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Study: 49% of marketers expect to increase ad spend on podcasts

Study: 49% of marketers expect to increase ad spend on podcasts

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Podcasts have perked the interest of marketers in recent months with them being 10 times more likely to expect an increase, rather than a decrease, in podcast ad spend over the next five years. More specifically, 49% of marketers expect increased spending on the medium.

In Singapore, 37% expect a significant increase in ad spend over the same period, highlighting a continued and growing recognition of the value of podcast advertising within this emerging podcast market. However, 11% expect spend on the medium to decrease.

Don't miss: Why podcasts are the most influential channel in SG

These were the results of independent podcast company Acast’s latest study that surveyed marketing and advertising professionals across the USA, Canada, UK, Australia and Singapore. Acast’s study also revealed that 62% of marketers who have invested in podcast advertising before project increased ad spend in the coming years.

Why are podcasts a thriving medium?

When it comes to why marketers are so willing to spend on this audio format compared to streaming music or radio, podcasts have come in at number one across brand safety, accurate targeting, reaching affluent audiences and unduplicated research. Podcasts also rank first in reaching mentally engaged consumers.

In comparison, radio ranks second for the above categories except for reaching affluent audiences, for which it ranked third.

“This research demonstrates the incredible opportunity that podcasting creates for advertisers to connect with highly engaged and high-earning consumers,” said Tommy Walters, director of research and insights at Acast.

Walter also explained that simply reaching listeners is not enough and that marketers should look to new targeting tools and brand safety solutions that will enable advertisers to reach the right audiences in contextually relevant listening moments that align with a brand’s values.

In another 2023 study commissioned by Acast, it was found that in Singapore alone, there are a million listeners and that 93% embrace podcasts in their daily routine, easily positioning it as one of the most influential media channels in the country.

It was also found that 49% looked into a brand's social media after hearing about it on a podcast while 38% visited the brand's website. 33% on the other hand told friends and family about the brand while 20% made a purchase and 21% found a favourite brand through podcasts. 

Room to grow

Interestingly, only 16% of marketers have expressed concerns about excessive advertising on podcasts. In comparison, 35% were concerned about oversaturation on TV and 31% on social media, revealing the untapped potential of the space.

Marketers had the least concern with excessive advertising for outdoor mediums with only 13% expressing concern.

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Google podcasts shuts while YouTube axes Premium Lite subscription plan
Will podcasts be the next arena for brand safety issues?

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