The average US adult spends more than 2 and a half hours (2:42) each day listening to audio, but advertisers spend only 4.5% of their ad budgets on audio, predominantly in traditional radio.
As digital audio services expand their ad-supported offerings, the digital share of audio advertising will approach parity by the end of the decade.
Key Question: Where is the growth in audio advertising, and how does it stack up against other advertising media?
Key Stat: Digital audio will grow at a solid 6.8% rate in 2024 to reach $7.12 billion, but it will still account for just 40.4% of audio revenues.
According to eMarketer:
- Audio advertising continues to punch beneath its weight class
- Audio advertising is small but rising thanks to digital
- Audio generates relatively little ad revenues per listener and time spent
- The shift to digital is more gradual in audio than video
- Programmatic audio advertising remains a minority of digital ad sales despite its fast growth
- Podcast advertising’s growth holds its lead
- Pandora holds a shrinking lead in digital audio advertising
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