Friday, April 23, 2021

Podcasting Will Surpass $2B By 2023

Podcasting in the US will cross the $1 billion mark this year, and its ascent will continue, according to eMarketer.

Per eMarketer's latest forecast, podcast ad spending will exceed $2 billion by 2023. They upgraded the growth estimates due to the 36.8% spike in ad spending during 2020, which will be followed by growth of 38.7% this year and 31.1% in 2022. They previously expected 10.4% growth in 2020.

Driving the update: Podcast advertising in H2 2020 recovered faster than anticipated, audience numbers continued to climb, and digital audio is now a staple in many people’s media diets. Podcasting has also benefited from companies like Spotify, Amazon, iHeartMedia, and others buying and publicizing content studios and ad tech companies alike.

A silent dichotomy: The slew of acquisitions and major moves from top companies has not helped with fragmentation when it comes to advertising in the podcast space. For instance, eMarketer estimates that iHeartMedia—which last year brought in more podcast ad revenues than any other company—still accounted for only 10.0% of total US podcast ad spending in 2020, with the rest distributed across various creators, publishers, and platforms.

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