Podcast Advertising Market - Introduction
- Companies offering consumer products and services are majorly using the podcast advertising marketing strategy to spotlight their brands and services. Podcast advertising is more reliable and makes it easy to reach many untapped markets in different regions.
- Podcast is a medium to broadcast an audio file to different podcast application users. The increasing popularity of podcast platforms such as Google Play, iTunes, and Spotify is creasing the perfect base for companies to reach maximum customers to bring about product awareness.
- Podcast advertising helps in increasing the customer leads for specific products of a company and helps to increase the customer base.
- The podcast works on auditory and mobile platform, so many users are using the podcast services were video files and messaging is an inconvenient for user.
- Podcast advertisements service providers are offering and broadcasted different type of ads such as brand awareness advertisement and branded content ads for generating more sales leads and increase brand awareness.
- Increasing awareness of the podcast advertising strategy in different industries is expected to drive the demand for podcast advertising services in the upcoming years.
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Key Drivers of the Podcast Advertising Market
- Increasing demand for podcast content and rapid growth in podcast platforms is expected to drive the growth of the market. Content broadcasting companies are increasing the adoption of podcast advertising in apps due to the increasing media traffic from teenagers and children, which is expected to boost the growth of the market.
- Adoption of podcast advertising helps to get exposure for new products and increases brand awareness. This is expected to create better business opportunities for providers of podcast advertising services.
Lack of awareness among consumers about podcast platforms in several regions expected to hinder the market
- Lack of awareness about the podcast platform services among the smartphone users in many regions may restrain the growth of the market.
- Low adoption of smart devices in some countries for using podcast services is also expected to hamper growth of the market.
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Impact of COVID-19 on the Global Podcast Advertising Market
- Companies are expanding their geographical presence to capture more market share in Asia Pacific due to increasing impact of COVID-19 on business growth. Companies are adopting new business strategies in advertisement broadcasting which creates opportunities for manufacturers to offer more exposure to their products on social or entertainment platforms.
- Different product manufacturing and services companies are adopting podcast advertising platforms to increase their product sales revenue through awareness on digital platforms. Demand for podcast advertising is increasing during COVID-19 and is also set to increase during the forecast period.
North America to Hold Major Share of the Global Podcast Advertising Market
- North America holds prominent share of the podcast advertising market due to increasing adoption of smart devices among teenagers and increasing number of podcast users.
- The podcast advertising market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide podcast services across the region and also due to the rising number of users of podcast platforms.
Key Players Operating in the Global Podcast Advertising Market
- Midroll Media
Midroll Media is a global digital media company providing a 360-degree suite of distribution, production, and monetization services to individual content or product creators. The company offers podcast advertisement services to different businesses. The announcer or host endorses the different products on their podcast platforms.
PodcastOne is a leading podcast advertisement supported and digital audio network company. It offers different services in podcast such as content creation and brand distribution & integration for different industries. The company operates its business with a strong platform installation rate of 2.1 billion downloads yearly with more than 350 episodes weekly.
Other key players operating in the global podcast advertising market include AdvertiseCast, Clear Link Technologies, LLC, True Native Media, AdsWizz, Inc., and Targetspot.
Global Podcast Advertising Market: Research Scope
Global Podcast Advertising Market, by Advertisement Type
- Announcer-read/Pre-produced Ads
- Host-Read Ads
- Supplied Ads (Radio/Non Radio)
Global Podcast Advertising Market, by Program Type
Global Podcast Advertising Market, by Application
- Residential Products
- Commercial Products
Global Podcast Advertising Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.