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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.
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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