Top 7 Podcasting Ad Trends For Your Brand In 2021
The podcasting Ad industry is expanding at a rapid pace. According to Music Oomph, more than one million active podcasts are available online, with more than 30 million podcast episodes. So more businesses are spending substantially on new programs, and related technology to make the popular medium a more appealing alternative for programmatic advertising.
Advertisers use the platform to broaden their reach, retain brand recognition, and establish meaningful connections with their target audiences. So, here are some trends that are improving the industry each year.
Podcasting Ad Picks Up Steam
It is predicted that podcasting ad income will reach $1.13 billion by the end of 2021. According to a Nielsen poll of 7000 US consumers, 78 percent do not mind hearing advertisements or sponsorship messages in podcasts. After hearing about new items and services through podcasting ad, around 62 percent of listeners will consider purchasing them. And 80 percent of people listen to the majority of a podcast program without skipping any advertisements.
Companies are increasingly employing strategies such as tracking URLs in advertisements, identifying individuals based on their IP addresses, and tapping into analytics inside platforms that track user behavior. Many listeners aren’t aware of the tactics that are being used. An upgrade to the Overcast podcast app, which was released recently, allows users to examine podcasts’ tools to monitor and market to them.
Podcast Popularity Rises During Covid-19
It was the COVID-19 lockdowns that contributed to the rapid increase of listeners. According to a poll done by Westwood One, “more than 90 percent of weekly podcast listeners reported spending approximately the same amount of time or more time with podcasts.” The Interactive Advertising Bureau (IAB) found that the agile podcast format rendered the medium immune to the pandemic’s effects, particularly in the advertising industry.
Podcasts Are Getting Easier To Produce
The rise in the number of podcast advertisements is primarily due to an increase in podcast consumption worldwide. Podcasting ad is also on the increase due to the lower barrier to entry into the industry. Spotify Advertising, for example, allows clients to generate audio advertising from text scripts completely free of charge. Then you can put those advertisements on Spotify.
In the past, running a single podcasting ad was a time-consuming endeavor. It was necessary for advertising to locate relevant podcasts. Make contact with the host or management. And then there’s the negotiating. On the other hand, we see tremendous development in podcast advertising markets such as Gumball, AdvertiseCast, Podcorn, and Midroll.
New Ways To Monetize
Podcasters are increasingly on the lookout for new revenue streams that go beyond standard advertising. For example, Luminary is based on the Netflix business model. To access content, users must pay $4.99 per month to Luminary, which does not provide a free platform. In addition, they compensate podcast hosts directly for the content they produce for their platform.
Another example of this podcasting trend is the popular podcasting service Podcorn. Podcorn is a marketplace for branded content podcast sponsorships that allows users to bid on and purchase sponsorships. Instead of using a CPM model, sponsor payments are determined by the podcast specialty, the topic knowledge of the host, and the length of time the brand has been integrated. Interview parts, roundtable discussions, reviews, and giveaways are all supported by Podcorn. The concept behind this new approach is that it would allow smaller and new podcasts to make money.
Live Podcasting Is Growing
There has been an upsurge in the number of hosts who wish to conduct live recordings in the podcasting community. In addition, to generate more income, platforms like Podbean charge an entrance fee when specific listeners have been reached. Other events, on the other hand, charge $63 per ticket on average. In addition to interviews and Q&A sessions, live episodes can take the shape of contests, phone-in discussions, and live coverage of events.
Facebook Live, YouTube Live, Twitch, Zoom, and Castbox Live are just a few of the popular live broadcasting choices available. In the last six years, live podcasting events have increased by more than 2000 percent.
Marketing Budgets For Podcast Advertising Is Increasing
Even though podcasts have been around for a long time, they are just now beginning to receive the respect and financing that they deserve. Podcasting ad is becoming increasingly popular as consumers move away from traditional advertising tactics such as television commercials and radio advertisements.
This tendency is expected to continue, as indicated by the increase in marketing spending. One reason for this is because podcasts may target a specific audience with greater accuracy than other media channels such as television or radio stations, which telecasted to everyone within range of their signal.
This makes them a desirable choice for marketers looking to reach a large audience of committed listeners. Podcasts may also be a very affordable approach to contact a large number of people to increase sales. When it comes to revenue, podcasters have many possibilities, including sponsorships, the sale of online courses, digital items, apparel, and more. This is because podcast advertisements can provide a high return on investment while posing a lower risk than other types of advertising.
Increased Understanding of Podcast Listeners Allows Data-Driven Decisions
Undoubtedly, the audience of the Podcast is a broad one. They are usually on the run, with many tasks and headphones on. This conduct leads marketers to ask where this area fits and how these audiences can best serve. As a result, marketers will need to develop new tactics for Podcast listeners to provide more customized experiences that give users what they desire, not simply what they had in the past.