The top five largest podcast ad spenders all spent less in May than in April according to Magellan AI’s May 2024 Podcast Advertiser Report. This month’s analysis showcases a trend of decreasing spend, with Progressive and State Farm noting rare increases.
Top spender BetterHelp was way out in front with a $7,544,600 expenditure, primarily in the comedy genre. Amazon ($4.1 million) and Toyota ($3.3 million) follow, focusing their investments on sports podcasts.
The report also highlights the “top movers and shakers,” identifying brands like MeUndies and Rakuten with the most substantial increases in month-over-month spending, achieving 606% and 401% growth, respectively. Exceptional growth was seen by Knix, which spiked by 69,250%.
Magellan AI bases its findings on a proprietary model analyzing data from the top 3,000 US podcasts. This approach considers a range of factors including ad loads, episode downloads, and CPM rates to estimate advertising spend. For brands looking to delve deeper into podcast advertising effectiveness, Magellan AI offers customized demos detailing flighting, frequency, and historical data.
For additional insights from this analysis, Magellan AI will be holding a webinar to unpack the findings for May on June 27.
