With Audacy and iHeartMedia doubling down on podcasts as the next big future growth sector for audio broadcast companies, a new podcasting ad forecast says the medium’s advertising sector is poised for substantial growth by the year 2032.
According to the latest Market.us research, the podcast sphere could reach a valuation of around $43 billion by 2032, marking a robust compound annual growth rate of 14.5%. This optimism stems from targeted, engaging advertising experiences to a highly involved audience.
Throughout the next eight years, the majority of the revenue is predicted to come from host-read advertisements followed by programmatic spots.
Despite a recent boom in Asia, North America stands out as the leading market for the future, benefiting from a large, mature podcasting ecosystem, high internet penetration, and a robust advertising market.
The Market.us forecast falls in line with a 2023 study by Acast, conducted across the USA, Canada, Australia, the UK, and Singapore. About 62% of global marketers with prior experience in podcast advertising expect the medium’s growth to continue, with intentions to boost ad spending. Singapore, witnessing the nascent stages of podcasting, sees 37% of marketers preparing for a significant uptick in advertising investment.
Radio companies are seeking to ride the shift in audio consumption patterns following Edison Research’s Q2 2023 Share of Ear data, which showed on-demand audio surpassing linear audio for the first time among listeners aged 13 and older.
On-demand platforms account for 50.3% of daily audio consumption, with linear platforms at 49.7%, marking a significant change from seven and a half years ago when linear listening led by 38 percentage points.
