The podcast industry brought in US$479 million ad dollars last year, a 53 per cent increase from 2017, a continuation of a strong, positive growth trend according to the latest report from PwC and IAB.
The booming industry has some fan favourites, with the top five podcast genres making up a little over 65 per cent of all advertising revenue this past year. Podcasts that fall under the news, politics, and current events category took home the biggest chunk of advertising revenue in 2018, an improvement over 2017 for the genre. Comedy and business podcasts came in second and third, making up 13.9 and 12.8 per cent of revenue respectively. According to the CEO of Authentic and Podtrac, the genres that attracted the most advertisers correlates closely with the areas that have the largest audiences, a good indication of how content is developing.
The push into an audio-first environment is driving the growth of podcasts and the advertising attached to the medium. The various players getting into the distribution game, most recently Spotify and Luminary, are setting the stage for even higher growth potential as consumers find new and easier ways for accessing content. Podcast audiences already show high levels of engagement and brand loyalty with advertisers on their shows, a promising sign for the growing industry.
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Chart by Statista.
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