The national advertising marketplace may be facing plenty of uncertainty, but a new survey from Comscore’s programmatic targeting service Proximic finds that three in four buyers say that they will shift dollars away from cookie-based media this year and that appears to be making audio more attractive. The survey finds that 60% of buyers expect to use audio or podcast advertising this year. MediaPost reports that is up five points from the number that said they used audio last year, giving it the biggest potential growth of any media channel Proximic asked about.
The survey found that more buyers forecast they will buy online ads (87%), connected TV (77%) and social media (76%) ads this year. However, by a four-point advantage, more now expect to buy audio and podcast advertising than those who say they will use some of their budget to buy broadcast television. Last year, audio and broadcast TV were on par with one another, according to the marketers surveyed.
The survey – conducted in February and March among 181 advertisers and ad agency personnel – also suggests there may be longer-term growth available to the audio industry since 44% of those surveyed said that third party-based cookie targeting will still dictate their buying strategies in the near term. That is because Google postponed the deprecation of third-party cookies until 2024. Google said the delay was needed to give the advertising industry and digital publishers time to migrate their services, while also allowing government regulators more time to assess the leap. But many are already moving on. An average one in four marketing dollars are being transacted based on first-party data this year, according to the companies surveyed. That is a bucket that includes digital audio and podcasting that do not rely on third-party cookies, unlike most other digital media channels.
The Proximic survey may give some audio providers a bit of ease after the National Association of Broadcasters said in October that it believes broadcasters stand to lose $2.1 billion per year in revenue or 40% of their digital advertising income due to the deprecation of third party cookies. That amounts to $1.1 million per television station on average, and $735,000 per radio cluster.