Lost in transmission: what’s behind the audio ad spend disconnect?
Even though popularity of audio continues to soar, marketers remain hesitant to invest – so what’s stopping them and how can you get past it?
Video hasn’t killed the audio star, far from it – prick up your ears as Caitlin Wilson, Media Account Manager, Tug, explains how we can allay the industry’s obsession with capturing eyeballs…
While media buzz has mostly revolved around the continued ascendence of digital video viewing, audio has also hit its own elevated pitch. Podcast listening has increased by 200 percent over the past five years, with sharp audience growth encouraging eMarketer to upwardly revise previous forecasts. Indeed, its 2020 predictions were upgraded by almost 3 percent, clocking listener numbers at over 39 million this year.
Soaring popularity is tied to greater content accessibility. Acast, for instance, now offers over 40,000 shows, and Spotify’s cross-device service is attracting more and more listeners: soon due to reach 18 million in the UK. What’s more, this growing audience has been found to be receptive to advertising. Studies show that not only are 78 percent of listeners willing to accept ads and sponsorship spots, but 65 percent say promotional messages actually increase their purchase intent, with 45 percent inspired to visit the sites of featured brands after hearing ads.
With a growing, receptive audience and new opportunities provided by platform investment and emerging technology, advertisers would be wise to look beyond the noise of the crowded video ad marketplace and tune in to the untapped potential of audio.