Podcasts are a powerful branding tool
Advertising revenue is expected to increase 85% this year.
If you regularly listen to podcasts, you know how omnipresent and powerful audio advertising is. You probably know all about how Mail Chimp works, how user-friendly Squarespace is, and how fun Blue Apron makes cooking.
As the founder of a podcasting production company, I know that the immersive nature of audio content, generated directly from a brand using quality production and great storytelling, is a potent marketing tool.
But a new report from the IAB and PwC reveals just how powerful of an advertising platform podcasts can be.
For the last three years, podcasts have been growing astronomically, but 2017 is set to be the best year for the industry yet.
The new report from PwC has forecasted an 85 percent jump in podcast advertising revenue for 2017. Which means, if the prediction proves accurate, the podcast advertising business will hit $220 million, increasing by over $100 million in just one year.
This research is intriguing for my business not just because it reveals that ad revenue for podcasts is significant. But also because it explores what types of advertising create the greatest revenue for podcasts.
For instance, the report found that advertisers prefer ads that are read by podcast hosts as opposed to pre-produced advertisements that are then embedded into a podcast.
Most importantly for my business, however, the report found that brand-awareness and branded-content campaigns are growing fast.
“It makes sense to dip your toe in if you’re a brand of any size,” says David Silverman, a partner at PwC US. “The market’s big enough, and it’s worth spending the money in this space.”
I am in fierce agreement with David Silverman. The results of this study confirm what I have experienced first-hand: podcasting is fast becoming one of the best methods for marketing brands.
The report illustrates that when a brand gets into the podcasting game, creating their own content, it increases brand visibility and doubles the intrigue.
The podcasting industry is young, and companies are still working out how to advertise their brand most effectively. These sorts of reports are crucial for podcasting publishers, like myself, because they give us a greater idea of how to do just that.