The rise of video podcast consumption reshaping media industry

The podcasting industry is undergoing a transformative shift as video-fuelled consumption increasingly captures the attention of audiences across the globe. Leaders in this space, such as Goalhanger, Spotify, and even YouTube, are redefining the boundaries of how podcasts are created and consumed – with far-reaching implications for the media landscape.

Goalhanger, co-founded by former BBC presenter Gary Lineker, has positioned itself as a trailblazer in this space. Its flagship shows, such as The Rest is History and The Rest is Politics, are consumed an astonishing 65 million times a month, with video accounting for a significant share. Jack Davenport, co-founder of Goalhanger, revealed that 40 per cent of The Rest is History’s YouTube viewing occurs on full-screen televisions, showcasing the growing appetite for podcasts as a visual experience rather than just an audio one.

This trend is not confined to niche players. Sweden-based Spotify, long established as a music streaming platform, has increasingly embraced video podcasts to attract broader audiences. Roman Wasenmüller, the platform’s global head of podcasts, stated that over the last year, video consumption on Spotify grew by a staggering 95 per cent in the United Kingdom. Surprisingly, this growth is not limited to younger audiences, as adoption appears evenly distributed across age groups. Older viewers often prefer watching episodes on their TVs, while younger listeners consume them on mobile devices.

The video strategy adopted by Spotify reflects larger trends. YouTube, once seen as a supplementary platform, now plays a dominant role in podcast consumption. For example, Edison Research recently reported that YouTube overtook Spotify as the leading platform for podcasts in the United States. While Spotify argues it is not in direct competition with YouTube, its push into video is a strategic step in solidifying its dominance in the podcast market.

Goalhanger’s trajectory exemplifies the financial opportunities video podcasting brings to the sector. Since launching predominantly as an audio-focused business, Goalhanger has expanded its reach and proven that video can unlock revenue avenues. The company, now employing 50 staff, generated £1.6 million in profit last year and expects its subscription model to bolster revenue further. Jack Davenport described Goalhanger as “platform agnostic” and argued that referring to audio shows solely as “podcasts” no longer captures the medium’s evolving potential as cross-platform shows.

Other podcast production entities echo similar enthusiasm. Platform Media, creators of The Good The Bad & The Rugby, noted that video has bolstered audience engagement. Chief Strategy Officer Matt Sayward remarked that the podcast acts as a seed from which broader revenue streams grow. With £3 million in revenue last year, his team believes brands are still under-allocating budgets for podcasts despite the vast attention the sector commands.

Contrary to sceptics predicting a peak in the podcast market, Roman Wasenmüller dismissed such claims, asserting that there remains significant growth potential. As video consumption continues to reshape audio entertainment into a multimedia experience, podcasts are well-poised to become central to future media consumption habits.