Podcast market share is growing - How does it fit with your digital audio strategy?
Original article by Ross Benes | Insider Intelligence
Reposted by Damien O'Neill| Weds 21 Sept
Podcast spending is on the rise. As advertisers, brands, agencies, and publishers all continue to see the value in podcast spending so to will improvements to scale, reporting, and the challenges of a new media.
Once a bonus line item on a media schedule or some extra investment to test performance eMarketer has predicted that US podcast ad spending will surpass $2 billion next year and $3 billion by 2026. What change from a few years ago!
This significant amount of marketing investment will rise from a quarter of digital audio ad spending in 2022 and over a third by 2026.
The market share of podcasts is climbing and will continue to climb for years to come. The question is which budget will marketers pull back from to account for this shift in market share. The growth simply cannot be ignored.
With a poll of 255 US advertisers conducted by Advertiser Perceptions in August 2021 showing just 1% planned on reducing their podcast marketing spend. To answer the question above about where the budget will come from to allow this investment in podcasts to grow. The same survey also stated that digital budgets will be the go-to.
Currently, without dedicated podcast budgets, we will see a balance between streaming audio and traditional digital channels. The growth of podcast ad spending cannot be ignored. Is now the time for you to allocate a ‘Podcast budget’ - commit to it through the growth period and focus on tidying up the reporting and campaign management?
The positive to all this is that we are here to help. With access to all podcast publishers in AU/NZ & South East Asia and a central performance dashboard. Let’s talk about your Podcast Advertising plans.
Hit the Get Started button or Call 1300 871 808.