Triton’s Rebecca Dalby Urges Podcasters To Think Beyond CPMs.

For years, podcast publishers have treated higher CPMs as the ultimate measure of monetization success. Rebecca Dalby, VP of Demand at Triton Digital, says that mindset may actually leave money on the table.

Speaking on the “PodBiz” podcast, Dalby argues publishers should focus less on commanding the highest possible CPMs and more on maximizing total revenue generated from their inventory.

“When it comes to a sponsorship, a host read, or a guaranteed impressions, CPM always has a place and it’s really important,” Dalby says. “But we do need to shift the mindset a little bit into thinking more about the RPM (Revenue Per Mille) — how much money can I actually make from my content?”

Dalby says testing by Triton’s hosting platform Spreaker has demonstrated that lowering programmatic pricing floors often unlocks additional advertiser demand, ultimately increasing overall revenue despite lower CPMs.

“We saw very clearly that by lowering the floor prices in the majority of cases when it comes to programmatic, that unlocked more demand and therefore the overall revenue was increased as well,” she says. “There’s a lot of people that are still kind of chasing high CPMs. But in the bidding landscape, it’s a combination of ad fill — how much demand you can get at the price you’re selling at.”

The broader evolution in podcast advertising has seen publishers increasingly rely on programmatic revenue alongside direct sales and sponsorships. Dalby says the most successful creators are no longer depending on a single monetization strategy. Instead, they are combining multiple revenue streams.

“The most successful ways that I’ve seen creators or podcasters making money in the industry is to adapt to a layered monetization strategy,” she says. “Podcasters need to understand the different revenue streams that they can earn from, including sponsorships, direct sales to programmatic, and treat each one of them slightly differently.”

Dalby says one of the industry’s biggest challenges isn’t attracting advertiser interest but helping marketers understand how to use podcast advertising effectively. Many brands, she says, approach audio campaigns using the same creative assets, buying strategies and success metrics they employ for video or display advertising, even though podcast listening is a fundamentally different experience.

“It’s really important to understand what it is that you’re trying to measure,” Dalby says. “What are your objectives?” She says advertisers first need to define whether they’re seeking goals such as brand lift, awareness or another measurable outcome, then build campaigns around those objectives. She says industry experience has proven that success in podcasting depends on aligning campaign goals with the strengths of the medium rather than expecting traditional digital metrics like click-through rates to tell the whole story.

Dalby also encourages advertisers to view podcast campaigns as an ongoing optimization process rather than a one-time test. Because programmatic campaigns can be adjusted quickly, buyers have the flexibility to refine targeting, creative and audience strategies while campaigns are running.

“Just because you try something once doesn’t mean that audio doesn’t work for your brand,” she says. “It’s about testing and working with a trusted partner.”

Dalby says podcast advertising is also benefiting from a steady increase in programmatic spending as more agencies become comfortable buying audio. While podcasting still captures only a small share of overall ad budgets, she believes the medium remains significantly underinvested relative to audience consumption, leaving considerable room for future growth.

“We’re definitely seeing a shift,” she says, noting larger buyers are increasingly adopting “always-on” buying strategies rather than negotiating campaigns one at a time. Instead, advertisers are securing access to curated pools of podcast inventory that can support multiple campaigns throughout the year.

At the same time, buyers have become more sophisticated, demanding more advanced audience targeting, measurement and attribution capabilities as podcast advertising continues to mature. And as programmatic transactions become increasingly automated, Dalby says the business remains driven by people.

“When we talk about demand or programmatic advertising, it’s a machine. That’s what people think. And it is,” she says. “But when it comes to real value behind programmatic transactions and making money on audio, it all comes down to relationships and the people behind it.”