Over the years, various forms of advertising have been around, such as radio ads and out-of-home billboards. These are the original marketing methods, but as they have become more digitized, they have become more valuable to both the advertisers and the consumers. One of the most significant advantages of these channels is that they are accompanied by ease of understanding their target audiences.
Today, advertisers can target their audiences based on various factors such as their proximity to the target location, their consumer behavior, and other external conditions.
Podcasts currently involve the fastest-growing audience, and the surge in popularity is primarily due to their format distribution. Adweek reports that almost six in ten agree that podcast commercials are more likely to make them contemplate buying from a brand or a specific product. Spotify now has the most significant subscription income share, while Apple, Amazon, and Google are all expanding their audio businesses.
● Podcast listening time has been steadily growing since 2019 and will continue to rise until 2023.
● The average amount of time spent listening to a podcast every day will most certainly grow from 52 minutes to 56 minutes.
● With increased interest in podcasts and increased listening time, advertisers have an excellent chance to target relevant customers based on specific themes that interest them.
● Advertisers have a large chance to contact and resonate with engaged listeners, which produces receptive and responsive audiences to messages delivered in this strong, immersive ad environment.
Spotify is a market leader at both ends of the spectrum: users and creators, and now, advertisers have incorporated. Businesses are drawn to Spotify primarily because of its outstanding 250 million listeners from an advertising viewpoint. They’ve collaborated with numerous third-party publishers and podcast companies to develop exceptional ad technology that gives them a significant advantage over all other participants.
Earlier this year, Spotify introduced a new feature that makes audio adverts even more tempting to marketers – dubbed ‘A call-to-action (CTA) card.’ It offers listeners a small, interactive button at the center of their device’s screen while an ad is playing, which on clicking will lead them to an advertiser’s website landing page. This new function also aids consumers in remembering URLs and discount codes that would otherwise pass via one ear and out the other.
Programmatic Advertising
● Audio ad automation, also known as programmatic advertisements, automates audio commercials’ purchasing, selling, and fulfilling.
● Spotify appears to be the market leader in programmatic advertising, accounting for 14 percent of its ad income. Other vendors, such as Pandora, follow suit, and marketplaces such as TargetSpot and Triton Digital are right behind it.
● Programmatic audio employs technology to automate purchasing audio advertisements across digital radio, podcasts, and music streaming services.
● It simplifies the ad-buying process by delivering commercials to consumers in real-time, depending on their activity, without requiring direct contact with a brand’s marketing department.
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