Podcasts exploded in popularity during the pandemic. And they’re here to stay. Weekly listenership has more than doubled since 2016 with consumers gobbling up content at breakneck speed. Savvy podcasters and marketers know it. According to a study from Business Insider, US podcast ad spending will surpass $1 billion in 2021 and reach $1.61 billion by 2024, more than double its current level.
Podcasts are similar to a marathon Netflix & chill session — bingeable and oh-so-addicting — and Big Tech companies are looking to podcasting as a way to provide fresh content. The unique ability to explore any area of interest in great depth and make it available to the world is appealing to a vast audience. The podcast audience is not only large and growing, but also tends to be young, affluent, educated, and generally open to advertising in podcasting. This makes podcast ads a valuable marketing strategy in light of growing consumer wariness about privacy and data tracking.
With the changing landscape of traditional media, not capitalizing on this potential revenue stream could be detrimental in the long run and businesses are taking note. Podcast listeners are very active on social media and tend to follow brands and companies across platforms. Nielson reports that podcast fans are more likely to subscribe to one or multiple streaming services, meaning they are less exposed to TV advertising. Because competition is still relatively low, brands interested in launching a podcast or advertising in podcast networks will likely see a healthy ROI.
With over thirty years of experience in integrated media planning, we’re excited to add podcasting to our ever-expanding list of communication tools for our clients! Our onsite podcast studio is ready and waiting to broadcast your business, ideas, and opinions on the airwaves.
Interested in discussing how podcasting could work for you? Give us a call at 781-247-0730 or send an email to ed@mittcom.com