Half of U.S. marketers say they plan to increase their podcast ad spending during the next five years. That’s from a survey of marketers by Acast, which finds that around the world marketers are ten times more likely to predict an increase rather than a decrease in their podcast ad spending. In the U.S., just four percent predict they will spend less in the medium in the coming years.
The survey finds that marketers who have purchased podcast ads in the past are most likely to say they will increase their spending in the future. Among brands worldwide, 62% of previous podcast advertisers predict additional spending in the medium. That compares to 32% of brands that have not previously bought podcast ads. The data also shows that among previous podcast advertisers, only two percent expect they will decrease their commitment to the medium during the next five years. Acast says those results indicate that the power of podcasting works for advertisers and leads to increased spending on the medium.
Beyond the U.S., the report shows in Canada and Australia more than half of marketers also anticipate increasing podcast ad spend in the next five years. In Singapore, a market in the early stages of podcast adoption, 37% expect a significant increase in ad spend over the same period. Acast says that signals a continued and growing recognition of the value of podcast advertising within both established and emerging markets.
“This research shows that marketers around the world also recognize the immense value of podcast audiences,” said Chief Business Officer Greg Glenday.
As more brands turn to podcasting, there have been growing questions about whether it has become too cluttered. Among the marketers surveyed, 16% said that podcasting has too much advertising. Only outdoor is viewed as less cluttered according those surveyed.
On the other end of the spectrum, more than a third (35%) of marketers complained that television is too cluttered and a quarter of those surveyed said radio has too many ads. Acast says that highlights the untapped potential of the space.
When comparing podcasts to streaming music and radio, marketers from each of the five tested regions consistently ranked podcasts as the top performer for accurate targeting and unduplicated reach as well as for connecting with both mentally engaged and affluent audiences. However, marketers ranked the medium second for brand safety. Radio, which is regulated by the government in most countries including the U.S., is considered the safest place for brands to make their ad buys.
The survey also finds that global marketers see podcasts as an efficient way to reach affluent audiences. In the U.S, marketers put podcasts ahead of radio and streaming audio when trying to reach those Americans.
The survey was conducted in September and October 2023 by Acast Intelligence, which worked with Attest to survey 500 respondents who are employed full time in marketing and advertising. That included 100 marketers from the U.S, Canada, U.K., Australia, and Singapore. Download the full results HERE.
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