Digital audio ad spend projected to reach $7.2M by 2028
By Abimbola Mohammed
The audio landscape has transformed with the emergence of digital streaming services like Spotify, enabling anytime, anywhere access to audio content. Marketers are now harnessing the power of digital channels to promote their products and services.
A report by Statista, an online research website, revealed that ad spend in digital audio advertising is projected to reach US$6.3m in 2024 with an annual growth rate (CAGR 2024-2028) of 3.46%, resulting in a projected market volume of US$7.2m by 2028.
The report further stated that average ad spend per listener in the Audio Advertising market is projected to amount to US$0.2 in 2024.
In the Audio Advertising market, 65% of total ad spending will be generated through mobile in 2028.
Comparing audio ad spend in Nigeria to other countries of the world, Statista reported that in 2023, digital audio services advertising spending in the United States was expected to amount to 6.79 billion U.S. dollars. The latest predictions indicate that this figure will rise to 9.74 billion by 2027.
Key players in Audio Advertising include Amazon Music, Apple Music, YouTube Music, Tencent Music, and Spotify.
RECOMMENDED ARTICLES
Comment
No comments found.