On Our Minds: Podcast Predictions For 2023 by Rian Durham

Podcast Predictions for 2023?

Digital Audio is one of the fastest growing year over year media distribution channels across the digital ecosystem.? Big names like Spotify own the market on music streaming but the rapidly maturing younger brother of music streaming, podcasting, has started to come into its own as a tried and true placement for digital media plans and content syndication.? In 2023, Podcast advertising alone is shaping up to surpass $2,000,000,000 and will account for over one third of digital audio spend.? While the advertising and content medium of podcasting is still growing, there are some clear, definable trends to be on the lookout for this year, especially when considering how much of an ad budget gets allocated to podcasts.

Trend #1:? More listeners will shift to digital audio consumption

As more and more consumer trust is lost by social media platforms (due to the syndication of false information, widespread hate commentary and general vitriol), consumers are more likely to turn to digital audio.? 92% of consumers listen to audio content in a given week.? This includes all ages, with even the newly named “Generation Alpha” increasing their podcast consumption by 11% year over year.

Trend #2:? Product discoverability increases

Discovering new products online, especially on social media, is nothing new.? Influencers boast their new products, tailored ads around the holidays show you that perfect coffee mug for your significant other or socks with pictures of your dog on it are a few clicks away.? In Q4 of 2021, 18% of podcast listeners reported discovering a new product because of a podcast ad.

Trend #3:? Programmatic comes to audio

With more and more connectivity, the ability to use programmatic ads to target based on online behaviors and not specific podcasts will increase.? This also means that CPM rates may increase and major offerings for advertising (like dynamic ads) will be the norm starting in 2023.

Trend #4:? Podcasts can help expand the audience for Broadway

With the growth of podcasting comes the diversification of content and listeners.? Podcast subscriptions are taking off while other subscriptions are decreasing.? Listener trust in hosts and podcast content, including advertising, is at an all-time high because of the personalized nature of the engagement between consumer and host.? It’s the digital version of DJ endorsements, a long-standing stalwart in Broadway advertising.? The ability to engage audiences that perhaps haven’t been reached through other Broadway advertising efforts will only increase this year.

With a predicted 50% increase in the number of podcast advertisers in 2023, ad plans for Broadway shows should certainly consider how, when, where and who their digital audio advertising impacts.? Whether its 300 impressions via your favorite localized podcast or millions from a programmatic campaign on Spotify, the opportunities are endless.

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