Podcasting is enjoying a major growth spurt, with the industry expected to surpass $4 billion in revenue in the US alone by 2024.
Companies large and small are getting on the podcasting bandwagon, striking deals with podcasters and vying for customers. According to a new study by IAB Media Center, via TechCrunch, the US industry hit $1.4 billion in 2021, is slated for $2 billion in 2022, and should surpass $4 billion in 2024.
“The report indicates significant growth ahead, with advertisers buying podcast impressions at scale while tracking delivery, effectiveness, recall, and results,” said Eric John, vice president, IAB Media Center. “Buyers will expect advanced brand safety solutions, audience targeting, and measurement, and we look forward to working across the ecosystem to create standards that serve creators, listeners, publishers, and brands.”
The findings will likely continue to spur investment in the industry, as companies fight for a piece of the profits.