As podcasts have grown more and more popular over the past few years, it was only a matter of time before advertisers took note of the trend and tried to take advantage of the emerging medium. Offering a highly attractive target audience – young, educated, high-income – as well as high trust scores, podcasts have become a great alternative to other media, especially for smaller brands seeking to reach a particular target group.
According to estimates from Statista Market Insights, global podcast ad spending has increased more than sixfold between 2017 and 2023, passing the billion-dollar mark for the first time in 2019. For this year, Statista's analysts are expecting podcast ad spending to reach $4 billion worldwide, with no ceiling in sight. Aside from growing adoption of podcasts around the world, the fact that advertising loads on podcasts are still low compared to other media creates a lot of potential for future growth.
