Market Insights Advertising & Media Advertising

Audio Advertising - Singapore

Singapore

Singapore is projected to reach an ad spending of US$113.90m in the Audio Advertising market by 2024.
The largest market in the country is Traditional Radio Advertising with a market volume of US$100.60m by 2024.
When compared globally, the United States will lead in ad spending with US$19,070.00m in 2024.
The average ad spending per listener in the Traditional Radio Advertising market is projected to be US$43.20 in 2024.
Singapore's Audio Advertising market is booming, with a shift towards programmatic buying and a focus on targeting affluent consumers in the city-state.

Key regions: China, Asia, Australia, France, Germany

Market

Region

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Currency

Analyst Opinion

The Audio Advertising market in Singapore has been experiencing significant growth in recent years, driven by changing customer preferences and the rise of digital platforms.

Customer preferences: Singaporean consumers are increasingly turning to digital platforms for their audio content consumption, with streaming services and podcasts gaining popularity. This shift in customer preferences has created new opportunities for advertisers to reach their target audience through audio advertising. Furthermore, the convenience and personalization offered by digital platforms have made them more appealing to consumers, leading to increased engagement with audio advertisements.

Trends in the market: One of the key trends in the Audio Advertising market in Singapore is the growth of programmatic audio advertising. Programmatic advertising allows advertisers to target specific demographics and interests, enabling more effective and efficient campaigns. With the increasing availability of data and advanced targeting capabilities, programmatic audio advertising has become a popular choice for advertisers in Singapore. Another trend in the market is the integration of audio advertising with voice-activated devices. As smart speakers and voice assistants become more prevalent in Singaporean households, advertisers are exploring ways to leverage this technology for audio advertising. This trend presents an opportunity for brands to engage with consumers in a more interactive and immersive manner.

Local special circumstances: Singapore is a highly connected and technologically advanced market, making it conducive for the growth of audio advertising. The country has a high smartphone penetration rate and a strong internet infrastructure, providing a solid foundation for digital audio consumption. Additionally, Singaporeans are known to be early adopters of new technologies, making them more receptive to audio advertising on digital platforms.

Underlying macroeconomic factors: The growth of the Audio Advertising market in Singapore is also influenced by underlying macroeconomic factors. Singapore has a strong and stable economy, with a high GDP per capita and a favorable business environment. This creates a conducive environment for advertisers to invest in audio advertising and target affluent consumers. Furthermore, Singapore is a regional hub for many multinational companies, attracting international advertisers to the market. In conclusion, the Audio Advertising market in Singapore is experiencing growth due to changing customer preferences, the rise of digital platforms, and the integration of audio advertising with new technologies. With the increasing popularity of streaming services and podcasts, advertisers are leveraging programmatic advertising and voice-activated devices to reach their target audience. The technologically advanced and affluent nature of Singapore provides a favorable environment for the growth of the audio advertising market.

Methodology

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.