As podcast revenue heads for a record year, July 2024 saw sizable increases in brand spend, even as global markets continued to see uncertainty. Magellan AI’s latest monthly rankings check in on the sector’s top spenders as well as the advertisers to watch.
BetterHelp topped the charts as the highest spender in July, allocating $7,546,800 to podcast ads, primarily in the comedy genre. Amazon ranked second with $5,635,400 in spend with a focus on sports podcasts. T-Mobile, despite a reduction in spending, remained in the top three with an investment of $4,953,700, also leaning toward sports podcasts.
The automotive sector showed a prominent presence, represented by Toyota who spent $4,742,300 in July, even as they slightly reduced their spending from the previous month. Shopify rounded out the top five, spending $3,676,600, continuing to target sports podcast listeners.
In terms of rapid growth, Wells Fargo led the movers and shakers with a 579% increase in spending, totaling $1,032,600. Sleep Number and Lenovo also made notable leaps with 321% and a first step into podcast advertising, respectively.
Radio’s top national advertiser for July, Progressive, was one of the few top performers to decrease its spend, ranking twelfth with $1.86 million.
Sports and comedy podcasts, in particular, are proving to be highly lucrative channels for these top-spending brands, despite comedy series having one of the lowest Cost per Thousand rates.
