The tremendous growth of podcasting in recent years is creating new opportunities for marketers vying to reach larger audiences, including those that eschew traditional media.
As podcasting continues its meteoric rise—more than half of Americans have listened to at least one—brands are increasingly eager to leverage this audio format to advertise their goods or services. Others are taking a more ambitious road: producing their own podcasts, an indirect approach to advertising broadly defined as “sponsored content.”
To put this into perspective, Edison Research and Triton Digital, an audio technology company, surveyed 1,500 Americans aged 12 and older. The key takeaway: The total number of people who have ever listened to a podcast surpassed 50 percent for the first time—a “watershed moment for podcasting,” according to Tom Webster, senior vice president at Edison Research.
Brands are always cognizant of evolving media habits and budgeting for podcasts has become a priority—whether for advertising opportunities or creating their own shows.
'Inbound & Down' S05 E05: Why Your Business Needs a Podcast, with Jed Morey
In 2018, Nielsen researched consumer behavior and podcasting, culminating in a report titled ”A Marketer's Guide To Podcasting” that analyzed consumer spending based on podcast genre.
“Advertisers who can leverage the podcast audience may find a greater return on investment (ROI) since this group tends to spend more,” the report noted.
Among the highlights:
- Advertisers are increasingly adding podcasting to their media plans.
- Listeners frequently spend more at grocery stores on a weekly basis.
- “Avid” podcast fans favor shows about music, TV and movies, comedy and technology.
Jon Sasala, president of Morey Creative Studios and co-host of its in-house marketing podcast ‘Inbound & Down,’ says the trend toward marketing-driven podcasts isn’t all that surprising, given the prominence of on-demand content.
“Podcasts are replacing the typical broadcast form of audio entertainment," he explains. "Rather than being at the mercy of a handful of radio stations, either terrestrial or satellite, we now have access to almost anything we want when we want it. This has opened up possibilities beyond just music or talk radio a program director has scheduled out for us. Content that might have a relatively small audience, along with shows with mass appeal, all have an opportunity to be accessed equally."
While the aforementioned reports may confirm what the podcast industry has already suspected, the data suggests this format now transcends race, age, and gender, and will likely only continue to grow.
"The podcast 'flywheel' is one that's fueling itself," continues Sasala. "As more consumers discover and incorporate this form of entertainment into their daily lives, technology companies step in to make it more accessible. As it becomes more accessible, more content creators get into the space. As more content is created, more consumers come online to enjoy, and so on. The flywheel is spinning and the speed is increasing."
To learn more, check out this shareable infographic, replete with general podcast stats broken down by demographics and genre. If you’re a company looking to expand and maximize the reach of your brand to new audiences via podcasting, contact us today.
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