Dentsu bets on podcasting as India’s audio market matures

The launch of Dentsu Podcast Network (DPN) in India is drawing attention for reasons that goes way beyond audio content. For a holding company dealing with slowing global revenues and staff cuts, podcasting seems an unlikely bet.

Yet the decision also reflects a broader truth. In India, branded storytelling is shifting towards formats that are intimate, language-diverse, and relatively uncluttered compared with social media.

Podcasts in India have quietly moved from niche hobbyist productions to a credible marketing channel. According to PwC’s Global Entertainment & Media Outlook 2020–24, the country ranked as the world’s third-largest podcast market in 2019, trailing only the US and China, with 57.6 million monthly listeners. The study described India as “the sleeping giant of the global podcast market” and projected a robust 30.4% CAGR in podcast listenership between 2020 and 2024, alongside corresponding gains in advertising revenue.

Genres like comedy, true crime, personal finance, and social commentary have expanded the audience base, while vernacular podcasts are accelerating adoption in Tier 2 and 3 markets. At the same time, subscription and micropayment models pioneered by platforms such as Pocket FM and Khabri are helping monetisation mature.

It is against this backdrop that Dentsu is making a structured entry, setting up a dedicated vertical for podcasts under the leadership of executives who previously scaled one of the country’s best-known podcast companies. The question is whether the agency network can turn its storytelling pedigree into a sustainable audio business at a time when its parent company is grappling with financial headwinds overseas.

Why podcasts, why now?

For years, podcasting in India remained a passion economy – small creators building shows for small but loyal audiences. That equation has begun to shift. PwC’s report suggests that India’s podcasting sector is growing at a double-digit CAGR, even if the absolute revenue base remains modest compared with video and social. In 2023, podcast advertising revenues in India were estimated at under INR 200 crore – tiny in relation to digital video, but large enough to signal momentum.

Listeners are also spending more time with the medium. The average Indian podcast consumer reportedly listens for close to 40 minutes per day, much of it during commuting or household tasks – a use case video cannot easily replicate. Genres have multiplied, from self-improvement series in Hindi to narrative crime shows in Tamil, reflecting how audio lends itself to regional and niche storytelling.

From a marketer’s perspective, podcasts offer a high-engagement environment with lower ad avoidance than video or social feeds. Branded podcasts, in particular, allow companies to own content rather than just interrupt it. That may explain why brands like TCS, Infosys, Reliance Industries and HDFC Mutual Funds have experimented with corporate podcasts over the last two years.

For Dentsu, which already manages multiple brand relationships across creative, media, and customer experience, the format represents a way to add another content layer to existing campaigns. As Sahil Shah, president – Digital Experience, Dentsu Creative India, put it, “The DPN will serve as a dynamic hub for podcasts, offering a wide range of genres and formats to cater to diverse audiences. We aim to blend creativity with technology to produce content that is not only entertaining but also impactful.”

Inside the DPN strategy

The DPN is designed to sit within Dentsu’s creative ecosystem, but with a mandate to produce, scale, and monetise audio IP. According to the company, the vertical will focus on branded podcasts, creator-led content, and IPs that can travel across geographies. The ambition is not just to produce shows but to build repeatable properties that advertisers can plug into.

In practice, that means offering services that go beyond recording and distribution: strategy for branded podcasts, collaborations with creators, and integration of audio into larger campaigns. Video podcasts, which have taken off globally via platforms like YouTube, will also be part of the mix.

Amit Wadhwa, CEO, Dentsu Creative India, framed the move as a logical extension of the agency’s capabilities, “We believe in the power of storytelling, and podcasts present an unparalleled opportunity to connect with audiences in a deeply personal way. This initiative is not just about content creation; it's about shaping the future of how stories are told and experienced.”

For brand marketers, this means that podcasts could become embedded within Dentsu’s cross-channel planning. A retail brand launching a campaign might simultaneously run a branded podcast series on consumer trends, while also activating social and performance campaigns – all orchestrated within one network. In theory, this could help podcasts scale faster by tapping into dentsu’s existing client roster rather than relying solely on consumer subscriptions.

