US podcasting ad sales are estimated to grow 47% in 2022
The new study we are talking about comes from Interactive Advertising Bureau and PwC, and it does say exactly what we mention here: podcast ad revenue is expected to grow 47% in the US this year. And yes, reach the staggering $2.13 billion!
This is actually a new record high for this segment. Curiously enough, the actual growth rate is down year-over-year. In 2021, the podcast ad sector grew 72% to $1.45 billion… that’s actually twice as fast as total internet advertising revenue! It seems like podcast ad revenue is here to wipe the floor with all other internet ad revenue options (at least, in terms of growth that is).
The big kid in the block could continue its climb with double-digit growth, according to the study. US podcasting revenue is estimated to grow more than 100% in 2023, and reach $4.2 billion by 2024.
Okay, but how? According to the study, the main key factors that drive this growth spree are three. Those are increases in listeners, as well as content, increased use of automated ad tech, and the growth of ad spending in categories such as true crime and sports. Yes, those two categories have historically had lower spend volumes, but now advertisers seem to want to work with someone analyzing Jodi Arias’ case in a podcast.
Nevertheless, the podcast advertising revenue is growing at an incredibly fast pace. Even Apple (we all know that the company is trying to compete with Spotify and the like with its own podcast service, but it needs some work done on its Podcast app, that’s no secret) has increased its podcasting footprint.
