A great year is in store for podcast advertising. If you haven’t invested in podcast advertising yet, these predictions from iHeart executives will give you reasons to believe.
1. Podcasting will surpass streaming music services
“Podcast audiences will continue to explode, passing the biggest music streaming services in reach, with no signs of growth abating,” says iHeart CEO Bob Pittman. “Even players like Facebook, Google and Amazon are leaning into podcasting due to its enormous growth and engagement.”
2. Podcast revenue will grow 31%
Based on media projections from PwC, Magna, eMarketer, Morgan Stanley and B. Riley, iHeart predicts podcast revenue will grow 31%, reaching $1.74 billion in 2022. By 2025, podcast ad revenues are expected to surpass $3 billion.
3. Marketers will invest more in audio
A recent study by research firm WARC found that audio makes up 31% of media consumption but captures only 9% of ad spend.
4. Podcasting will grow as a reach & frequency medium
Conal Byrne, President of the iHeartMedia Digital Audio Group, predicts host-read ads will continue to drive engagement for brands, but that podcast advertisers will increasingly supplement host-read ads with ads purchased according to audience cohorts, i.e. groups of people with likeminded interests. This advancement in how podcast media is purchased will allow media plans to start driving “real scale” and attracting larger podcast ad budgets.
Podcasting is a powerful way to reach audiences in 2022. If you’re thinking about advertising on podcasts and would like to learn more, contact SMI today.