While we can't share the estimates from the Global Audio Advertising Market outlook, the news is good for audio outlets, including radio. A summary from the report states there is a continuously evolving trend of advertising in which audio advertisement is considered as one the most integral part of this evolution which is propelling the growth opportunities for the advertisers.
The primary growth factor that drives the global audio advertising market worldwide is the growing adoption of online streaming music services across the globe on account of the variety of content available on those platforms. In addition, the continuously increasing penetration of smartphones coupled with the rising penetration of the internet is also augmenting the trend of audio advertising. The growing adoption of audio advertisements by the companies across the various industry verticals due to low costs and high conversion rates are also some of the key factors bolstering the growth of the market during the next five years.
Furthermore, there is a continuously evolving trend of advertising in which audio advertisement is considered as one the most integral part of this evolution which is propelling the growth opportunities for the advertisers by which they are able to combine their precision of the target audience to which the message is to be circulated. This, in turn, is propelling the adoption of audio advertising significantly and adding up to the market growth in the next five years.
The growing number of users availing the online music streaming services or which listen to online music is anticipated propel the growth opportunities for the market to surge throughout the forecast period and beyond. Furthermore, the growing adoption of smart speakers is also anticipated to one of the prime opportunities for the digital advertising market to spur during the coming years as these speakers are anticipated to boost the consumption of digital audio and further provide impetus to the advertisers to deliver their message to a larger proportion of the population. However, the current adoption rate of smart speakers is considerably low due to the high costs associated with these devices.
The radio segment is anticipated to hold a noteworthy share during the coming years owing to the high adoption of advertisements through this medium on account of considerably lower costs. However, the growth of this segment is projected to be slow throughout the forecast period.
The report is available for purchase HERE