From Mental Health To Software, And Even Recruitment. Ad Dollars Keep Flowing To Podcasts.
BetterHelp, an online portal that provides direct-to-consumer access to online counseling and therapy services, spent more on podcast advertising than any other marketer last month. Magellan AI reports the company spent nearly $4 million on podcast ads.
Magellan also released the marketers that increased their spending the most between July and August. Topping that list is Monday.com, the business software site, which spent $42,000 on podcast ads in July but boosted that to $969,000 in August. That was a 2,190% increase from July. Magellan credits the global pandemic’s focus on work collaboration and management software for the “immense” increase in ad spending by the brand, which placed ads on shows like American Innovations, 1A, and Crime Junkie.
Another software company, Klaviyo, had the second-largest gain. Its estimated podcast ad spending jumped from $65,000 in July to $452,000 in August. It’s a similar story for No. 3 Microsoft, whose podcast ad budget rose from an estimated $23,000 to $384,000.
Magellan said ads for Microsoft Teams highlighted the needs and benefits of collaboration tools during these times with ads that ran on shows including Planet Money, Freakonomics Radio and Startalk Radio. “Similar to their competitor, ads for Microsoft Teams also highlighted the needs and benefits of collaboration tools during these times,” it said in a blog post.
Magellan analyzes podcast advertising data from the top 3,000 podcasts in the U.S., as ranked by Apple Podcasts. Magellan’s proprietary model is used to estimate advertising spend. It includes factors such as the number of ads and variation in ad load detected for a given episode, number of downloads for each episode, and estimated CPMs as reported on select media kits and estimated based on popularity.