Libsyn Ads has released its May 2024 podcast advertising rates, with the average cost per thousand for a 60-second spot falling for the third month in a row. May’s average CPM was recorded at $21.63, showing a slight decrease from April’s average of $21.89 and down from $23.34 in May 2023.
The top-performing categories in terms of CPM were Technology at $27, Business at $25, and Education at $24. Additionally, categories such as Arts, Fiction, and TV & Film offered more accessible CPM rates, averaging in the high teens to low 20s, presenting opportunities for advertisers seeking highly engaged audiences at competitive prices.
Coming off a fruitful trip to the 2024 IAB Podcast Upfronts in New York City, Libsyn Ads is highlighting podcasting’s forecasted rebound. While revenue slowed to a 5% increase in 2023, the latest U.S. Podcast Advertising Revenue Study by IAB & PwC shows sector is expected to see a significant rebound, with a projected growth rate of 12% in 2024, aiming to reach nearly $2.6 billion by 2026.
Libsyn Chief Revenue Office Dave Hanley said, “With the evolution of podcasting adtech, advanced measurement tools, and enhanced brand safety and suitability levers, combined with new revenue streams from video and live events, podcasting has become the premier medium for investment.”
“As we venture into the latter half of 2024 and beyond, podcasting should continue to be a priority for marketers seeking targeted scale and genuine connections with listeners. It’s simply a powerful medium to capture attention, build brand awareness, and drive consumer action.”
