Audio advertising will grow 25% this year, predicts GroupM

Written By

Liz Iversen

Published On

Tuesday, Jun 15
A group of young adults huddled around a table, all looking down at the table at one what one woman is showing them.
Audio advertising revenue is growing faster than originally predicted by GroupM. The ad giant expects audio ad revenue to grow 25% this year, a marked increase from the 7.6% growth it predicted in March.

According to GroupM, “At the time of our last update, published in March, it was evident that the ad market was relatively strong during the first quarter and that it would further benefit from high inflation across the economy, lifting our expectations for growth. But we didn’t fully appreciate just how much the economy and advertising market were heating up.”

At Strategic Media, Inc., our media buyers have also noticed the advertising market heating up. “Adults 25-54 Listenership has increased 8+ percent since February and rates have increased along with them,” said Pam Wolfgram, Senior Media Buyer. “As businesses return to normal, the hospitality and travel industries in particular, hiring is on the rise and there is sudden, fierce competition at the local level for inventory as Recruitment efforts scale. It is predicted that August/September will be especially hot as kids return to full-time school and parents return to work.” 

“With the country opening back up, demand is high,” said Senior Media Buyer Josh Knock. According to Knock, most stations are attempting to re-establish higher pre-pandemic media rates in response to increased demand. However, SMI’s established relationships with media partners make us a preferred agency for remnant business, meaning we can often secure lower rates for our clients. 

“We have established rates and a history with each station we are buying, so we are still getting huge discounts relative to rate card,” said Knock. 

With over 100 cumulative years of experience buying radio, the expert media buyers at SMI are adept at navigating our clients through the clutter to generate optimal media opportunities. Want to learn more? Contact SMI today to find out how you can advertise on audio.

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