Podcast companies see signs of an improved ad market in 2024
iHeartMedia, Spotify, SiriusXM and Acast reported year over year revenue growth in their podcast businesses during the fourth quarter of 2023. During their Q4 earnings calls, company executives noted signs of an improving advertising market heading into 2024.
Spotify and Acast, in particular, are expecting their podcast businesses to reach profitability for the first time in 2024. Execs at iHeart, Spotify and Acast told shareholders in fourth quarter earnings calls this month that they were seeing the ad market emerge from the slowdown in 2023, especially in the second half of last year.
“We expect 2024 to be back in growth mode, as we continue to see signs of improvement throughout our business and the broader advertising marketplace,” Rich Bressler, president, COO and CFO of iHeartMedia, said in the earnings call on Thursday.
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Source:: Digiday
