WHO: AMA, the global leader in dynamic creative for audio. By using any combination of contextual and audience-level data, AMA dynamically serves the most relevant and actionable ad to each listener.

WHAT: Thanks to digital audio, according to eMarketer, the overall audio advertising market will continue to expand. Consequently, marketers are expected to invest $17.61 billion in audio advertising this year, with that number projected to reach $18.42 billion by 2028. But, where are the ad dollars coming from to support this growth?

To find out, AMA conducted a comprehensive analysis of over one billion ad impressions over three months and found that retail has had the biggest share of digital audio spend in Q1 2024, as it did in Q1 2023.

Key findings include:

The analysis showcases the proportion of ad spend and impressions by industry vertical during Q1 2024 in the US:

“In Q1 of this year, we delivered over a billion impressions globally, a considerable YoY increase from the 360 million in Q1 2023,” said Steve Dunlop, founder and CEO of AMA. “This data shows that digital audio ad spend, including podcasts, continues to experience sizable growth. IAB’s recent findings highlight this explosion, noting a nearly 19% YoY increase in US digital audio, helped by the growth of dynamic creative. With QSRs and retailers recognizing the unique ability of digital audio to deliver highly-targeted ads that drive real-world actions, this trend is set to continue.”

The audio advertising landscape has seen remarkable growth since Q1 2023:

During that quarter, the retail sector dominated with 36% of the total advertising spend, followed by the entertainment and CPG sectors, with 11% each. Most noteworthy, however, is QSR, who represented only 8% of total impressions in Q1 2023. In Q1 2024, it skyrocketed to 44% to match retail.

On a global scale, retail and QSR also dominated ad spend, according to AMA:

The uptick in retail and QSR adoption – both in the US and globally – showcases a recognition that the targeting available allows for localization to push consumers to specific locations near them. The fact that consumers can get directed to a specific store or restaurant location, for example, showcases the contextual and data-targeting available through programmatic buying of digital audio.

Methodology: For the study, AMA analyzed over one billion ad impressions, from January 1, 2024 through March 31, 2024, and compared to the ad impressions measured from January 1, 2023 through March 31, 2023.

WHERE: To learn more about AMA and how the company’s technology delivers customized, data-driven, dynamic ads on the world’s largest audio platforms, visit amillionads.com.

AMA is the leader in Dynamic Creative for audio. We deliver customized, data-driven, dynamic ads on the world’s largest audio platforms.

By using any combination of contextual and audience-level data we can dynamically serve the most relevant and actionable ad to each listener. With over 10 billion ad impressions served to date, our platform automates the delivery of ‘platform-intelligent’ ads across all audio formats including streaming, podcast, and broadcast radio.

Founded in 2015 with offices in New York and London, we have delivered personalized ads across the globe for leading brands such as Google, Walmart, Target, Uber, Amazon, McDonalds, American Express and Meta.

Find out more at amillionads.com