Google is rolling out new tools to capture more of the $3 billion digital audio market, according to a report by AdAge.
The search giant says the new tools will make it easier for marketers to find and target listeners through its programmatic buying platform, Display & Video 360 (DV360). By creating a dedicated marketplace for digital audio content and new measurement products, transactions on the channel will work like buying and selling display advertising.
The Google Ad Manager will allow ads to be inserted between songs based on who is listening through its Dynamic Ad Insertion for audio tool. And its new Audio Mixer tool will let media buyers quickly create audio ads at scale.
Since 2016, ad revenues from digital audio have tripled, growing to more than $3 billion, according to the Interactive Advertising Bureau.
The market’s growth is directly related to new tools that make transacting on the channel similar to other digital formats. In 2018, Google began delivering audio ads to companies such as Spotify, Pandora and SoundCloud.
Still, Google Ad Manager has deficiencies. It doesn’t let publishers push out podcasts through multiple platforms. It is working to fix this as well as build out additional podcast functionality, such as measurement and frequency management.
TuneIn, a global streaming audio aggregator that delivers live news, music, sports and podcasts to 75 million monthly active users, is a top partner in testing, shaping and using Google’s audio solutions. TuneIn says it is going “all in” on programmatic to better provide buyers with increased control on transactions, offer advertisers the ability to create an easy experience, and reach any audience on a global scale. TuneIn is using Google Ad Manager’s new audio features to manage inventory across formats.
“We use Google Ad Manager to monetize all of our inventory programmatically across audio, display and video,” says Kellan Barker, TuneIn’s Director of Monetization. “This has helped us to streamline our business by increasing operational efficiency, monetize more effectively, and provide a better user experience with more relevant ads.”
Podcast ad revenues are expected to climb 15% year over year to $813 million in 2020, according to the IAB. Meanwhile, analysts at eMarketer see industry revenue growing 10.4% this year to $782 million — and topping $1 billion mark for the first time in 2021.