Advertising industry body the IAB has published its latest forecasts for podcast ad revenues in the US. No surprises here: it expects strong growth.
In fact, its report claims that podcasts pulled in $1.4bn ad dollars in 2021, growing twice as fast as the overall advertising market. It predicts revenues of more than $2bn in 2022, and more than $4bn by 2024.
This is all growing faster than the IAB expected: as Tubefilter pointed out, a year ago the body was predicting $1bn of US podcast ad revenues in 2021 and $2bn by 2023, so the market could be a year ahead of its original forecasts.
This will be music to the ears of Spotify – whose ‘audio first’ strategy hasn’t quite been winning over investors in recent times – as well as all the other music streaming services who’ve piled into spoken-word content in recent years.
“Everything right now is aligned to drive growth. There’s more engaging and diverse podcast content than ever, and that is translating into larger, more attractive audiences,” said IAB VP of research and insights Chris Bruderle.
Get A Free Music Ally Account
Access unlimited News articles on the site, PLUS a trial of Music Ally’s subscriber-only services, including our industry-leading daily Bulletin email.