The overall audience for podcasting has shifted to an audience that is younger, more diverse and more ready to podcast hop, according to the latest Podcast Report from SXM Media.
With a fresh attitude toward ads and content this next generation is almost single handedly accelerating the evolution of modern podcasting.
In contrast to the traditional demographic — 35-54 and overwhelmingly male — the new influx of podcast listeners are aged 18-34, split evenly male and female, and are more likely to be black or Hispanic.
They like comedy just like anyone else but prefer true crime over news and politics and shows featuring celebrity conversation rather than science and technology.
Thirty-six percent of this new crop are going to podcast hop — meaning to sample new and different shows more often.
“It’s the streaming effect,” suggests the report’s authors. “These binging listeners were raised on on-demand content, which has influenced their podcast consumption habits. New listening is more fleeting, given to indulging in the various delights of specific interests and topics.”
Advertisers are shifting too, starting to recognize the market’s true value. Trends in long term planning, campaign creative that aligns to larger brand messaging and buys at-scale are on the march. An 86% increase in revenue year on year in 2021 versus 2020 from announcer read ads (where the podcast host reads out the advert) is an example of advertisings impact.
Yet there is money being left on the table — not surprising given that SXM Media is a podcast advertising specialist.
For example, the company reports that 73% of Simplecast creators say they are not monetizing their content.
“Podcasts have reached critical mass yet the amount of untapped potential is enormous,” the report says. “Millions of potential listeners, content to be monetized and audiences waiting to connect to your brand.”
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:
- The Podcast Advertising Market Tops $1 Billion for the First Time
- Why the Podcast Medium Keeps Shapeshifting
- Understanding the Podcast to TV Pipeline
- Has the US Hit Peak Podcasting?
- When Podcasting Collides with Commercialization