The live entertainment category has been one of podcasting’s success stories so far this year as more people venture out and the live music and event business looks more similar to what it did prior to the pandemic. Magellan AI says live entertainment advertisers spent about $2.5 million on podcast ads during May, an increase of 36% compared to what it spent in April. The jump was even more sizable when compared to a year ago however, with podcast ad spending increasing 206% year-over-year.
“We saw them come back a little bit in 2021, but then 2022 has been just a completely different story with a massive increase in spend,” said Magellan CEO Cameron Hendrix. During a webinar last week, he said the brands that have been driving the gains include AXS, SeatGeek, and Gametime. “Live entertainment is picking up heading into the summer months,” he said.
Retailers have also been pumping up their ad spending on podcasts. Magellan AI says retailers spent more than $5 million on podcasts during the month of May, a 35% increase from April. “Both months, April and May, were head and shoulders above 2021,” Hendrix pointed out.
Magellan data shows that May 2022 was up 65% from what retailers spent on podcasts during May 2021.
Driving the increases were brands like Macy’s, JCPenney, and Home Depot with a mix of Mother’s Day and other seasonal ads.
Magellan earlier announced that the online mental health brand BetterHelp was once again the top spender on podcasts during May with an estimated $7.7 million worth of ads. It was followed by Amazon, Progressive, SimpliSafe, and ZipRecruiter.