The Chinese audio market is booming. China Daily shows that the number of users in China's online audio market has reached 542 million in 2020. Among generations, millennials are of the highest consumption in weekly podcasts at 43%. More than 70% of the users have paid for online audio, which means the market has potential for further growth.
Online audio platforms like Lizhi FM and Dragonfly FM include podcasts, audiobooks, audio live-streaming, and other forms of online audio content. Ximalaya FM, a leading player in the Chinese audio market launched in 2012, had 470 million mobile users and 79.9 million monthly active users by January 2020. Under the influence of Covid-19, Ximalaya launched “ Reply to 2020” events and invited celebrities from different sectors like sports, education, business, healthcare, and entertainment to share their stories related to the pandemic. It's attractive for young users to use audio for e-learning and entertainment.
Unlike in the West, where podcasts are mostly seen as a form of media, in China, the podcast industry is a pay-for-knowledge economy. Many young podcasters sell their products as personal development tools and monetizing via paid subscriptions. Although the future of the industry looks promising, retaining paid subscribers and expanding the user base is still the main challenge. Constant innovation is the key driver to lure more users.
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