Why brands are choosing podcasting

By Cliff Dumas

Podcasting has come a long way since its inception in 2004. This year it is clear that it has become a mainstream media platform with significant growth potential. According to Triton Digital's 2022 report, the global podcasting industry is expected to surpass $1 billion in revenue by end of 2023, with the US and Canada being major contributors to this growth.

In the US, podcasting has become increasingly popular, with 78% of Americans being familiar with the term "podcasting," and 57% having listened to a podcast in 2022, according to Edison Research. Moreover, the same report stated that over one-third of Americans listen to podcasts monthly. In Canada, podcast listening has also grown significantly, with over 10 million Canadians (over 30% of the population) tuning in to podcasts every month, according to The Canadian Podcast Listener 2022 report.

One of the main reasons for the growth of podcasting is the ease of access and convenience that it offers. Listeners can consume content on their own time, whether it be during their commute while exercising, or doing household chores. Additionally, the quality of content has improved, with high-profile celebrities, journalists, and influencers creating their own podcasts and sharing their expertise and insights.

Brands have also recognized the potential of podcasting and have begun integrating it into their digital content and advertising strategies. Like Coke, The SIP, short for The Coke Scholars Ignite Podcast, shares a taste of the Coke Scholars around the world who are igniting positive change. Coca-Cola Scholars uplift others. The SIP shares the stories of Coke Scholars who are solving real-world problems and making the world a better place to energize, inspire, and connect listeners. According to Triton Digital's 2022 report, podcast advertising in the US is expected to reach $1.33 billion by 2023, and in Canada, it is expected to reach $91 million by the same year.

Podcasts provide an opportunity for brands to connect with consumers in an intimate and authentic way. By sponsoring or creating their own podcasts, brands can share their story, educate consumers about their products and services, and build brand loyalty. Moreover, podcast advertising has a higher engagement rate compared to other forms of digital advertising, with 65% of podcast listeners being more willing to consider a brand after hearing their advertisement on a podcast, according to Midroll Media's 2021 report.

Brands continue to recognize the potential of connecting with their target audience through the creation of podcast content and at the very least exploring the impact of podcast advertising. This trend is expected to continue to grow as more companies integrate it into their digital content and advertising strategies.

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