This is a preview of The Podcast Report from Business Insider Intelligence. Current subscribers can read the report here.
- The number of US podcast consumers has more than doubled in the past decade — and there's still a long runway for growth.
- And the podcast listenership base continues to grow in the US amid declines in consumption of other premium ad environments.
- Entertainers, music streaming platforms, and smart speakers will play a role in furthering podcast listenership growth throughout the next five years.
Are your social circles and online feeds always buzzing with everyone’s latest podcast obsession? The number of US podcast consumers has more than doubled over the last decade. And by 2023, Business Insider Intelligence estimates there will be some 106 million regular podcast listeners in the US.
People are getting hooked on audio from a young age, too. Over a quarter (26%) of US consumers over age 12 now listen to podcasts on a monthly basis, a jump from just 12% five years ago.
And while the growing listener base is a huge draw for advertisers, it’s not the real reason they should be exploring podcast campaigns. After all, more than half of overall daily media consumption time in the US is now spent with video. Even so, podcasts have the upper hand.
Why should brands advertise on podcasts?
US podcast ad spend is expected to grow over 110% through 2020 — up to $659 million. But consider for a moment that TV and radio ad spend are already at $69 billion and $18 billion respectively, and this figure suddenly feels tiny. The podcast ad market’s small size implies many brands don’t recognize the valuable advertising opportunity podcasts offer.
When looking at factors beyond pure audience size, podcast listeners present several key benefits that make the medium ripe for success for advertising — and brands would be remiss to overlook them.
Here’s why brands should take podcast listeners seriously:
- The majority of regular podcast listeners complete all or most of the podcasts they start. Forty-four percent of monthly podcast listeners finish most of the podcast episodes they start, while 43% finish the entire episode, per Edison Research and Triton Digital.
- Listeners are more receptive to ads on podcasts than ads on other mediums. Of US respondents over the age of 18, 55% say they always or sometimes pay attention to podcast ads versus radio (45%), TV (44%), music streaming services (41%), and online video (34%) ads.
- Most podcast listeners don't skip past ads. Because most podcast ads are read by the host and baked into podcasts, it can be difficult for listeners to easily and accurately skip past podcast ads without missing podcast content, spurring many to listen through podcast ads entirely.
Want to Learn More?
The Podcast Report from Business Insider Intelligence explores the key drivers affecting podcast listenership growth, detailing the benefits of advertising on podcasts versus other media formats, and outlines the best practices for implementing a successful podcast ad campaign.
In full, the report discusses the barriers that will inhibit future growth in listenership and ad spending, and how these hurdles can be overcome to implement a successful podcast ad campaign and attract more big-budget brands into the space.
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