Podcast networks report Q2 revenue growth, with positive signs for continued improvements in 2023
iHeartMedia, Spotify and Acast reported revenue growth between 12% and 31% year over year in their podcast businesses during the second quarter of 2023, with better performance compared to the first quarter of this year.
Executives told shareholders they are seeing improvements in the U.S. ad market and are bullish on continued growth in the third quarter and beyond.
During the three companies’ earnings calls, podcast execs discussed how they’ve shifted their strategies to be more mindful of overhead spending amid the podcast bubble bursting. They also outlined the ways they believe generative AI tools can help podcast creators and ad buyers.
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Source:: Digiday
