Radio’s reach has stayed relatively steady for the past fifteen years with approximately 214 million people in the U.S. listening to traditional radio today, down only 8% since 2008. And according a report from eMarketer, radio is still a safe bet for advertisers and marketers, according to a new report from eMarketer.
“I think radio stands to benefit a lot, especially right now,” eMarketer Insider Intelligence analyst Daniel Konstantinovic said. “[Its CPMs] are lower than other media, and radio has a very dedicated listenership. I think advertisers are very cautious about where to spend right now, and something like radio that’s cheap and effective and always there, it’s a safe bet for them.”
With the majority of radio listening taking place in vehicles, eMarketer says something to think about is how the evolution of the connected car will impact radio listenership.
The eMarketer/Insider Intelligence report also predicts that the number of U.S. podcast listeners will grow 5% this year to reach 124.5 million. Time spent with podcasts will also increase, totaling 23 minutes a day this year and growing to 27 minutes by 2024.
Ad spending on podcasts in the U.S. will rise 30% this year, according to Insider Intelligence, and will continue to experience double-digit growth through 2026. Additionally, programmatic podcast ad spending will make up an increasing portion of total podcast ad spending, reaching nearly 10% by 2024.
Worldwide podcast growth will continue to slow, with the most growth coming from France, Germany, and China.