By 2024, the podcasting sector will be worth $ 4 billion

By 2024, the podcasting sector will be worth $ 4 billion

The audio industry is booming right now. The Interactive Advertising Bureau and PricewaterhouseCoopers released their annual joint analysis on the podcasting sector ahead of the Podcast Upfronts, predicting that revenue will reach $2 billion this year and $4 billion by 2024.

By 2024, the podcasting sector will be worth $ 4 billion

The way ads are placed in podcasts has changed significantly over the last couple of years. Dynamically placed ads made up less than half of the podcast ad market in 2019; last year, 84 percent of ads were dynamically inserted into podcasts. Plus, advertisers traditionally placed ads based on podcast genre and content, which casts a wide (and sometimes ineffective) net. Now the tech has improved to target listeners based on location, age, and gender, and there are better methods for advertisers to track whether their spots had any effect on listeners.

That growth isn’t just due to an increase in the number of podcasts and the amount of time people spend listening to them (though that helps). most of it stems from advancements in ad technology that allow advertisers to better target viewers and persuade them to spend more money.

That shift has had a number of effects. First, it encourages advertisers to spend more money if they are seeing better results. Second, it enables podcasters to effectively monetize their back catalogs by allowing them to place new ads in old episodes. “The value is not just from an advertiser perspective; it’s also from a creator perspective,” said Eric John, vice president of the IAB Media Center.

While the idea that podcast ads will be more closely tracking listeners may make some people uncomfortable, that influx of ad money is also necessary for the industry to grow. Podcasts don’t run on dreams, people!

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