Today, Liberated Syndication Inc. (“Libsyn”), the leading all-in-one podcasting platform for creators and advertisers, shared insights from its 2024 IAB Podcast Upfronts presentation andreleased its May 2024 Podcast Advertising Rates, including the highest and most accessible CPM categories.
IAB Podcast Upfront Takeaways
At the 2024 IAB Podcast Upfronts, held last month in New York City, creators, brands, agencies, and media buyers convened to discuss the state of podcast advertising and preview the latest in talent and tech. After years of double-digit increases, podcast advertising posted a modest revenue increase of 5% to $1.9 billion in 2023. That said, podcasting is projected to more than double its 2023 ad revenue growth rate (+12%) in 2024 and reach nearly $2.6B by 2026, according to IAB & PwC’s new U.S. Podcast Advertising Revenue Study.
Libsyn Ads, the world’s premier podcast advertising network, was among the podcasting innovators that took the IAB stage with its esteemed partners: Liz Alesse, Vice President, ABC Audio, ABC News, and Nick Viall, Host, The Viall Files. Here are some key takeaways from Libsyn’s “The Magic of Podcasting: How Brands are Finding Success with the Right Podcast Partners” panel:
- Nick Viall Bets Big on Podcasting: Nick underscored his confidence in the podcasting space and discussed his ambition to leverage his successful podcast, “The Viall Files,” as a springboard to launch a full-fledged media company. Announced earlier this year, Envy Media is his new audio-first lifestyle brand centered on pop culture, reality TV, and relationship-themed shows.
- ABC Audio Leans in to Storytelling: For ABC, diving into the podcast space was an obvious choice due to the unique creative freedom and flexibility the medium offers. ABC Audio is collaborating with ABC News, the Walt Disney Company, and other properties to lean in to innovative storytelling – deliberately avoiding traditional storytelling techniques from other mediums and tapping the very best podcast audio storytellers that they can find. And after years of success, they’re only just beginning to scratch the storytelling surface of their extensive IP and archives they have access to.
- Nick Viall Believes in Vodcasting’s Power: Nick emphasized the importance of the visual element of his podcast, noting that he has always considered both audio and video equally to be crucial from the start. Vodcasting offers a clear advantage by allowing shows like his to market themselves and expand their reach through short clips shared on social media. Fans also create their own clips to share on platforms like TikTok andInstagram, leading to an episode with nearly 2 million downloads generating 1.4 billion impressions across the Internet. And with that reach, more advertisers are seeing the clear ROI.
- ABC Audio Adapts to Changing Consumption Habits: With changing consumption habits, ABC Audio offers shows like “Start Here,” a thoughtful daily news podcast hosted by Brad Mielke that covers top stories of the day in 20 minutes. They also produce “FiveThirtyEight Politics,” a niche podcast that takes a scientific approach to breaking down the latest political developments. There’s a lot of political content that advertisers might shy away from, but shows like this are very data-driven and unbiased – i.e. brand suitable and investment worthy.
“With the evolution of podcasting adtech, advanced measurement tools, and enhanced brand safety and suitability levers, combined with new revenue streams from video and live events, podcasting has become the premier medium for investment,” said Dave Hanley, Chief Revenue Officer of Libsyn. “As we venture into the latter half of 2024 and beyond, podcasting should continue to be a priority for marketers seeking targeted scale and genuine connections with listeners. It’s simply a powerful medium to capture attention, build brand awareness, and drive consumer action.”
May 2024 Podcast Advertising Rates
The following rates, which are denoted as cost per thousand or CPM, are published monthly by Libsyn Ads, which provides comprehensive podcast advertising solutions for creators, advertisers, and agencies. The Company releases the figures to empower the podcaster and advertiser communities to readily monitor market pricing and provide greater insight into podcasting advertising as a monetization vehicle. The data is derived from actual salesdata across Libsyn Ads’ network of thousands of shows.
For May 2024, the average CPM rate was $21.63 for a 60-second ad spot. That figure is slightly lower than last month (April 2024 avg. CPM rate: $21.89), and the same month last year (May 2023 avg. CPM rate: $23.34).
The three highest CPM categories in May based on delivered advertising were:
- Technology: $27
- Business: $25
- Education: $24
Moreover, three categories where advertisers can effectively tap into highly engaged audiences at more accessible CPM rates include Arts, Fiction, and TV & Film, which averaged around the high teens to low 20s in May.
Libsyn Ads is the top one-stop destination for brands and agencies to access high quality, brand safe, engaging podcast content at scale. With hundreds of exclusive podcasts and thousands of participating shows, advertisers can tap into Libsyn Ads’ highly sought-after podcast advertising inventory, as well as benefit from its unmatched specialist expertise, advanced targeting solutions, outcome-based measurement capabilities, and brand safety and suitability tools. Historical monthly CPM rates can be found on the Libsyn Ads website at: https://advertising.libsyn.com/podcast-advertising-rates.
About Liberated Syndication
Celebrating our 20th year in podcasting, Liberated Syndication Inc. (“Libsyn”) is the leading podcasting platform for creators and advertisers to host, distribute, monetize, amplify, and measure their audio and video content. The Company hosts more than 75,000 shows and delivers over 8 billion downloads to listeners globally. Libsyn Ads offers industry-leading podcast advertising solutions, serving as a comprehensive ad buying and management offering for creators, advertisers, and agencies to initiate and manage highly targeted campaigns across thousands of shows. Visit libsyn.com or investor.libsyn.com for more information on the Company and the platforms that it powers.
