The Booming Voice Over Industry

I’ve been in the voice over industry for what feels like a lifetime.  I was in my twenties having just graduated from a London drama school and now I’ve turned 50 and this industry is unrecognisable.  I would never have been able to predict the shifts and changes both positive and negative in a job I still love after all this time.

Let’s take a look at why and how the voice-over industry has changed and what it might look like in a few years.  I’ll be largely ignoring AI voice-over and instead focusing on real human voiceover!

the booming voice over industry - British Male Voice Over Artist - Guy Michaels

VOICE OVER in 2024 and beyond

The demand for voice overs is soaring. From TV commercials and radio spots to engaging online videos, educational e-learning modules, immersive audiobooks, and the booming podcast landscape, the world craves professional voices to bring content to life. This flourishing industry offers lucrative opportunities for talented individuals seeking to make their mark in the world of voice acting.

The thing is, the primary skill in voice over is often thought of as ‘talking into a microphone’.  Those with that unsophisticated mindset are doomed.  Believe me, it takes far more than that to survive and thrive in professional voice over.

But, no matter the level of skill of your average voice over artist, there’s no denying the growth of the market, the opportunities for voice over work and the demand for VO talent.

A Global Boom in Voice Over Services

Voice Over

[Global Voice Over Market Growth Projections 2021-2025]

The global voice over market is estimated to reach a staggering $4.4 billion in 2024, with a projected annual growth rate of 9%. This impressive expansion is fuelled by the ever-increasing consumption of video and audio content across various media platforms. Brands and businesses are continually recognising the power of voice to convey their message, connect with audiences, and drive engagement.

Voice Over Market Share

[Regional Voice Over Market Share in 2024] Source: Grand View Research, 2023

While North America remains the largest market for voice over services, other regions, particularly Europe and Asia, are experiencing rapid growth. This presents a diverse range of opportunities for voice talent specializing in different languages, accents, and cultural nuances.

The Rise of Freelance Voice Over Talent

It’s generally estimated that voiceover jobs are shared between these two ways of sourcing talent.

Freelance: 70%

Agency: 30%

The business has witnessed a significant shift towards freelance work, with 70% of voice talent now operating independently. Online marketplaces like Voices.com have emerged as bustling hubs where clients can easily browse voice demos, connect with top voice talent, and hire voice actors for their projects.

The above mentioned platform boasts a talent pool of over 4,000,000 voice actors across 160 countries. This makes them the largest marketplace for voiceover talent in the world.  The question for a client seeking, for example a male voice for an ad, is just how many voices do they really need access to?  In my role as a producer, I’d much rather have a handful of the top voices with a proven track record for my production than thousands of voice overs with questionable experience and potentially sub-par recording quality.

This shift towards freelance work is facilitated by advancements in remote recording technology. Voice talent can now (sometimes!) deliver high-quality recordings from their home studios, offering clients a convenient and cost-effective solution for their voice over needs.

Diverse Voices for Diverse Projects

The demand for voice overs spans a wide range of projects, from TV and radio commercials to corporate videos, e-learning courses, audiobooks, video games, and more. Clients seek a variety of voices to suit their specific needs, ranging from warm and friendly to authoritative and informative.

Common voice over styles and characteristics

  • Conversational
  • Authoritative
  • Narrative
  • Announcer
  • Character
  • Youthful
  • Energetic
  • Calm
  • Sincere
  • Approachable
  • Confident
  • Playful

The ability to adapt your voice to different styles and tones is crucial for success in this competitive field. A versatile voice talent can take on a wide range of projects, from narrating documentaries to voicing animated characters or delivering corporate presentations.

Earnings and Opportunities for Voice Talent

  • 2020: $35
  • 2021: $40
  • 2022: $45
  • 2023: $50
  • 2024: $55 (estimated)

[Average Hourly Rates for Voice Over Talent 2020-2024] Source: Voices.com and Indeed, 2024]

The average hourly rate for voice over talent in 2024 is estimated to be $55, but rates can vary significantly depending on the project’s scope, the talent’s experience, and the client’s budget. Experienced professionals with a strong reputation and a diverse portfolio can command premium rates, making voice acting a lucrative career path for those with the right skills and dedication.

Please note that the rates above are not the same as the cost of hiring a voice over artist. They are the rough hourly rates when taking into consideration all of the unpaid work that a VO does each day, week and month to run their business. See VOICEOVER RATES

The Future of Voice Over: A World of Possibilities

The future of voice over is bright, with emerging technologies like AI voice generation and immersive audio experiences opening up new avenues for creative expression. Although, there is a current panic about AI voice generation and cloning, voice actors who continuously hone their craft will be well-positioned to thrive in this dynamic and ever-expanding world of voice-over.

If you’re ready to embark on a rewarding career in voice acting or want to enhance your skills as an already experienced pro VO, VO-Star is your trusted partner.

If you are looking to record a voiceover for your project and need a highly experienced British male then I could be your Voiceover Guy

Contact me