Why advertisers and agencies need to listen up to the podcast boom
The noise around podcasting is gaining volume, and it’s time to tune in, writes Involved Media’s insights director Saffron Carter.
Podcasts do a lot of talking, and now people are talking a lot about them. Podcasting has hit the big time here and globally. As their popularity continues to grow, the ad dollars will follow. This is not exactly new news for consumers, but it does come with its own problems for advertisers and agencies.
In 2020 IAB/PwC estimated that global podcast ad spend was $US800 million and would more than double to $US1.7 billion by 2024, an annual growth rate of nearly 20%.
What’s driving this investment surge? Well, one could certainly attribute the significant increase in content and increased time spent listening, buoyed, of course, by COVID-19. Research by Edison One tells us that 87% of podcast listening is done at home, therefore, uptake in the production of content and listening during 2020 was inevitable.
