Today in the Business of Podcasting
According to Katz Radio Group’s analysis of Nielsen’s June 2023 RADAR release, 73% of adults 25-34 who listen to the radio weekly are doing so out-of-home. The top time for out-of-home listening is midday with 80% share of listening, followed by 79% for the afternoon commute. Katz encourages brands to target higher attention span during times when listeners are more likely to be at home listening. Examples include pushing home-based products, non-store retailers, and aspirational concepts like travel. This same methodology translates to the podcasting world, with the capability to target ads to where and when audiences listen to podcasts.
Veritonic has conducted a survey of over 1,000 brand marketers regarding their concerns when formulating, executing, and upward-reporting their media mix. 72% of brands worry their competitors will find more immersive ways to reach target audiences. 66% worry about declining TV viewership and lower engagement on social media platforms. Veritonic highlights the importance of making audio a significant part of one’s media mix to combat concerns like these.
British communications and advertising holding company WPP is now in a global strategic partnership with Spotify to give its clients access to Spotify’s ad products and scaling capabilities. Spotify’s ad tech will be integrated into WPP products, including using first-party data to provide insights on audience listening patterns.
TV ‘Ad Intolerant’ Viewers Still In The Minority, Study Finds by Wayne Friedman
According to a report from Hub Entertainment Research, based on a survey of 3,063 people aged 14 to 74, 59% of respondents would rather save $4 to $5 a month and watch ad-supported streaming video. The biannual study shows the ad-intolerant group has fluctuated in the low 40% range for the past two years. Podcasting, meanwhile, has a notably engaged and ad-tolerant audience, with the majority of content being ad-supported by default.