Edison Research started November by revealing five new “megatrends” in the audio marketing space that will play key roles in 2024 and beyond. The information was collected and defined in partnership with Amazon Ads, to show advertisers how important audio remains.
The past decade has seen streaming audio transition from a burgeoning service to a media mainstay. Streaming’s slice of the audio pie now stands at a 41% share, a 159% rise from a decade ago. This expansion has occurred partly at the expense of traditional AM/FM radio, though recent data has indicated a leveling in the ratio of time spent between the two mediums for the past two years.
Edison and Amazon noted a significant 78% of listeners recall brand messages in audio ads. This recall is not limited to free services; even within the realm of paid subscriptions, 81% of users engage with ad-supported content. Advertisements through streaming audio platforms are seen as less disruptive and harder to ignore than other digital ad formats, according to 63% and 60% of listeners, respectively.
Smart technology, particularly smart speakers, has also influenced audio consumption habits dramatically. Ownership of these devices has skyrocketed by 414% since 2017, with owners showing a 20% greater likelihood to stream audio. These users are not just more numerous; they’re also more engaged, listening to audio content for nearly five hours daily, which is 12% longer than those without smart speakers.
As such, the home has emerged as the primary venue for audio engagement, with 58% of all listening occurring domestically—a figure that has remained steady post-pandemic. The shift towards more home-based listening seems to be a persistent one, with a significant portion of the population reporting an increase in home listening over the past three years. This also ties into recent findings about the rise of listening to radio stations’ digital streams on internet-connected Smart TVs.
The “Audio In Evolution” study not only charts the remarkable ascent of new audio listening but also affirms its lasting presence and impact on consumer habits and marketing strategies. For advertisers, the takeaway is clear: audio represents a robust, engaging medium to connect with audiences.
It would be great if in home listening was making a come back, but I wonder how much of what was reported in this survey was obtained during the height of Covid when a whole lot more people were at home.