![]() ![]() ![]() Some advertisers may be receptive to that message. “The ability to engage that younger audience is definitely something that is relatively unique to podcasts.” “So certainly, if I’m buying television with an average age of 55, I need to find ways to bring in that younger audience, and podcasts are a great way to do that,” Lucey said. Neal Lucey, evp of product and strategy at audio ad agency Oxford Road, noted that the average age of podcast listeners is 39. They are now a must-buy for advertisers looking for premium content at scale.” “That’s why podcasts can no longer be an experimental bucket of your annual spend. are spending nearly as much time with podcasting as they are with linear TV,” said Jeanine Wright, COO and gm at Wondery. ![]() “Today, two out of every three people have listened to a podcast. However, at the IAB’s annual Podcast Upfront in New York City in May, podcast networks and platforms encouraged marketers to spend more on the medium, which they said isn’t getting enough ad spend relative to the growth and listenership in audio. “We’ve got advertisers … that are just sprinting for the safety of YouTube and a more old-school embedded ad approach.” ![]() “It’s almost malpractice for the industry to keep promoting these ideas about how tech is going to improve this space until people can utilize and implement it in a way that makes for more efficient buys because, right now, it’s ending a lot of relationships,” he added. “This attitude of turnkey - we’ll make everything impression-based and will buy these ads, and we’ll roll them out and implement them however we see fit based on internal network guidelines - the promise of the tech has been amazing for the industry, but the implementation has been somewhat disastrous for many advertisers for many campaigns,” Rubenstein said. Glenn Rubenstein, CEO and founder of Adopter Media, said a lack of sophistication in implementing podcast ad campaigns using technology like programmatic ad buying, ad targeting and frequency capping may make some advertisers hesitant to invest in the channel and could be holding back growth. In light of these challenges and to gain a better understanding of podcast advertising’s future, Digiday+ Research, in partnership with Sounds Profitable, conducted an in-depth analysis of advertisers’ current podcast ad budgets and ad strategies to ascertain whether real-world spending tracks with expert predictions for growth and overall optimism about podcast ad spending. “It is smartly stupid and stupidly smart at the same time, where it bridges the worlds between offline media and digital media, and it doesn’t do either of them great. “Podcasting is a weird channel,” McNeil said. However, podcast advertising still faces plenty of inherent challenges and market obstacles, as with all advertising.įor instance, Paul DeJarnatt, vp and head of digital at media agency Novus, said that, in his experience, about 70% of audio budgets are spent on music-related content, while only about 30% are spent on podcasts - underscoring the dominance of music in audio ad spending.Īnd Adam McNeil, vp of marketing at podcast ad agency Adopter Media, said podcasting successfully blends traditional and online media advertising, but results can be hard to measure and relay to clients. With listening time and ad spend on the rise, podcast advertising appears to be poised for further growth, especially as diversification of media spend remains a hot topic. That figure is expected to increase slightly next year to an hour and 45 minutes per day. adults will spend about one hour and 43 minutes per day listening to digital audio in 2023, per Insider Intelligence. Digital audio listening time for programming such as podcasts and music is anticipated to rise as well. Podcast advertising is expected to account for $2.25 billion of ad spend in 2023 and grow to $3.53 billion by 2026, according to Insider Intelligence. In fact, some companies like iHeartMedia, The New York Times and The Wall Street Journal are even expanding their podcast teams during uncertain times, with the belief the medium still has room to grow.Īnd, they might not be wrong. Although the pandemic-inspired podcast boom has passed and marketing budgets are tightening due to economic concerns, agencies that invest in podcast advertising have yet to experience significant client budget cuts. ![]()
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