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Podcast Advertising: Magellan AI Says Pharma Spending Jumped 72% In June While Home Goods Softened.

As podcasting has seen more blue chip advertisers move their marketing messages into the medium, it has brought with it the sort of ad categories that have traditionally been the biggest spenders on traditional media. Pharmaceutical industry advertising is one example of that shift. Magellan AI says drug companies boosted their spending 72% between May and June. It estimates they spent $3 million on podcasts last month. That was a 343% increase year-to-year.

Magellan AI CEO Cameron Hendrix says pharmaceutical companies have typically grown their podcast ad budgets in the summer. “This year saw a more substantial bump from May to June,” he said in a webinar last week.

Driving the increases were brands like Pfizer, Nurtec ODT, and Biotrue.

The slowing housing market could also have home good retailers pulling back on spending. Magellan AI says home goods ad spending decreased 31% between May and June. Hendrix said that that is consistent with the month-to-month pullback they saw a year ago among home good retailers. “That pattern repeated itself, except it repeated itself in a slightly bigger way,” he said. The downturn was driven by smaller budgets from brands such as Nectar Sleep, Outer, and Homesense. Yet Hendrix also pointed out that compared to a year ago, home goods retailers increased their podcast ad spending by six percent.

Magellan AI reported earlier that the online mental health brand BetterHelp topped the ranker of the biggest podcast advertisers in June, with Amazon holding on to second place followed by the e-commerce platform Shopify, Google, and ZipRecruiter.

Overall, Magellan AI says the top 15 advertisers it tracked during June spent a combined $31,815 million on podcast advertising.

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