The podcast market in the US is growing rapidly. In 2022, the market was valued at USD 18.52 billion and is expected to reach USD 23.75 billion in 2023. The growth of the podcast market is being driven by a number of factors, including the increasing popularity of podcasts among consumers, the growing availability of podcast content, and the increasing adoption of podcast advertising by brands.
There are a number of exciting opportunities for brands advertising in podcasts. Podcasts offer a unique opportunity to reach a highly engaged audience. According to a study by Edison Research, 63% of podcast listeners say they are more likely to consider a brand after hearing it advertised on a podcast. Additionally, podcasts offer a more intimate and personal connection with listeners than other forms of advertising.
The results of podcast advertising can be very impressive. A study by Nielsen found that podcast ads have a 28% higher recall rate than TV ads and a 38% higher brand favorability than online display ads.
The podcast market is expected to continue to grow in the coming years. The global podcast market is projected to reach USD 233.9 billion by 2032. This growth will be driven by the increasing popularity of podcasts among consumers, the growing availability of podcast content, and the increasing adoption of podcast advertising by brands.
Here are some specific examples of the exciting opportunities and results for brands advertising in podcasts:
Headspace, a meditation app, saw a 100% increase in app downloads after running a podcast ad campaign.
Quip, an oral care company, saw a 30% increase in website traffic after running a podcast ad campaign.
Tide, a laundry detergent company, saw a 20% increase in sales after running a podcast ad campaign.
These are just a few examples of the many ways that brands can benefit from advertising in podcasts. If you’re looking for a way to reach a highly engaged and receptive audience, podcast advertising is a great option.