Experts believe podcast advertising spending will ten times more increase over the next five years, revealing a significant global trend that underscores the medium's growing prominence in the world of marketing.
The findings were recently revealed in a study by podcast company Acast, which conducted its study on 500 marketers across the United States, Canada, Australia, the United Kingdom and Singapore.
In Australia, Canada, and the U.S., over 50% of marketers are optimistic about increasing podcast ad spending in the coming years.
Even in Singapore, where podcasting is still in its early stages, 37% of marketers anticipate a substantial rise in ad investment. This indicates a rising acknowledgment of the value of podcast advertising, spanning both well-established and emerging markets.
Notably, marketers who have previously invested in podcast advertising also show confidence in its future growth, with a global average of 62% projecting increased ad spend.
"This research shows that marketers around the world also recognize the immense value of podcast audiences," Greg Glenday, Acast Chief Business Officer shared in a statement.
Podcasts Outperforms Other Platforms For Ad Targeting
The study compared podcasts to streaming music and radio, consistently finding podcasts as the top performer for accurate targeting, unduplicated reach, and connecting with both mentally engaged and affluent audiences.
Despite its perks, the medium ranked second for brand safety, and placed second to the most under-advertised mediums. Interestingly, only 16% of marketers expressed concerns about excessive advertising on podcasts, highlighting the untapped potential in this space.
In comparison, more marketers are concerned with the oversaturation of advertising on other platforms such as TV (35%) and social media (31%).
“This research demonstrates the incredible opportunity that podcasting creates for advertisers to connect with highly engaged and high-earning consumers," Director of Research and Insights at Acast Tommy Walters explained.
DesignRush also conducted research to find the best platform for winning consumer trust going into 2024.
Based on our findings, podcasts take the lead among the five most popular mediums in terms of building trust among consumers, highlighting not only their potential to reach consumers but also to gain their trust and attention most effectively.