Podcasting continues to grow in the US as experts predict ad revenue will grow 47% to over $2 billion in 2022. According to Variety, the data comes from a study done by IAB and PwC. This ‘Podcast Advertising Revenue study’ is based on an online survey sent to “leading podcast industry experts” and incorporates market-sizing estimates for companies who didn’t participate in the survey.
Surprisingly, the numbers actually show a depreciation from last year as the sector grew 72% in 2021, reaching $1.45 billion. However, it’s still not bad as the numbers suggest that podcast advertising grew twice as fast as the total internet advertising market last year, which increased 35%.
While the US is expected to continue double-digit growth in the sector, it should rise over 100% by 2024. That would make the market worth a whopping $4.2 billion two years from now.
The report claims there are three factors that are driving podcast ad revenue increases. A continuous increase in listeners and content, increased use of automated ad technology, and uptick in ad spending bumps podcasting to the $2 billion medium it’s becoming.
Everything right now is aligned to drive growth. There’s more engaging and diverse podcast content than ever, and that is translating into larger, more attractive audiences. But more than anything, podcasting has proven that it can deliver beyond direct-to-consumer advertising to support brand-building and drive business outcomes.
Chris Bruderle, VP of Research and Insights, IAB
9to5Mac’s Take
It looks like podcasting is a significant driver of income for brands and will continue to be for some time; everybody seems to be starting a podcast these days and I don’t blame them. Go where the money is, and frankly, it’s in podcasting.
What podcasts do you listen to? Also, what platforms do you listen to podcasts on? Let us know in the comments below.
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