 | | Chart and Data: Digital Media |
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US marketers are set to spend over $1 billion on podcast advertising by 2021 — here's what will power that growth…  |
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US marketers are set to spend over $1 billion on podcast advertising by 2021, up from $479 million in 2018, growth that will likely be powered by an uptick in content and user experience investment from major podcasting players.
Major streaming audio apps have invested in more high quality podcast content and augmented discoverability features, which we expect to boost audience size and engagement. That increased attention will make podcasts an even more appealing place for marketers to invest, and as such drive the expected rise in spend.
Here's a roundup of recent moves by major audio streaming services:
- Spotify bought podcast studios Anchor and Gimlet as part of its commitment to invest up to $500 million in podcasting acquisitions, and CEO Daniel Ek said he is looking to have podcasts account for 20% of streaming consumption on the platform. Spotify has also made tweaks to its app to better emphasize podcasts, like adding podcasts to personal playlist suggestions, and enhancing recommendations through AI machine learning. .
- Apple recently announced development of…
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