New podcast studies showing growth in ad spend, listeners suggest the bubble hasn’t burst
A slew of new reports on the podcast market in the last few weeks are revealing an increase in both listeners and advertising spend on the medium, suggesting that, while the shininess around podcasts has worn off a little, the industry is still growing (and seemingly disproportionately for the biggest players in the space).
That’s not to say there hasn’t been a contraction in the podcast market this year. Podcast platforms and networks, like Spotify and NPR, have cut their slate of shows and undergone layoffs. Paramount said it would launch fewer podcast shows this year than in years past. Some podcasters cut down on their slate of shows as part of a strategy to refocus their audio businesses on flagship podcasts.
But these decisions were not necessarily due to a lack of ad investment, according to Lauren Russo, evp and managing partner of innovation & performance audio at ad agency Horizon Media. It’s more so because of the bloated deals that had taken place during the pandemic (when listening peaked during lockdowns), she added.
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Source:: Digiday
