Advertisers Are Turning Up Their Audio. Loud.

By Idil Cakim, SVP, Research & Insights, Audacy

The latest ad revenue report from PwC published by the IAB shows monumental YOY growth: Digital advertising revenue is up +35%, the strongest gain in 15 years and 3x that of 2020. What’s most noteworthy is that audio streaming revenue is up +59% YOY. And audio streaming growth is outpacing investments in video, social and search.

It is time to wake up and smell the coffee. These numbers confirm a seismic shift in the marketing mix. Audio is poised to earn its fair share in the digital space. Publishers and advertisers alike need to pair themselves closely with consumer habits and drive revenue. 

Even with this stellar growth, there is room for more (ears) and an urgent need for optimization. Audacy’s Audio ROAS study with Neustar has shown national brands’ media plans are typically underinvested in audio. And if they are invested in audio, there is an imbalance between OTA and digital buys. Shifting just 1% of inefficient dollars to audio and optimizing plans yields up to +23% increase in audio ROAS.

Today, much of this investment is clustered among top advertisers. As consumers continue to binge on their favorite podcasts and carry their stations with them on their phones, more brands will want to join these experiences in creative ways. Now is the time to amp up your audio!Explore The Full Report HERE

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