Market Insights Advertising & Media Advertising Audio Advertising

Digital Audio Advertising - Philippines

Philippines

Ad spending in the Digital Audio Advertising market in the Philippines is forecasted to reach US$82.14m in 2024.
Ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 8.02%, leading to a projected market volume of US$120.80m by 2029.
With a projected market volume of US$6,586.00m in 2024, the majority of revenue will be generated the United States.
In the Digital Audio Advertising market in the Philippines, the number of listeners is expected to reach 10.5m users by 2029.
The average ad spending per user in the Digital Audio Advertising market is projected to be US$9.94 in 2024.
In the Digital Audio Advertising market in the Philippines, 77% of total ad spending will be generated through mobile in 2029.
The Philippines is experiencing a surge in programmatic buying for Digital Audio Advertising, driving targeted and efficient ad placements in the market.

Key regions: United States, France, India, Asia, Japan

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Analyst Opinion

The Digital Audio Advertising market in Philippines has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing popularity of digital audio platforms among consumers in Philippines. With the rise of smartphones and affordable data plans, more and more people are accessing digital audio content on their mobile devices. This has led to a shift in consumer preferences from traditional radio to digital audio platforms such as streaming services and podcasts.

Trends in the market: As a result of this shift in consumer preferences, advertisers are also focusing more on digital audio advertising in Philippines. They are realizing the potential of reaching a highly engaged audience through these platforms. Digital audio advertising offers various targeting options, allowing advertisers to reach their desired audience based on factors such as demographics, interests, and location. This targeted approach has proven to be more effective in driving engagement and conversions compared to traditional radio advertising. Furthermore, the rise of programmatic advertising has also contributed to the growth of the digital audio advertising market in Philippines. Programmatic advertising allows advertisers to automate the buying and selling of ad inventory, making it more efficient and cost-effective. This has made it easier for advertisers to incorporate digital audio advertising into their overall marketing strategies.

Local special circumstances: In addition to these global trends, there are also some local special circumstances that have influenced the development of the digital audio advertising market in Philippines. One of these is the high mobile penetration rate in the country. Philippines has one of the highest mobile penetration rates in Southeast Asia, with a large percentage of the population owning smartphones. This has created a favorable environment for the growth of digital audio advertising, as it allows advertisers to reach a wide audience. Another local special circumstance is the popularity of local music and radio content in Philippines. Filipino consumers have a strong affinity for local music and radio shows, and this is reflected in their preferences for digital audio content. Advertisers have recognized this and are leveraging local music and radio platforms to connect with their target audience in a more meaningful way.

Underlying macroeconomic factors: Finally, the overall economic growth and stability in Philippines have also played a role in the development of the digital audio advertising market. As the economy continues to grow, businesses are investing more in advertising to capitalize on the expanding consumer market. This has created a demand for more innovative and effective advertising channels, such as digital audio. Overall, the growth of the digital audio advertising market in Philippines can be attributed to the shifting consumer preferences, the rise of programmatic advertising, local special circumstances, and the underlying macroeconomic factors. As digital audio platforms continue to gain popularity and advertisers recognize the value of reaching a highly engaged audience, the market is expected to further expand in the coming years.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers 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, media consumption, internet users, 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.