55% of Australian marketers can anticipate an increase in ad spend for podcasts over the next five years, a new study by Acast has found.
The independent podcast company’s research looked into marketers based in the USA, Canada, Australia, the UK and Singapore between September and October 2023 and found marketers are ten times more likely to predict an increase rather than a decrease in podcast ad spend over the next five years.
Canada and the USA can also expect more than half of marketers to anticipate increasing podcast ad spending in the next five years, in line with Australia’s figures. Meanwhile Singapore, a market in the early stages of podcasting, 37% expect a significant increase in ad spend over the same period.
Acast noted the results signal a continued and growing recognition of the value of podcast advertising within both established and emerging markets.
Greg Glenday, chief business officer at Acast, said with a footprint in over 15 different markets, they understand the power podcasting has in connecting advertisers with the right audiences for their unique brand stories.
“This research shows that marketers around the world also recognise the immense value of podcast audiences,” he said.
“That’s why for nearly a decade, Acast has continued to be a trailblazer in ad tech innovations that enable advertisers to best reach these high-value podcast audiences in every corner of the globe,” Glenday added.
Podcasts also ranked as a top performer by marketers in comparison to streaming music and radio for accurate targeting and unduplicated reach, as well as for connecting with both mentally engaged and affluent audiences for marketers, according to the research.
However, these marketers ranked the medium second for brand safety.
Tommy Walters, director of research and insights at Acast, said the podcast company’s research shows the opportunity podcasting creates for advertisers to connect with highly engaged and high-earning consumers.
“At Acast, we know that simply reaching those listeners isn’t enough and as such continue to create new targeting tools and brand safety solutions that enable advertisers to reach the right audiences in the most contextually relevant moment of their listening experience that also aligns with the brand’s values,” he added.