The pandemic hasn’t slowed the advertising and subscription dollars flowing into digital audio, creating new opportunities for advertisers and content creators

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Because more than 8 in 10 US adults tune in to traditional radio at least once per month, advertisers still turn to the medium for reach. This year, two-thirds of all audio ad spending will go to traditional radio, and although this share will decline through 2025, it will still total more than $11 billion per year.

While digital audio reaches fewer people than radio, two-thirds of US adults use these products, and that number is growing: This year, US digital audio listeners will grow to 218.6 million, increasing to 230.8 million in 2025.

In addition to advertising, publishers in this sector are investing in building up subscription businesses, many of which place streaming behind paywalls absent of advertising. And their investments are paying off: Digital audio subscription revenues will...

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