlighted that India remains a "subscription-light" digital market, with very few consumers willing to pay for podcast content. This leaves a vast amount of high-quality content unmonetized. Global monetization platforms like AdsWizz and Triton have also made limited progress in the country.
To combat the discovery issue, creators and networks are turning to strategies like creating IP-driven shows with stars like Sania Mirza, integrating branded content into narratives, and leveraging short-form video on social media and YouTube Shorts to hook new audiences.
The future of Indian podcasting hinges on solving this monetization puzzle. While the audience is ready and growing, building a sustainable, inclusive revenue model that moves beyond celebrity dependence is the industry's next big challenge.
