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Before the coronavirus pandemic stifled economic growth in the United States, the IAB projected podcast revenue would grow nearly 30% in 2020. That number has been revised to 14.7% due to the impact of COVID-19.
In 2019, podcast revenue in the US grew 48% over 2018, to $708 million. Host-read ads made up 66% of podcast revenue in 2019. Back in 2018, podcast advertising revenue was about $480 million. In 2020 the industry will close in on the $1 billion mark, according to the IAB. Pre-COVID, the IAB was projecting revenue growth of 55% for 2021 and 36% for 2022.
The new IAB Podcast Advertising Revenue report concludes that, despite the lower projections, podcast advertising is considered more resistant than other media against COVID-19 due to agile and flexible format that enables a quick shifting of ad messages.
Director response still dominates the podcast landscape.
Health & Wellness and Home Appliance are the largest Direct-to-Consumer sub-categories.
You can read the full IAB report HERE.