With IAB research showing US podcast ad revenue is expected to hit $2.28 billion in 2023 and is projected to reach $4 billion by 2025, Libsyn AdvertiseCast CRO Dave Hanley has shared his five key predictions for podcast advertising in 2024.
First is an expected rise in regional and local advertisers in the podcast space following a massive increase in data-driven geo-targeting. On the other side of that prediction is a significant untapped potential in cause-based advertising in podcasts. Hanley believes the influential voice of podcast hosts can be a powerful tool for promoting social and environmental causes, as well as political campaigns, especially with the 2024 election cycle approaching.
When it comes to AI, Hanley adds 2024 is likely to see an increase in the adoption of AI and predictive contextual targeting to enhance ad resonance with targeted audiences, improving precision and effectiveness. This ties in with his fourth point, which is the continued shift in focus towards ensuring brand suitability and authenticity in tone while partnering with the right content creators.
Finally, Hanley says podcasting will continue its trend of branching out beyond audio and go deeper into video as platforms like YouTube become podcast hotspots.
“Podcasting has emerged as one of the fastest-growing advertising channels, and its trajectory remains on an upward curve. With greater access to sophisticated audience-based targeting and attribution measurement, new advertisers are capitalizing on the expanding opportunities to achieve their brand goals, be it direct response or brand awareness,” said Hanley in closing.
