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PODCASTS

Why are advertisers suddenly spending big money on podcasts?

By our News Team | 2022

A study by the Interactive Advertising Bureau (IAB) and consulting firm PwC predicts podcast ad spend in the US is set to more than double.

This website reported recently on the growth of podcasting as a publishing and marketing genre in Africa. But its growth is more widespread that that, with a recent US report indicating the advertising spend on podcasts is rising significantly.

A study by the Interactive Advertising Bureau (IAB) and consulting firm PwC notes that podcast advertising spend in the US is expected to hit $2.13-billion in 2022, up by a notable 47%. In addition, it is likely to increase by more than 100% over the next 24 months – to reach $4.2-billion during 2024.

Podcasts

Photo by ConvertKit on Unsplash

Indeed, podcast revenues continue to grow faster than the total internet advertising revenue market. Three key factors are driving the rise in podcast ad spend, the report said: 

  • Content and listener growth.
  • Significantly higher use of dynamic ad insertion.
  • More ad spend in categories such as true crime and sports.

“Everything right now is aligned to drive growth,” IAB executive Chris Bruderle said in a media interview.  “More than anything, podcasting has proven that it can deliver beyond direct-to-consumer advertising to support brand-building and drive business outcomes.”

The business news and information website, SmartBrief, has put forward its own reasons for the ad industry’s interest in podcasts.

Audience data and measurement have improved

Until relatively recently, marketers had trouble finding psychographic and demographic data at scale in the podcast space, making it difficult to reach audiences effectively through the medium. Today, it’s possible to reach a specific audience across a podcast network in a single campaign.

There’s data to show that podcast ads work

Given the improvement in measurement tools, podcast creators are now able to demonstrate that the medium does engage audiences and drive sales in more meaningful ways than other mass media options.

The medium encourages experimentation

One of the advantages podcasts offer to marketers is a host of ad options. Brands can send over talking points for a 30-second segment or dynamically insert ads, but they also have the option to collaborate with podcasters and creatively embed their product or service within the programming.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.