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eMarketer is reporting that 76 million people listen to podcasts, about 37.3% of the digital listening audience. While that number is growing it’s still dwarfed by radio which has over 234 million listeners reaching 91.5% of the population. However, as podcasters know, their listeners are dedicated. And your advantage is your niche.
Podcast listeners are engaged, not passive, and advertisers like that. They would prefer listeners that are leaning in as opposed to doing other things while the radio is playing in the background. eMarketer reports that podcasts ads are generally low frequency, nonautomated and contextually relevant. A major reason they are relevant and engaging is because the hosts are reading them and weaving the ad into their content without overloading the listeners with ad after ad after ad. A technique radio has employed that is damaging their listening base whether they admit it or not.
You may recall that the Edison Research/Triton Digital survey we reported on found that 54% of podcast listeners were either somewhat or much more likely to consider a brand after hearing it advertised on a podcast.
eMarketer reports that a growing number of US marketers and agency professionals have added podcasts to their budgets. “In May 2018, 32% said they already advertise in podcasts, according to Advertiser Perceptions and Westwood One. Thirty-six percent had plans for podcast advertising in the next six months.”
eMarkter is projecting US ad spending on radio will reach $13.90 billion this year. While eMarketer does not forecast podcast ad spending, the Interactive Advertising Bureau and PricewaterhouseCoopers expect US podcast ad revenues will grow 110%, to $659 million, by 2020.