Media buyers using podcast advertising has increased by 12% over two years, but most still aren’t tracking their success.
The number of buyers placing ads in podcasts has risen from 63% in 2018 to 75%. Meanwhile, 90% are placing ads in streaming services, according to IAB’s Audio Advertising State of the Nation report.
Although the survey found that brand awareness is the top objective of audio advertising, with 48% of agencies using podcasts primarily for branding, only one third of the buy-side are tracking these metrics, and only 25% are tracking sales.
“It’s clear the market has evolved from experimentation into a more strategically driven brand building approach to digital audio advertising, reflecting the growing consumer consumption of audio formats, particularly podcasting,” says IAB Australia CEO Gai Le Roy.
“We take very seriously our responsibility as the industry body to invest in research that provides the industry with objective market-wide data and we’ll continue to push hard to secure valuable insights for marketers and agencies alike.”
As investment in the medium grows, IAB says focus on metrics, such as reach, frequency and completion, is increasing. However, agencies are more confident in measuring these metrics for streaming audio compared to podcasts.
The Audio Advertising State of the Nation Report is supported by 18 different media and tech companies, as well as industry body Commercial Radio Australia. Independent research company Hoop Group questioned more than 250 respondents for the results.
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