Corporate Social Responsibility
Socially conscious companies walk a fine line. Excessive emphasis on perception management becomes ‘greenwashing’. Too little is ‘greenhushing’.
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.
Industry Awards
Uganda Marketers Society and Uganda Advertising Association are to be joint custodians of the 2023 Silverback Awards.
Email Marketing
Analysis of more than 10-billion bulk emails sent over three years finds a ‘landscape fundamentally reshaped’ by events.
The Metaverse
The Metaverse magic that Mark Zuckerberg promised the world seems in short supply, as struggling company fires another 10,000 workers.
Agency Business
Dutch city is an increasingly influential hotbed of industry creativity and Flume sees it as the next step in the local agency’s growth.
Personal Brands
Study underlines the importance of Gen Zeders utilising LinkedIn to kick-start careers. But their online brand need not be perfect.
Marketing Innovation
Pilot project gets impulse purchases into the hands of tech-savvy and time-starved consumers in minutes. Why queue for melting ice creams?
Retail Strategy
Third joint-venture forecourt outlet in the country as the energy company seeks to enhance its retail offering in various parts of Africa.
Mergers and Acquisitions
SA’s Competition Tribunal follows its Namibian counterpart by clearing the way for a new local beer and beverages giant to take on AB InBev.
Payment Strategies
Cash is still widely used around Africa – particularly in the informal economy. But a global move to instant payments may change that.
Brand Strategy
As the problem of loneliness increases around the world, marketers and brand strategists must find ways to portray their brand as ‘warm’.