Today in the Business of Podcasting
Sounds Profitable’s latest study, The Podcast Landscape, was covered this morning from Podpod Built from a survey of 2,400 people in the U.S. aged 18 and up, the research found 55% of respondents discover new podcasts through word-of-mouth recommendations. 25% of respondents find new podcasts through a recommendation from another podcast host. Social media recommendations from other well-known influencers also proved more effective than sponsored posts or ads run through the podcast’s own social media accounts, with 67% of respondents saying they’re more likely to discover a new podcast through recommendations from influencers rather than clicking on an ad.
In a collection of various studies surrounding podcasting, Digiday takes a snapshot of where podcasting currently stands. Westwood One and Cumulus Media’s Advertiser Perceptions study shows almost 60% of agencies and advertisers currently buy podcast ads, up from 34% in 2020. MediaRadar reports U.S. podcast ad spend has grown 5% year-over-year. The same study found true crime podcasts specifically experienced a 26% year-over-year ad spend increase while comedy saw 10% growth.
Continuing the August trend of popular children’s IP getting podcasts, PBS Kids announces three new and returning shows. The third season of The Arthur Podcast is set for November 9th. The show, launched just after the cancellation of the long-running TV series, adapts stories from the show’s 27 year run, with new narration from Arthur and a recurring Q&A segment. In addition to continuing a legacy PBS series in podcast form, kids’s music duo 123 Andrés are set to host Jamming on the Job, a musical show designed to teach kids aged four to eight about different careers. Next January popular preschool series Work it Out Wombats will get a companion podcast in Playdate with the Wombats!, centered around creating interactive playdates with the TV series’ main characters.
…as for the rest of the news: the Washington Post covers the utility of podcasts as background noise for listeners with ADHD, MarketingBrew covers a WARC report saying global ad spend will exceed $1 trillion in 2024, MediaPost covers a study showing 45% of advertisers in the US and UK haven’t changed their ad strategy in five years, and Adnews reports Q2 digital audio ad spend in Australia is up 14% year over year.