- Companies offering consumer products and services are majorly using the podcast advertising marketing strategy to spotlight their brands and services. Podcast advertising is more reliable and makes it easy to reach many untapped markets in different regions.
- Podcast is a medium to broadcast an audio file to different podcast application users. The increasing popularity of podcast platforms such as Google Play, iTunes, and Spotify is creasing the perfect base for companies to reach maximum customers to bring about product awareness.
- Podcast advertising helps in increasing the customer leads for specific products of a company and helps to increase the customer base.
- The podcast works on auditory and mobile platform, so many users are using the podcast services were video files and messaging is an inconvenient for user.
- Podcast advertisements service providers are offering and broadcasted different type of ads such as brand awareness advertisement and branded content ads for generating more sales leads and increase brand awareness.
- Increasing awareness of the podcast advertising strategy in different industries is expected to drive the demand for podcast advertising services in the upcoming years.
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Key Drivers of the Podcast Advertising Market
- Increasing demand for podcast content and rapid growth in podcast platforms is expected to drive the growth of the market. Content broadcasting companies are increasing the adoption of podcast advertising in apps due to the increasing media traffic from teenagers and children, which is expected to boost the growth of the market.
- Adoption of podcast advertising helps to get exposure for new products and increases brand awareness. This is expected to create better business opportunities for providers of podcast advertising services.
Lack of awareness among consumers about podcast platforms in several regions expected to hinder the market
- Lack of awareness about the podcast platform services among the smartphone users in many regions may restrain the growth of the market.
- Low adoption of smart devices in some countries for using podcast services is also expected to hamper growth of the market.
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Impact of COVID-19 on the Global Podcast Advertising Market
- Companies are expanding their geographical presence to capture more market share in Asia Pacific due to increasing impact of COVID-19 on business growth. Companies are adopting new business strategies in advertisement broadcasting which creates opportunities for manufacturers to offer more exposure to their products on social or entertainment platforms.
- Different product manufacturing and services companies are adopting podcast advertising platforms to increase their product sales revenue through awareness on digital platforms. Demand for podcast advertising is increasing during COVID-19 and is also set to increase during the forecast period.
North America to Hold Major Share of the Global Podcast Advertising Market
- North America holds prominent share of the podcast advertising market due to increasing adoption of smart devices among teenagers and increasing number of podcast users.
- The podcast advertising market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide podcast services across the region and also due to the rising number of users of podcast platforms.
Key Players Operating in the Global Podcast Advertising Market
- Midroll Media
Midroll Media is a global digital media company providing a 360-degree suite of distribution, production, and monetization services to individual content or product creators. The company offers podcast advertisement services to different businesses. The announcer or host endorses the different products on their podcast platforms.
PodcastOne is a leading podcast advertisement supported and digital audio network company. It offers different services in podcast such as content creation and brand distribution & integration for different industries. The company operates its business with a strong platform installation rate of 2.1 billion downloads yearly with more than 350 episodes weekly.
Other key players operating in the global podcast advertising market include AdvertiseCast, Clear Link Technologies, LLC, True Native Media, AdsWizz, Inc., and Targetspot.
Global Podcast Advertising Market: Research Scope
Global Podcast Advertising Market, by Advertisement Type
- Announcer-read/Pre-produced Ads
- Host-Read Ads
- Supplied Ads (Radio/Non Radio)
Global Podcast Advertising Market, by Program Type
Global Podcast Advertising Market, by Application
- Residential Products
- Commercial Products
Global Podcast Advertising Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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