According to Westwood's Pierre Bouvard, 95 executives from all parts of the podcast ecosystem completed an online survey in early February on measurement, attribution, ad tech, and what’s needed for podcasting to become a $2 billion advertising medium. Among the key findings:
➤Agencies and brands give poor marks on the current state of podcast measurement, though there is a sense that things are looking up
➤Podcasting needs a monthly reach of 44% to hit the tipping point of meaningful advertiser investment
➤$2B podcast ad revenues? Better measurement, attribution, bigger shows and bigger brands
➤What is the most used podcast test buy parameters?
While advertisers new to podcasting exhibit confusion over how to run a proper test, our seasoned respondents reveal strong consensus on the specs for a proper test of podcasting:
- 5 podcasts
- 3 ads in each podcast per week
- 7-week campaign
- Test campaign running each week
- Podcast measurement and attribution rate poorly according to brands and agencies. Still, there is hope on the horizon. Two out of five say things are getting better.
- Better measurement, attribution, bigger shows, and bigger brands are what’s needed for podcasting to crack $2 billion in ad spend.
- A monthly reach of 44%, up from 32% in 2019, is seen as a tipping point to a step up in spend.
- The consensus on a good podcast test buy is 105 ads in 5 podcasts over 7 weeks. A test buy of one ad a month is marketing malpractice.
- Attribution services rate well and should expect greater usage. Newly launched measurement solutions need time to be understood and tested.