The total US podcast advertising market grew by 86% in 2017 to reach $313.9 million, according to recent estimates [PDF] from the IAB and PwC. Companies directly reporting podcast advertising revenues – which collectively represent less than 100% of the podcast ad market – said their ad revenues more than doubled year-over-year. Indeed, these 19 companies that generate ad revenues from podcasting reported a 117% year-over-year hike in ad revenues, outpacing last year’s forecast of 85% growth. Companies surveyed for the report have now enjoyed an 18% compound quarterly growth rate between Q1 2015 and Q4 2017.
The report forecasts the size of the total US podcast advertising market (not just self-reported revenues), predicting that growth will begin to ease up this year. The total market is expected to increase by 28% to $402 million this year, and is forecast to grow by a similar percentage in the 2 years following, hitting $659 million in 2020.
Podcast advertising spending is growing in response to a wider reach for podcasts among Americans. Some 44% of Americans ages 12 and older have listened to a podcast, per a recent report, up from 40% last year. Nielsen data, meanwhile, reveals that 16 million homes in Fall 2017 could be classified as “avid podcast fans,” up from 13 million in the Fall of 2016. Read the rest at MarketingCharts.