Podcasts becoming big business as ad revenues explode
In an era of streaming and on-demand entertainment, podcasting appears to be quietly becoming a media powerhouse, capturing listeners across the globe, according to new research.
UK commercial finance firm, ABC Finance, which doesn’t appear to have any podcasts of its own, has published a new report that claims to show how podcasts have evolved from niche broadcasts to the mass market over the past decade and show no signs of stopping any time soon.
In 2006, only 22% of Americans were familiar with the term 'podcast', now it’s closer to 60%, ABC noted in its latest report on the health of the industry,.
The company reported that podcast revenues have doubled in less than 3 years.
It also refers to a graphic which shows how they are expected to increase tenfold from a mere $69m in 2015, to an impressive $659m in 2020.
Lure of advertisers
Advertising through this medium is also proving extremely successful, ABC Finance said.
It noted that 65% of listeners claim they would be more likely to consider products they hear about via a podcast (with 43% admitting they have actively considered a purchase after listening to advertising on their favourite shows).
Moreover, 63% also admitted that their views on companies mentioned on a podcast were more positive.
This, ABC said, was likely because they come across as more targeted recommendations, rather than sales tactics.
Now, it seems everyone wants to muscle in on the success of podcasts, said ABC, with services such as Apple now seeing the likes of Spotify, Luminary and Castbox all fighting for a slice of the pie.
See all the winners from the Prolific London Awards
The inaugural event championed creative brilliance from across the capital