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On today’s Business Beat, Jeff Sloan shares the results of a study on just how significantly podcast ad revenue is growing.
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Good morning, Paul!
New reports released recently indicate that revenue from podcasting continues to grow impressively. In fact, so much so that podcast ad revenue is now growing at a significantly faster pace than the total Internet advertising revenue market. Digital ads as a whole grew 35% from 2020 to 2021 and in that same time frame, podcast ad revenue went up 72%.
The study by the Interactive Advertising Bureau and Pricewaterhouse Coopers predicts that U.S.-based ad sales on podcasts will exceed $2 billion in total by the end of 2022. We’ll hit $3 billion by the end of next year and we’ll cross $4 billion by 2024. What are the big ad revenue generating winners by category on podcasts these days? Well, news, comedy, and society and culture podcasts are getting the majority of that spend along with sports and true crime stories. What ad strategy is hot? What changes are we seeing? Well, advertisers are now running far more ads that are read live by podcast hosts rather than pre-inserted recorded ads.
Paul, I’ve become a big believer in podcasting for lots of reasons. Now whether as a business to drive revenue your way, or whether irrespective of revenue earnings, you’re using podcasts as a way to reach new and existing audiences, podcasting continues to show it’s hot.
Now, Paul, I love podcasting for small business owners who may have no interest or no chance, frankly, to make money at podcasting, but rather because podcasting is a great way to establish expertise and engage and inform your customers in a way that builds confidence and strengthens your relationship with them. And that leads to loyalty and more sales coming your way.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.