Audio Advertising - Chile | Statista Market Forecast

Ad spending in the Audio Advertising market in Chile is forecasted to reach US$121.00m in 2024.
The largest market is Traditional Radio Advertising with a market volume of US$105.50m in 2024.
When compared globally, the United States is expected to generate the highest ad spending of US$19.07bn in 2024.
The average ad spending per listener in the Traditional Radio Advertising market is projected to be US$8.69 in 2024.
Chile's Audio Advertising market is seeing a surge in programmatic ad buying, leveraging technology to target audiences effectively and efficiently.

Definition:
Audio Advertising refers to advertising via traditional radio and digital audio. The category of Traditional Radio Advertising refers to advertising on the program service of a terrestrial radio station or network (terrestrial radio broadcasting and satellite radio services in the U.S. and Canada). Digital Audio Advertising includes all ad revenue generated through pre- and in-stream audio ads that appear in music (music also includes all kinds of radio services) and podcast streaming services

Structure:

Traditional Radio Advertising includes all types of spot formats of traditional radio advertising (e.g., classic spots, live reader, content spots, allonge). It also includes direct (local) advertising, in which advertisers reach out to individual stations, and indirect (national) advertising, in which advertisers employ media buying agencies to manage their advertising purchases from individual stations.
Digital Audio Advertising includes ad-supported free versions of premium subscription services or services funded by advertising. Formats can be single spots, tandem spots, or popular special advertising formats such as presenting, on-air promotions, and infomercials, directly embedded in the audio file or dynamically inserted.

Additional information:
Audio Advertising comprises advertising spending, users, and average revenue per user. The market only displays B2B spending. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Additional definitions of Traditional Radio Advertising and Digital Audio Advertising can be found on the respective pages. For more information on the data displayed, use the info button right next to the boxes.

Traditional Radio Advertising broadcasting on the program service of a terrestrial radio station or network
Digital Audio Advertising through pre- and in-Stream Audio Ads that appear in music and podcast streaming services

Banner or Video ads included only in the web player of the streaming service

The Audio Advertising market in Chile is experiencing significant growth and development.

Customer preferences: Customers in Chile are increasingly turning to audio advertising as a means of reaching their target audience. This is due to the growing popularity of audio streaming platforms and the increasing use of mobile devices for consuming media. In addition, the convenience and accessibility of audio advertising make it an attractive option for advertisers looking to engage with consumers in a more personal and immersive way.

Trends in the market: One of the key trends in the audio advertising market in Chile is the rise of podcast advertising. Podcasts have gained popularity among Chilean consumers, with a wide range of topics and genres available. Advertisers are recognizing the potential of podcast advertising to reach a highly engaged and targeted audience. This trend is further supported by the increasing number of local podcast creators and the growing investment in podcast production. Another trend in the market is the integration of programmatic advertising in the audio space. Programmatic advertising allows for more targeted and personalized ad placements, based on factors such as listener demographics and interests. This trend is driven by the increasing adoption of programmatic technology by advertisers and the availability of data-driven insights in the audio advertising ecosystem.

Local special circumstances: Chile has a strong and growing digital infrastructure, with high internet penetration rates and widespread access to mobile devices. This provides a favorable environment for the growth of audio advertising, as consumers have easy access to audio streaming platforms and can listen to content on the go. Furthermore, the Chilean population has shown a preference for mobile devices, making mobile advertising a key focus for advertisers.

Underlying macroeconomic factors: The Chilean economy has been experiencing steady growth in recent years, with a stable political environment and a growing middle class. This has resulted in increased consumer spending power and a greater demand for products and services. Advertisers are capitalizing on this trend by investing in audio advertising to reach the expanding consumer base in Chile. Additionally, the rise of e-commerce and digital platforms has created new opportunities for advertisers to target consumers through audio advertising. In conclusion, the Audio Advertising market in Chile is experiencing growth and development due to customer preferences for audio content, the rise of podcast advertising, the integration of programmatic advertising, the favorable local circumstances, and the underlying macroeconomic factors. Advertisers are recognizing the potential of audio advertising to engage with consumers in a more personalized and immersive way, and are investing in this medium to reach their target audience in Chile.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers traditional radio advertising (broadcasting programs on terrestrial radio stations or networks) and digital audio advertising (pre- and in-stream audio ads and podcast streaming ads).

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, web traffic, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, internet users, consumer spending, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.