Podcast advertising market set to grow with CAGR of 9.81% from 2023 – 2027
By Ibidunni Banjoko
A Statista report has shown that Podcast Advertising revenue is expected to show an annual growth rate (CAGR 2023-2027) of 9.81%, resulting in a projected market volume of US$5.03bn by 2027.
In the Podcast Advertising market, the number of users is expected to amount to 616.5m users by 2027. In global comparison, most revenue will be generated in the United States (US$2,178,000.00k in 2023).
Revenue in the Podcast Advertising market is projected to reach US$3.46bn in 2023. The average revenue per user (ARPU) in the Podcast Advertising market is projected to amount to US$8.42 in 2023. According to the report, the key regions are Asia, Japan, the United Kingdom, India, and China.
In the analyst opinion of the report, it is stated that podcast advertising has been growing rapidly in recent years, and several trends are emerging that are shaping the industry. One of the most notable trends is the increasing use of host-read ads, which are ads that are read by the podcast hosts themselves. These ads tend to be more effective and engaging than traditional pre-recorded ads, as they feel more natural and authentic. Another trend is the rise of programmatic advertising, which uses algorithms to automate the buying and placement of podcast ads.
“Podcast advertising has seen strong growth in recent years, driven by several factors. One key factor is the increasing popularity of podcasts as a medium for consuming audio content. With more people tuning in to podcasts on a regular basis, there is a growing audience for advertisers to reach. Additionally, podcast advertising offers several advantages over traditional forms of advertising, such as radio and TV.
“Podcast ads are often more engaging and targeted, as they can be tailored to specific audiences based on their interests and listening habits. Another growth factor is the increasing sophistication of podcast technology, which has made it easier and more cost-effective for producers to create high-quality content and for advertisers to reach their target audience. Finally, the COVID-19 pandemic has accelerated the shift towards digital media, including podcasts, as more people spend time at home and seek out new forms of entertainment,” the said.
Data encompasses enterprises (B2B). Figures are based on podcast advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers podcast streaming ads.
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