The leadership bet

If dentsu is serious about building a podcast vertical, its leadership hires suggest it wants operators who have done this before. The network has brought on board Aditya Kuber, Agith Kuruvilla, and Ashwin Gangakhedkar – the team that co-founded Ideabrew Studios, one of India’s earliest scaled podcast outfits.

Between 2020 and 2024, Ideabrew grew into a multi-language, multi-brand podcast producer. By the company’s own count, it produced over 650 shows for 100 brands, collaborated with 120 creators, and worked across seven Indian languages. Its work ranged from financial literacy podcasts for fintechs to cultural storytelling for FMCG majors. In short, Ideabrew helped define what branded podcasting looked like in India.

At Dentsu, the trio will attempt to replicate and scale that experience. In a joint statement, Kuber, Kuruvilla, and Gangakhedkar said, “Podcasts offer a unique space for authentic storytelling, making them a powerful medium for brands to connect with audiences. With DPN, we envision creating a vibrant ecosystem that nurtures creativity, amplifies diverse voices, and sets new benchmarks in podcast production and distribution.”

The appointments also underline how Dentsu is using entrepreneurial talent from outside traditional agency pipelines to build newer practices. That may be critical, because while agencies are adept at content campaigns, podcast monetisation is a more complex equation requiring relationships with platforms, creators, and audiences.

Monetisation remains the challenge

For all the excitement around India’s podcast consumption growth, the business model remains unproven at scale. Advertising remains the dominant revenue stream, but average ad rates per listener are still far lower than in the US. With CPMs ranging between INR 100–300 depending on genre and audience, monetisation lags video significantly.

Platforms are experimenting with alternative models. Spotify has introduced paid features, while others like Kuku FM have pioneered micro-payments for premium content. Pocket FM, for instance, claims a large chunk of its revenues now come from direct listener payments for episodic fiction. Subscription-driven learning podcasts are also gaining traction.

For Dentsu, the question will be whether to stick to ad-funded branded podcasts or experiment with hybrid models. Branded content provides stability but can limit creative freedom; subscriptions and micropayments require audience scale. The company’s ability to integrate podcasts into corporate communications – for employee engagement, leadership positioning, or B2B storytelling – may be another revenue path.

As of now, however, most marketers still view podcasts as a brand-building rather than performance medium. That means budgets are likely to remain modest until stronger ROI measurement frameworks emerge.

The global backdrop

Dentsu’s pivot to podcasting in India also needs to be viewed in light of its global performance. The Tokyo-headquartered group has struggled to maintain momentum across major markets. In its recent financials, Dentsu reported declines across all key geographies: APAC revenues fell 8.9%, the Americas dropped 3.4%, and EMEA slipped 2.4%.

The company has responded with a significant restructuring plan. CEO Hiroshi Igarashi has announced “bold structural changes” aimed at improving efficiency, including a global workforce reduction of 3,400 employees, about 8% of its staff. Reports also suggest that Dentsu may consider selling or outsourcing parts of its business in a bid to streamline operations.

In this context, new growth bets in emerging markets like India are not just experiments; they are potential hedges against slowing revenues elsewhere. India’s digital economy continues to grow faster than most developed markets, and podcasting, while still small, represents a chance for Dentsu to build a differentiated offering that can later be replicated across Asia or beyond.

The agency’s decision to formally launch a podcast network in India highlights two realities. First, that podcasting in India has reached a stage where serious agency networks believe it merits dedicated investment. Second, that Dentsu, facing challenges abroad, is seeking newer growth avenues in markets where digital adoption is expanding fastest.

Whether this bet pays off will depend on two factors: monetisation and patience. Podcasts are powerful for engagement, but brands in India still allocate only a fraction of their budgets to the medium. Convincing them to spend more will require proof of impact, data on ROI, and scalable IPs that go beyond one-off campaigns.

For Dentsu, the DPN may also become a test case for how agencies can extend beyond traditional ad formats into owned content ecosystems. If it succeeds, it could export the model across other growth markets. If not, the experiment will remain a footnote in the broader story of India’s content economy.

Either way, the message is clear: in a crowded attention economy, Dentsu is trying to turn audio storytelling into business strategy. The silence between words may finally have a place in the marketing mix.