Sunday, July 3, 2022

Podcasting will be a $4 billion industry by 2024

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Remember when podcasting became a $1 billion industry? So weird. Let’s get into it.

Podcasting Will Be A $4 Billion Industry In Two Years

These are audio heydays. Prior to the Podcast Upfronts, the Interactive Advertising Bureau and PricewaterhouseCoopers released their joint annual report on the podcasting business, projecting the industry to generate $2 billion in revenue this year and $4 billion in 2024.

That growth isn’t just because the number of podcasts and the time people spend listening to podcasts are increasing (although that can’t hurt). Much of it, IAB executives say, also comes from advances in ad technology that allow advertisers to better target audiences and encourage them to spend more.

The way ads are placed in podcasts has changed significantly in recent 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. Additionally, advertisers have traditionally placed ads based on podcast genre and content, casting a wide (and sometimes ineffective) net. Now, technology 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.

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

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

Audacy sees 37 percent growth in podcasting business

Audacy, the last of the top three private radio companies to report its first quarter results, echoed a similar theme to iHeartMedia and Cumulus: podcasts are a key growth area, especially as traditional broadcasters are dealing with hiccups in the advertising market. Revenue from ad-driven broadcasting grew 14 percent year over year, while podcasting far outperformed it by 37 percent growth

Podcasting is still a relatively small part of Audacy’s business model – the broadcast industry is three times the size of the digital operation, and podcasts only account for a part of that. But the company’s 2019 acquisition of Pineapple Street Studios and Cadence13 is paying off. It reported 32 million podcast listeners per month thanks to great hits like Cadence13’s Fly on the wall with Dana Carvey and David Spade and the Pineapple Street / Wondery collaboration will be wild

Audacy CFO Richard Schmaeling cited the IAB/PwC survey forecast that the podcast industry will grow 47 percent over the next year as a positive sign for the company’s trajectory. If the stock market continues like this, Audacy will need it. As B. Riley analyst Daniel Day told Hot Pod last weekNewer, cheaper sectors such as podcasting generally fare better in a recession than older media sectors such as television and radio.

Futuro Media and PRX win Pulitzer ahead soft

softa seven-part podcast produced by Futuro Media and PRX by Maria Hinojosa that follows three decades in the life of a man sentenced to life in prison as a minor, defeated competitors from NPR and NBC News to take the Pulitzer Prize for Audio Reporting† Hinojosa, the longtime host of public radio programs Latino USAfounded Futuro Media in 2010 and has since produced podcasts such as political show La Brega: Stories of the Puerto Rican Experience with WNYC and Everything for Selena with WBUR. This is Futuros first Pulitzer

“When I heard the news that ‘Suave’ won the Pulitzer Prize, I had a feeling that a tectonic shift was happening,” Hinojosa said in a statement. “The ‘Suave’ podcast was always sloppy from the start. Never in my life did I think we could win a Pulitzer. I think that’s why we won.”

PRX recently deepened his ties with Futuro, which is closing a distribution deal in February for podcasts like Latino Rebel Radio and Hinojosa-helmed In the thick

EXCLUSIVE: Patreon revamps the audio section of its app

The audio tab in the Patreon app is getting a filter. The filter is intended to make it easier to sort and listen to podcasts in the app. Users can select or delete unplayed, running, downloaded, or archived podcasts using the filter. The new feature rolled out to iOS users on Monday.

Even if tech giants like Spotify and Apple have allowed podcasters to offer subscriptions, early in the game, Patreon still has some heavy hitters like Maintenance phase: and Chapo Trap House† The company claims that podcasting on the platform has doubled in the last three years. “Podcasting continues to be one of the most popular industries on Patreon,” said Sandeep Rajan, senior product manager at Patreon, “and the redesigned audio tab is a direct response to our creators seeking to provide customers with an enhanced audio experience.”

Moves: Edison Podcast Data Leads Tom Webster To Sounds Profitable

Tom Webster, the researcher behind Edison’s The Infinite Clock Face audio industry report, goes to Bryan Barletta’s podcasting company publication, Sounds profitable† He will join as a partner and will continue to produce industry research. In addition, he will do consultancy work for audio companies and run his newsletter, I hear thingsin a monthly column.

Webster, who will leave at the end of this month, has been with Edison Research since 2004. When compiling The Infinite Clock Face, he started keeping podcast records in 2005, and after a decade of baby steps, he’s seen the industry explode in recent years. Still, he says, “it’s such an under-monetized space.” Bee Sounds profitable, he will work on more focused reports on the company. First, a survey of podcasters themselves.

That’s all for today! I’ll be back later this week with coverage of the Podcast Upfronts.


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