Podcast advertising revenue in the U.S. grew at a substantial rate in 2017, hitting $314 million, according to the latest Podcast Advertising Revenue Study, released by the Interactive Advertising Bureau and PwC.
That figure is up 86% from 2016, when the study found that podcast advertising captured $169 million in revenue. The study projects that by 2020, podcast revenue will top $650 million.
Among ad formats on podcasts, more than two-thirds were read by hosts. Direct-response ads accounted for a majority of podcast ads, with
brand-awareness ads accounting for another 29%. Financial services firms, direct-to-consumer business and arts and entertainment companies were the largest spenders here.
The top four podcast genres -- arts and entertainment, technology, news and current events, and business -- accounted for more than half of all podcast ad revenues.
You can read the full report here.