How much money is the radio industry making from local advertising sold on podcasts? The Radio Advertising Bureau is undertaking an effort to come up with a number. It has partnered with Amplifi Media to survey radio stations on how much revenue they are generating from podcasts, and well as gathering information to provide insights into the challenges and opportunities of selling ads in the medium to local clients.
The RAB says the Local Podcast Opportunity survey aims to uncover the current state of local podcasting among commercial radio and identify guidelines to create, scale, and monetize.
"We know that podcast advertising dollars continue to grow and we’re seeing good momentum at the local level, however, we have not been able to size the market up," said RAB President Erica Farber. "By partnering with Amplifi Media which has been at the advent and a leader in the podcast space, we hope to be able to provide broadcast radio a benchmark report that can show the growth and opportunities ahead."
Amplifi Media is headed by Steve Goldstein, who spent decades in radio before launching his podcast consultancy in 2015.
"Up to this point, podcasting has been national, but that is changing rapidly as local sports, news, food, and culture podcasts are popping up across the country from major companies and entrepreneurial content creators," said Goldstein. “Local podcasts are a remarkable opportunity for radio stations to both retain and grow audience. That's why Amplifi partnered with RAB to field the first survey examining what's happening with commercial radio and local podcasts.”
After the four-week survey is completed, the RAB says a white paper will be released in November on the findings. It will offer a roadmap for how stations can use local podcasting to attract new revenue, find new listeners, and re-engage local audiences spending less time with commercial radio.
Radio stations interested in taking part can find the Local Podcast Opportunity survey HERE.