Some podcasters have predicted 2020 could be the year the industry tops one billion dollars in revenue, while others think it won’t be until next year. Either way, for that to happen podcasts need to be top of mind among advertisers. And new data from the Radio Advertising Bureau offers a status report on how that effort is progressing.
The RAB’s Audio Pulse survey asked advertisers when they think of audio, what’s the first thing that comes to mind. More than two-thirds said podcasts, making it second only to over-the-air radio, which remains far and away the first thing ad buyers think about – it still has a 20-point lead on podcasts. Even more noteworthy for podcasting is that it’s ahead of streaming in general, including the two biggest pureplay music streaming service brands.
The RAB says the data was collected from more than 350 national, regional and local advertisers and agencies. Tammy Greenberg, SVP of Business Development at the RAB, said in a blog post that while each advertiser is unique, the data helps show the general perception about how each segment of the audio market is perceived. And in the case of broadcast radio, she said that includes the nearly 100-year old medium’s resilience.
For a young and still-growing medium like podcasting, it shows exposure remains a critical part of the industry’s growth strategy. “We all have the responsibility and privilege to showcase everything our platforms and brands have to offer,” said Greenberg. “It is crucial for us to help our advertising partners engage and provide meaningful experiences for their target consumers.”