May 1, 2023

Audacy Releases Fourth “State of Audio” Guide

Audio Ads Drive 45% of U.S. Adults to Buy and Try Products, According to the Latest Installment

PHILADELPHIA, PA – May 1, 2023 – Audacy has released its latest “State of Audio” Guide. The fourth installment of their bi-annual e-book explores audio’s impact throughout the brand funnel, from awareness and intention to action. Highlighting case studies from today’s biggest brands, the guide gives advertisers a look into how they can use radio, podcasts and streaming for everything from brand awareness to consumer purchase.

“Audio holds the title as the undisputed leader of brand-building channels—working its magic with the one-two punch of massive reach and beloved and trusted personalities,” said Paul Suchman, chief marketing officer, Audacy. “But if you’re thinking of Audio as just a top-of-funnel play—good for sparking a conversation but not driving conversion—think again. The truth is the game has expanded in recent years, and audio is now a truly multi-purpose platform. Thanks to precision targeting, authentic influencers whose listeners follow them across channels, and advanced measurement, marketers are uncovering the best-kept secret in media–audio’s ability to drive impact at every funnel stage.”

Key metrics from the guide include:

According to Forrester Consulting, for 61% of marketers, improving full-funnel media investment is a high or critical priority over the next 12 months.
When looking at the entire funnel – Audio’s performance in awareness is closely followed by its effectiveness in consideration and conversion.

Radio outperforms other media in conversion metrics driving 48% of US Adults 18+ to purchase, beating TV (44%), social media (38%), and video (26%).
The Big Story? Audio’s ability to convert compared to other channels—even powerhouse purchase drivers like social media, digital ads, and online videos.

Source: Nielsen, Commspoint Influence; Channel rankings consider cost and include US MRI Simmons 2022 data; Audio = Radio ads, online radio ads, and podcast ads.

Using the power of radio’s reach amplifies all other channels – boosting the performance of other media by 17+%.
Podcast performance is amplified when advertisers combine host reads and a scaled network buy.

Advice for Advertisers:

Think beyond awareness: Audio should be part of all media plans
Use all audio channels: Sticking to just one leaves audiences and performance on the table
Look for efficiencies: Audio’s ability to deliver performance combined with its efficiency beats expensive and shrinking TV audiences and skyrocketing digital CPMs.
Track audio performance: every audio channel is measurable, and those metrics must be incorporated into any campaign’s KPIs.

The data for the media channel rankings across the purchase funnel are based on Nielsen’s Commspoint Influence platform, Planning Insights. It includes costs and US 2022 MRI Simmons data. Audio includes radio, online radio and podcasts. Social media includes Facebook, Instagram, Twitter, TikTok and Pinterest.

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About Audacy

Audacy, Inc. is a leading scaled, multi-platform audio content and entertainment company that connects with 200 million consumers. Powered by its exclusive, premium audio content that includes unrivaled leadership positions in news and sports radio, Audacy operates one of the country’s two scaled radio broadcasting groups, a rapidly growing direct-to-consumer digital audio platform, multiple audio networks, a major event business and a leading, award-winning podcast studio and network. Learn more at www.audacyinc.com, Facebook, X, LinkedIn and Instagram.