As brands follow in the footsteps of P&G in bracing major campaigns with the reach of radio and podcasts, perceptions about audio marketing continue on an upward trajectory. New year-end data from Veritonic is emphasizing the strength of audio ads.
According to a Lumen AM/FM Radio and Podcast Attention Study, audio ads are 128% stronger than TV ads in terms of attentiveness scores. Spotify research further indicates that audio ads are more than twice as likely to lift purchase intent compared to display ads.
GroupM estimates a 10.9% increase in digital audio revenue in 2023, reaching $9.9 billion by 2028. This growth is attributed to the compelling and immersive nature of audio as a marketing channel, providing a soundtrack to audiences’ everyday lives and offering a unique brand-to-listener experience.
Another finding of the report is the growing investment outside of traditional AM/FM streams. The top ten brands to advertise on podcasts have committed more than $68 million. This investment is driven by the substantial consumption of podcasts in the US, where over 200 million individuals listen weekly.
The study further reveals that heavy podcast listeners, constituting the top 25% of hours listened per week, find podcasts particularly motivating and inspiring. These listeners are 158% more likely to immerse themselves in podcast content compared to other audio platforms.
The emotional impact of audio is also highlighted, with participants reporting feelings of loneliness and disconnection when deprived of radio or podcast listening for three days. More information and data can be found in Veritonic’s 2023 Insights Package.
