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May 10, 2022 11:20 pm

Podcasting Will Be Worth $4 Billion By 2024

According to figures from trade group IAB and PwC, the podcast advertising business in the United States is expected to grow to an estimated $4.2 billion in 2024. Variety reports: The sector hit $1.45 billion in 2021, representing 72% annual growth, according to the report. In 2021, U.S. podcast advertising revenue grew twice as fast as the total internet advertising market, which was up 35% last year, according to the 2021 PwC/IAB Internet Advertising Revenue Report. Still, U.S. podcast advertising revenue is poised to continue double-digit growth, growing more than 100% over the next two years to an estimated $4.2 billion in 2024, per the report. According to the latest IAB/PwC podcast report, three key factors are driving podcast ad revenue growth: the ongoing increase in listeners and content; increased use of automated ad tech, as ad revenue served via dynamic ad insertion (DAI) has almost doubled in two years to take 84% share in 2021 (versus ads embedded in podcast audio); and growth of ad spending in categories that historically had lower spend volumes like sports and true crime. "Everything right now is aligned to drive growth," said Chris Bruderle, IAB's VP of research and insights. "There's more engaging and diverse podcast content than ever, and that is translating into larger, more attractive audiences. But more than anything, podcasting has proven that it can deliver beyond direct-to-consumer advertising to support brand-building and drive business outcomes."

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