We’ve seen how the radio industry has steadily increased its digital revenue, crossing the $1 billion mark in 2019, according to the RAB. As radio stations look to generate new business, to battle digital monsters Facebook and Google who are coming for their local ad dollars, could podcasting be radio’s next revenue star?
Radio has certainly gotten into the podcast content game, with big companies launching their own networks, some creating original content and most stations converting on-air shows to on-demand podcasts. Revenue has been somewhat elusive so far.
By now we’ve read all the predictions that podcasting will soon cross over the $1 billion ad mark. But, what will it take to reach $2 billion and how prepared is radio to capture that revenue?
On Monday, Radio Ink will give you an exclusive look at new data from Westwood One on what advertisers and agencies believe needs to happen to hit $2 billion. It’s data you can use to help pitch your podcasting plan and stay one step ahead when it comes to grabbing the bigger piece of the growing pocasting ad pie.
Next week is a big week – in a big city – for podcasting. Both Pofront L.A. and Podcast Movement’s new conference Evolutions are taking place. Westwood One will also be releasing a new study from advertisers and advertising agencies who were asked specifically about the growth of podcasting.
What we will find out in detail on Monday:
– Agencies and brands give poor marks on the current station of podcast measurement.
– Better measurement, along with attribution and stronger content are needed in order for brands to take podcasting seriously enough to push that revenue over the $2 billion mark.
– Podcasters should take a page from radio when they are being “tested.” Radio has learned that short-term tests will not work for an advertiser, and reflect poorly on the industry. Consistency and repetition are key to an advertisers audio success. The Westwood study will explain why advertisers who test a podcast with one ad per month are committing marketing malpractice, and, how many adds are needed in a podcast for a real test.
