In an age characterized by constant information overload, the human mind seems to crave for peace. In this situation, audio content is believed to have emerged as a powerful tool for mental well-being. As people look for ways to address their mental health issues, this content is considered a remedy for the mind. According to a report by Statista, the audiobook market revenue in India is expected to reach USD 355.10 million in 2024, registering a CAGR of 10.51% (CAGR 2024-2029), resulting in a projected market size of USD 585.30 million by 2029.
The healing power of audio content
The human brain is believed to be wired to tell stories. Audio content seems to appeal to this innate ability and offers a way to escape the chaos of everyday life. The popularity of audio content in India can be gauged from the fact that the music, radio and podcast market revenues are expected to reach $1,933 million by 2024. The industry is expected to grow at a compound annual growth rate of 5.31%, resulting in a market size of $2,504 million by 2029.
Rise of mythological and spiritual content
It was also found that the demand for spiritual or religious content on audio streaming platforms has increased. Experts stated that listeners are listening to stories of Ramayana-Mahabharata and Krishna on audio streaming platforms. “In 2023, four of the top 10 podcasts on Spotify in India belonged to the mythology or spirituality genre, which grew by over 80% during the year. Spotify-packaged data suggests that the most streamed podcast of 2023 was also from this genre. The most successful spiritual or mythological podcasts on Spotify in 2023 included Shrimad Bhagabad Gita, Krishna – The Supreme Soul, Mahabharat Gaatha, The Stories of Mahabharata and Osho Hindi among others,” a Spotify spokesperson told BrandWagon Online.
According to media experts, the pandemic played a key role in this surge in demand for religious content. “Especially in the wake of the pandemic, people are yearning for comfort, peace and a deeper connection to their spirituality. An apt example of this trend is our podcast series ‘Mere Prabhu Ram’, which has garnered over 1.5 million listens since January! This success story plays a role in determining that our listeners trust spiritual content to provide comfort, guidance and a sense of community. Socioeconomically, the pandemic has caused many to reevaluate their priorities and find new ways to cope with stress and uncertainty, driving demand for spiritual content,” said Nisha Narayanan, Director and COO, Red FM and Magic FM.
Future of audio and mental health
The intersection of audio and mental health is considered an emerging field. As technology advances, it is expected that there will be more innovative and personalized audio experiences for listeners’ well-being. From interactive storytelling to AI-powered mental health support, it is believed that the possibilities are endless.
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