New figures show podcast revenue is set to surpass US$1 billion ($AU1.4b) in 2021 as the popularity of the format continues to grow amid the global pandemic.
In eMarketer’s latest projection of ad revenue to podcasting, it’s also been revealed podcasts will capture 20 per cent of digital radio ad spending in 2020.
eMarketer’s summary states: “By the end of 2020, podcast ad spending in the US will reach $782.0 million, up 10.4 per cent from last year, giving it a 21.0 per cent share of the US digital radio ad market. And in 2021, spending will jump nearly 45 per cent to $1.13 billion.”
“Growth in podcast advertising spend will be more resilient this year relative to digital radio advertising as a whole, which will see double-digit declines,” said eMarketer forecasting director at Insider Intelligence Shelleen Shum.
“The continued growth in podcast advertising is no surprise, as investments have made podcasts accessible to a wider audience. The news genre, a focus of many podcast advertisers, has performed well during the pandemic. While some ad campaigns were paused in H1 due to the uncertainty from COVID-19 lockdowns, we expect a rebound in Q3 and Q4.”
Meanwhile, the Australian podcast market continues to rise, with Deloitte predicting the podcast market to hit $47 million by the end of the year.
However, this a small dent in comparison to Commercial Radio Australia’s recent figures, which revealed Australian metro radio stations earned $643 million in ad revenue in the 2019/20 financial year.
