That was just one conclusion from a new Westwood One report released Monday. The team at Westwood wanted to know what it would take to get advertisers to reach the $2 billion spending mark. Here’s what they found out.
Only 5% rate podcast measurement and attribution as “excellent,” according to the 95 executives that participated in the Westwood study. Sixty-four percent say it’s “fair” and 19% gave podcast measurement a poor ranking. Compared to prior years, 43% indicate the current state of attribution and measurement is getting better. Fifty-seven percent say things are about the same. No one feels it is getting worse, somewhat akin to saying you cannot fall off the floor.
Additional points from the study…
Podcasting needs a monthly reach of 44% to hit the tipping point of meaningful advertiser investment. Agency buyers, planners, and brands say podcast monthly reach will have to grow 12 points for spending to hit an inflection point.
The most used podcast test buy parameters are five podcasts, three ads in each podcast per week, a seven-week campaign, and a test campaign running each week.