READ MORE: US Podcast Advertising Revenue Hits $1.4 Billion in 2021 (IAB)
The explosive revenue growth of podcast advertising reached a new high in 2021, racing well past the $1 billion mark to $1.4 billion, as it continues to be one of the fastest growing channels in digital media.
Podcast advertising grew two times faster in 2021 than the total internet ad market according to the sixth annual IAB US Podcast Advertising Revenue study, prepared for IAB by PwC.
“Everything right now is aligned to drive growth. There’s more engaging and diverse podcast content than ever, and that is translating into larger, more attractive audiences,” said Chris Bruderle, VP, Research & Insights, IAB. “But more than anything, podcasting has proven that it can deliver beyond direct-to-consumer advertising to support brand-building and drive business outcomes.”
The phenomena isn’t stopping there with significant further growth ahead. Revenues are expected to almost triple by 2024 to over $4 billion.
PODCASTING & DIGITAL AUDIO — WATCH THIS SPACE:
Podcasting continues to be one of the fastest growing channels in digital media. Advertising revenue attained a new high in 2021, racing past the $1 billion mark for the first time ever to reach $1.4 billion. Revenues are expected to almost triple by 2024 to more than $4 billion, making it clear that podcasting and digital audio aren’t slowing down anytime soon. Gain insights into this burgeoning medium with a selection of articles hand-curated from the NAB Amplify archives:
- Let’s Look at the Money Moving Into Digital Content (A Lot)
- Why the Podcast Medium Keeps Shapeshifting
- Understanding the Podcast to TV Pipeline
- Has the US Hit Peak Podcasting?
- When Podcasting Collides with Commercialization
“Advertisers are buying podcast impressions at scale while tracking delivery, effectiveness, recall and results,” said Eric John, VP, IAB Media Center. “Buyers will expect advanced brand safety solutions, audience targeting, and measurement, and we look forward to working across the ecosystem to create standards that serve creators, listeners, publishers and brands.”
Podcasting’s explosive revenue growth in 2021 was fueled by continually expanding user base consuming a growing library of engaging and diverse content.
There’s also an increased use of automated ad tech. The share of ad revenue served via Dynamic Ad Insertion (DAI) has almost doubled in two years to 84% as now both host-read and announcer-read ads are largely being served with this functionality, the report finds.
“As the amount of content and number of users grow, along with advertiser demand, the podcasting industry will evolve with greater implementation of brand safety/suitability tools, advanced, data-driven audience targeting, and ad effectiveness solutions.”
CRUSHING IT IN THE CREATOR ECONOMY:
The cultural impact a creator has is already surpassing that of traditional media, but there’s still a stark imbalance of power between proprietary platforms and the creators who use them. Discover what it takes to stay ahead of the game with these fresh insights hand-picked from the NAB Amplify archives:
- The Developer’s Role in Building the Creator Economy Is More Important Than You Think
- How Social Platforms Are Attempting to Co-Opt the Creator Economy
- Now There’s a Creator Economy for Enterprise
- The Creator Economy Is in Crisis. Now Let’s Fix It. | Source: Li Jin
- Is the Creator Economy Really a Democratic Utopia Realized?