Audio Advertising - Peru | Statista Market Forecast

Peru is expected to see ad spending in the Audio Advertising market reach US$92.07m by 2024.
The country's largest market is Traditional Radio Advertising, with a market volume of US$84.83m in 2024.
When compared globally, the United States is set to lead in ad spending, with US$19.07bn estimated for 2024.
The average ad spending per listener in the Traditional Radio Advertising market is projected to be US$4.22 in 2024.
Peruvian audio advertising market sees a surge in programmatic buying, leveraging data-driven insights for targeted campaigns.

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 Peru is experiencing significant growth and development, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Peru are shifting towards audio-based advertising due to its convenience and effectiveness. With the rise of smartphones and other mobile devices, consumers are spending more time listening to music and podcasts, creating a prime opportunity for advertisers to reach their target audience through audio platforms. Additionally, audio advertising allows for a more personalized and immersive experience, as it can be tailored to the listener's interests and preferences. Trends in the market further contribute to the growth of audio advertising in Peru. Programmatic audio advertising, which uses automated technology to buy and sell ad inventory, is gaining traction in the country. This trend allows advertisers to reach their target audience more efficiently and effectively, while also providing data-driven insights for campaign optimization. Furthermore, the integration of voice-activated devices, such as smart speakers, has opened up new avenues for audio advertising, as brands can now engage with consumers through voice commands and interactive experiences. Local special circumstances in Peru also play a role in the development of the audio advertising market. The country has a large and growing middle class, with increasing disposable income. This provides a favorable consumer base for advertisers, as individuals have more purchasing power and are willing to spend on products and services. Additionally, the high mobile penetration rate in Peru enables advertisers to reach a wide audience through audio advertising, as smartphones are widely used for entertainment and information purposes. Underlying macroeconomic factors further contribute to the growth of the audio advertising market in Peru. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending. This creates a favorable environment for advertisers, as they can tap into a growing market and target consumers who are more willing to make purchasing decisions. Furthermore, the stable political environment and favorable business climate in Peru attract both local and international advertisers, driving competition and innovation in the audio advertising industry. In conclusion, the Audio Advertising market in Peru is experiencing growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Advertisers are recognizing the effectiveness and convenience of audio-based advertising, and are leveraging programmatic technology and voice-activated devices to reach their target audience. With a growing middle class, high mobile penetration rate, and stable economic and political environment, Peru provides a favorable market for audio advertising.

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.