Chart of the week: Is the future of podcasting in the ad business?
The current major gap in advertising on podcasts is the lack of standardised ad-tracking metrics. Buyers are looking for those same granular metrics, like impressions, that are commonplace in other digital buys when exploring podcasting as an option for a campaign.
With the development of metrics in the advertising landscape, advertisers can begin to use standardised data-driven checks to see whether listeners are in fact listening to their ads. Apple kicked off the push for more transparency on how people consume podcasts in 2017 when it opened analytics to podcast publishers. Some notable developments in this field were continued in December 2018, when NPR released the Remote Audio Data (RAD) system and IAB created a podcast measurement certificate programme.
Despite the progress that the podcasting-ad market still must make, advertising revenue from podcasts is projected to grow by almost 30 per cent in the US this year alone. That year-over-year growth is part of a general upward trend, with IAB and PwC estimating that between 2016 and 2020 ad revenue from podcasting is forecasted to increase by 290 per cent.
Download the chart here.
Chart by Statista
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