So much for podcasts dying out and video being the be all and end all.
TechCrunch reports that new data from the Interactive Advertising Bureau and PwC shows that ad revenue from US podcasts reached a record high of $314m in 2017. That’s up 86 per cent compared to the year before.
Furthermore, growth of 110 per cent is expected between now and 2020 where revenues are predicted to reach $659m.
Ads read by host are the most commonly used type, accounting for two thirds of all US podcast ads. Ads that are edited into the show itself accounted for 58 per cent of total ads. Oddly, the financial services sector was the most lively, claiming 18 per cent of all podcast ads. This was followed by retail (16 per cent) and arts and entertainment (13 per cent).
Four podcast genres accounted for over half of all podcast ad revenue – arts and entertainment (17 per cent), technology (15 per cent), news and politics (13 per cent) and business (11 per cent).
Research has also suggested that over half of US households now listen to podcasts and that 20 per cent of those aged 18-49 listen to podcasts at least once per month. There’s also been decent amounts of money thrown at podcast startups over the last year or two
“The growing trend toward ‘anywhere and everywhere’ media engagement has created tremendous opportunity for digital media, of which podcasting is a significant component,” PwC partner David Silverman said.
“Whether at home on a smart speaker, at work on a PC, or somewhere in between on a mobile device, more and more Americans are listening while they live, providing a robust podcast platform where advertisers can connect with today’s consumers.”