What is a podcast? According to the dictionary, a podcast is a digital audio file made available on the Internet for downloading to a computer or mobile device, typically available as a series, new installments of which can be received by subscribers automatically. Basically, it is an on-demand version of talk radio.
Podcasting today is an incredibly fast growing medium. With that exponential growth comes increased opportunity for advertisers to make their mark in the medium.
There are several great reasons to consider advertising in podcasts, even if you have never considered it before.
- More Podcasts Are Being Developed
According to research data, there are currently 700,000 active podcasts with over 29 million episodes. By contrast, in 2015, there were only 500,000 active podcasts and 18.5 million episodes.
- More People Are Listening to Podcasts
The US population is listening to podcasts. 70 percent of us are familiar with the term “podcasting” and 51% of us have listened to a podcast, while 32% of us are at least monthly listeners and 6% are avid listeners. The average podcast listener subscribes to 6 shows and listens to an average of 7 different shows per week. 80% of podcast listeners stay through most or all of the episode, and weekly listeners spend an average of 6 hours and 37 minutes per week with podcasts.
- Podcast Listeners Have Higher Incomes
Podcast listeners tend to skew toward higher income levels. Podcast listeners were 32% more likely than the general population to earn $75,000 or more annually, 37% more likely to have annual incomes of at least $100,000, and 45% more likely to earn $250,000 or more annually.
- Podcast Listeners Are More Engaged
Podcast listeners tend to spend more time on social media than the average person and they are also more likely to follow companies and brands on social media. 69% of them agreed that podcasts made them more aware of new products and services, and across the board, they declared an increase in intent to purchase after hearing an ad in a podcast.
- Ad Revenues Are Growing
Ad revenue has been growing exponentially. In 2015, revenue was at $69 million. In 2018, that jumped to $402 million. And this year, 2019, ad revenue is projected to reach $514 million.
- Advertising Opportunities Are Increasing
The most common type of ad in a podcast—and arguably the most effective—is the “host-read” ad which is generally integrated into the program content. But as ad revenues grow, and opportunities to cash in on this market also grow, podcasting host sites are experimenting with what they call “dynamic insertion” of ads. This technology allows the publisher to plug in or swap out ads into episode slots at the time of the download rather than at the release of the episode.
- More Podcasts Are Being Developed
What had begun as an opportunity for small advertisers to reach a very dedicated niche market is beginning to become a place where the bigger brands can now carve a share out of the market as well. In 2018, dynamic insertion of ads reached a high of 48.8% of advertising in podcasts, nearly taking over the more familiar ads “baked in” to the original podcast.
Consider podcast advertising. There are more and more podcasts being developed, more and more people are listening to them, and those who listen have higher incomes and are more engaged with brands through social media. Ad revenues are growing and advertising opportunities are increasing. Now is the time to explore podcast advertising.
Let Infinity Concepts help you if you’re interested in podcasting or podcast advertising.
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