Marketers in a range of countries around the world are predicting podcast advertising spend to rise over the next five years, according to a new study by Acast, with podcasts scoring highly for targeting accuracy compared to other audio channels.
The survey was conducted by Acast Intelligence via third-party research platform Attest, and spoke to 500 advertising and marketing professionals in the UK, US, Canada, Australia and Singapore, including both those who have previously advertised on podcasts and those who had not.
Overall, 49% of respondents said they expected advertising spend on podcasts to increase over the next five years. Marketers in Australia and Canada were more bullish, with 55% expecting an increase, while Singapore’s relatively young podcast market led only 37% to expect an increase.
Globally, just 5% of respondents said they expect podcast ad spend to decrease, potentially indicating that a significant proportion of the remaining 46% may expect the market to remain largely flat.
“Acast is a global company with a footprint in 15 different markets, so we know the unmatched power that podcasting has in connecting advertisers with the right audiences for their unique brand stories. Now, this research shows that marketers around the world also recognize the immense value of podcast audiences,” said Greg Glenday, chief business officer at Acast.
“That’s why for nearly a decade, Acast has continued to be a trailblazer in ad tech innovations that enable advertisers to best reach these high-value podcast audiences in every corner of the globe.”
According to the study, those who have previously purchased podcast advertising were almost twice as likely to predict an increase in podcast advertising, with 62% saying they expected spending to rise versus 32% of those who haven’t run podcast campaigns.
The data also suggested that podcasts are one of the least oversaturated mediums from an advertising perspective. When asked to describe the amount and length of ads in various types of media, just 16% of respondents said podcasting had too much advertising, beaten only by outdoor advertising at 13%. By contrast, 35% said there was too much advertising on TV.
When asked to rank different types of audio advertising in various categories, podcasts scored highest among global marketers for accurate targeting, unduplicated reach, and the ability to reach both affluent audiences and mentally engaged consumers, beating both radio and music streaming.
“This research demonstrates the incredible opportunity that podcasting creates for advertisers to connect with highly engaged and high-earning consumers,” said Tommy Walters, Acast’s director of research and insights.
“At Acast, we know that simply reaching those listeners isn’t enough and as such continue to create new targeting tools and brand safety solutions that enable advertisers to reach the right audiences in the most contextually relevant moment of their listening experience that also aligns with the brand’s values.”