US podcast revenue set to capture 20% of radio ad spend
The growth of podcasts has been supercharged in 2020 amid a growth in desire for on-demand content during the coronavirus pandemic.
New figures out of the US show that podcasting revenue is set to surpass US$1bn next year, and that podcast ad revenue is projected to capture 20% of digital radio ad spending in 2020.
eMarketer projects that podcast ad spending is up 10.4% from last year, and is set to hit US$782 million by year’s end.
“The continued growth in podcast advertising is no surprise, as investments have made podcasts accessible to a wider audience,” eMarketer forecasting director at Insider Intelligence Shelleen Shum said.
“The news genre, a focus of many podcast advertisers, has performed well during the pandemic. While some ad campaigns were paused in H1 due to the uncertainty from COVID-19 lockdowns, we expect a rebound in Q3 and Q4.”
Similar, the Australian podcast market continues to grow, with a Deloitte report earlier in 2020 predicting the market to reach $47 million by year’s end.
That figure may be out of reach given the impact of the pandemic on advertising in general since the report was released.
The most recent figures from Commercial Radio Australia put revenue for Aussie metro radio stations at $643.046 million for the 2019/20 financial year.
The drop from the year prior was significant, with revenue now 20.39% from $807.701 million the year prior.