Podcasts are persistently gaining momentum in the streaming world on the back of the rising demand for audio broadcasting content and the growing proliferation of music streaming apps.

The increasing trend of online educational training also continues to boost the demand for podcasts.

Per a

report

by Research and Markets, the global podcasting market is expected to reach $94.9 billion by 2028, witnessing a CAGR of 31.1% between 2021 and 2028.

Given the upbeat scenario,

Alphabet

’s

GOOGL

division Google is consistently making advances in the podcast category in order to expand its presence in the audio streaming market.

This is evident from its latest initiative in which YouTube is providing grants of $50-300 thousand for individual shows and podcast networks to support podcasters get equipment, video editors and studio setup needed to make podcasts with better video content.

The initiative is expected to help Google expand its reach to podcasters and strengthen its content library, which, in turn, will help it attract more users to YouTube.

We note that the latest move ramps up Google’s efforts in the music streaming space. This is expected to help it gain a competitive edge against its peers, including

Spotify


SPOT

,

Amazon


AMZN

and

Apple


AAPL

, which are some of the major players in the streaming market.

More Into GOOGL’s Stance on Podcasts

In addition to YouTube, the company provides podcasts of different genres on Android and iOS through its app Google Podcasts, which is compatible with Google Search and Google Assistant.

The app was recently updated on Android to provide simplified navigation and usability tweaks. The initiative is an effort to offer an enhanced user experience.

For a search capability, the company offers index and transcribes episodes on Google Podcasts.

Here’s How SPOT, AMZN & AAPL are Placed

GOOGL’s growing initiatives are anticipated to intensify the competition in the podcast category. Currently, Google’s parent Alphabet carries a Zacks Rank #3 (Hold). You can see


the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here


.

Nevertheless, Spotify, Amazon and Apple are also making concerted efforts in this category to expand their user base.

Spotify, currently carrying a Zacks Rank #3, has been gaining traction among customers with its growing initiatives. The company expanded its podcast publishing and advertising platform, Megaphone, in Germany, France, Spain and Italy to help local publishers create, distribute and monetize their podcast content.

SPOT’s recent acquisitions of two podcast technology companies, Podsights and Chartable, for advancing podcast measurement capabilities for advertisers remain other positives.

Meanwhile, Amazon, also carrying a Zacks Rank #3 at present, provides podcasts through its music streaming platform, Amazon Music. Moreover, the company is gaining momentum among users with its Original-branded podcasts.

AMZN recently introduced podcasts for users in Canada, which will enable listeners to enjoy top podcasts free of cost. Customers of Amazon Music have the accessibility to podcasts in the Amazon Music app for iOS and Android. The app is also compatible with Amazon Echo devices to provide an enhanced user experience.

Then again, Apple Podcasts, which is compatible with Siri, allows customers to listen to the premium content of their favorite creators through subscription. The company also provides millions of free shows on its platform.

AAPL’s introduction of the Apple Podcasts for Creators website remains noteworthy as it helps creators learn more about podcasting and stay informed about recent features related to this field.

Additionally, the Apple Podcasts Connect dashboard provides new features for seamlessly managing shows on Apple Podcasts, which is a tailwind. Notably, Apple currently carries a Zacks Rank #2 (Buy).

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