From traditional oral storytelling to innovative methods beginning with tape recorders and now streaming music, news, podcasts, live talk programs, and audiobooks; people have always been excellent listeners. Today, they spend more time listening to digital audio than ever before, resulting in colossal advertising possibilities.
In the present competitive and complicated ad space, the digital audio content industry is blooming with relevant and attention-grabbing experiences that have let it become a prominent part of the contemporary marketing mix.
● Direct-to-consumer (D2C) brands have found it to be a prevalent channel.
● Advertisers bolster their brands’ personalities by combining the best of radio and digital.
● Innovative ways are generated to advertise and create immersive and personalized listening experiences.
● An effort to make an impact is made, even when not in front of the ‘big screen’
● This medium offers new opportunities for organizations to market their products and services and create new avenues.
Xaxis surveys reveal over 200 million listeners for audio streaming services in our country today. Another reason that paves the way for an optimistic future for the digital audio industry is our country’s increasing number of smartphone users. In fact, the Indian music industry is also expected to escalate at a CAGR of 15.8 percent between FY19 and FY24; audio streaming is likely to be the primary driver of this expansion.
Digital advertising revenue in India from financial year 2008 to 2021 with a forecast until financial year 2024 (in billion Indian rupees) via Statista
Statista’s Advertising & Media Outlook projects that marketers should anticipate digital audio ad spending to surpass $6.76 billion by 2023 and $7.89 billion in 2025. According to these figures, digital audio ad expenditure would account for more than 36% (in 2023) and 40% (in 2025) of total radio and digital audio ad spending and they have the potential to rise as programmatic advertisements become more easily integrated into podcasts and other forms of streaming audio.
With the entrance of local and foreign platforms and the power of data and AI, chances for marketers appear bright with programmatic digital audio advertising. Whether it’s converting text-to-speech, producing real-time dynamic audio advertisements, or driving interaction through voice-enabled answers, programmatic audio advertising is here to stay and it will give plenty of opportunities for brands and individuals to connect.
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