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While the radio star was supposedly killed by video, he’s been rather resistant to podcasts.
According to eMarketer, US ad spend on terrestrial (land-based) radio is forecast to hit $12B this year, vs. $1B for podcasts.
Based on Spotify’s recent “Stream On” keynote presentation, though, the podcast ad industry could be headed for huge growth.
This is thanks to a few quirks with the format:
That’s why when a host reads the ad, it’s typically done in a direct response format (e.g., “use code TRUNG for your bullet-proof socks”), which can be easily measured.
This change allows for the creation of a new advertising framework, which is being boosted by 2 key acquisitions: Anchor (podcast production) and Megaphone (podcast ad platform).
Spotify’s “Stream On” highlighted 3 advertising developments:
These developments go hand-in-hand with Spotify’s huge spend on talent, including the likes of Joe Rogan, the Obamas, and Bill Simmons.
There’s been a flurry of activity in the podcast space in recent years:
As for our old friend radio?
The research firm eMarketer forecasts double-digit billions in revenue for years to come. (They add that 2021 will be a peak and that radio won’t reach “pre-pandemic highs” again.)
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