Everything You Need To Know in Less Than 50 Words
A study conducted by PwC predicts that podcast ad revenue in the United States will reach $2 billion in 2022 and $4 billion by 2024. This increase would represent a compound annual growth rate (CAGR) of 32% from 2019 to 2024.
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Podcasting has seen increased popularity in recent years due to the increasing availability of content and the proliferation of smart speakers and other devices that make it easy to listen.
In addition, many people are drawn to podcasts because they offer a more intimate and personal listening experience than other forms of audio.
In 2021, U.S. podcast advertising revenue grew at double the overall internet advertising market rate, which was up 35%, according to PwC and IAB’s Internet Advertising Revenue Report for 2021.
PwC's latest study predicts that podcast ad revenue in the US will reach $4 billion by 2024. The growth potential is great news for advertisers.
The findings of the research show that audio is gaining a lot of momentum due to continuous expansion in podcast listeners and an increase in automated ad placement and advertising spending in areas that had previously recorded smaller amounts.
According to the IAB study, pre-roll advertising increased its income take from 22% in 2020 to 32% in 2021. The increasing popularity of podcasts is good news for advertisers, who stand to make more money from the format in the coming years.
Spotify began utilizing Streaming Ad Insertion in 2020, and this technology should play a significant role in the future of podcast advertising. Spotify has spent over $1 billion acquiring various podcast properties, including podcast ad companies.
Who Should Care?
This study is great news for podcasters and advertisers alike, as it shows that there is a lot of potential for growth in this medium. It will be interesting to see how the podcasting industry continues to evolve over the next few years and how it will impact the overall advertising landscape.
Audiences and material have grown significantly, which has piqued advertisers’ interest. There are now 2 to 3 million podcasts, and adults in America will increase their listening time by approximately 15% throughout 2022.
Source: iab (Interactive Advertising Bureau)
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