Podcast ad spend will surpass 2 billion this year!
By Cliff Dumas
Podcasting has seen tremendous growth in recent years and this trend is expected to continue in 2023. The podcast ad spend will surpass $2 billion this year, according to the IAB. Currently, podcasts account for nearly one-third of digital audio ad spend, and that projection will increase over time. With advancements in technology, the increasing popularity of smart speakers, and the rise of on-demand audio content, podcasting is poised to reach new heights in the coming year.
One of the biggest drivers of podcast growth in 2023 will be the continued rise of smart speakers. These devices allow users to listen to podcasts hands-free, making it easier and more convenient for people to tune in. With the increasing number of smart speakers in homes, it is expected that more people will turn to podcasts as a source of entertainment and information.
Another factor that will drive podcast growth in 2023 is the increasing popularity of on-demand audio content. With busy lifestyles, people are looking for convenient and engaging ways to consume information and entertainment. Podcasts, which can be accessed anytime and anywhere, are becoming increasingly popular as a result.
In addition to these trends, podcasting is also being embraced by businesses as a marketing tool. With over 100 million Americans tuning in to podcasts each month, podcasts have become an attractive platform for companies looking to advertise their products and services. In 2023, it is expected that businesses will continue to invest in podcast advertising, further fueling the growth of the industry.
The rise of podcasting has also resulted in the creation of new opportunities for content creators and entrepreneurs. Podcast hosting and distribution services have opened up new avenues for podcast creators to monetize their content, and this trend is expected to continue in 2023. With new podcasts and companies entering the market each year, the podcasting industry is poised for continued growth.
Podcasting is expected to continue its growth trajectory in 2023, driven by the increasing popularity of smart speakers, on-demand audio content, and podcast advertising. With a growing audience, new opportunities for monetization, and an expanding industry, 2023 is shaping up to be a promising year for podcasting.