Two well-known brands delivered the biggest month-to-month bumps in podcast ad spending last month. Magellan AI says no advertiser bumped up its investment between October and November more than Bank of America, which spent nearly $1.9 million on podcast ads last month compared to just $128,000 a month earlier.
“They are following a trend we have noticed across the financial services industry at large, which has grown 75% in spend since January 2020,” said Magellan. Bank of America has been a “consistent” podcast advertiser throughout the year but it turned up the volume to promote a credit card offering cash back on online purchases targeting holiday shoppers on podcasts Stuff You Missed In History Class and The Intelligence.
The second-largest increase came from McDonald’s. The fast-food chain spent more than $1.6 million on podcast ads last month compared to $174,000 during October. It was followed by Carvana, which went from spending nothing on podcasts in October to $1.1 million in November. The online auto retailer ran ads on more than 200 podcasts, including The Weeds and The Daily Show with Trevor Noah: Ears Edition.
Magellan notes there was also a seasonal bump up from Total Wine & More. Similar to what it saw last year, the wine and spirits retailer significantly ramped up its podcast ad spending during November. This year that meant $465,000 worth of ads compared to just $2,000 a month earlier. “Total Wine & More tends to spend the most in the months of November and December and 2020 appears to be no different,” said Magellan.
Magellan’s data shows the online mental health service provider BetterHelp remained podcasting’s largest advertiser during November. It spent just under $4 million in the medium. That was up from $3.7 million that it spent during October.
SimpliSafe moved from No. 4 to No. 2 month-to-month, with ZipRecruiter moving in the opposite direction. Amazon remained steady in third, with Bank of America rounding out the top five.
Magellan analyzes podcast advertising data from the top 3,000 podcasts in the U.S., as ranked by Apple Podcasts. Magellan’s proprietary model is used to estimate advertising spend. It includes factors such as the number of ads and variation in ad load detected for a given episode, number of downloads for each episode, and estimated CPMs as reported on select media kits and estimated based on popularity.
Magellan will hold its monthly webinar reviewing the November data on Tuesday, December 22. Register HERE.