Podcast Ad Growth Decelerates Amid Challenges For Smaller Brands
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The growth in podcast advertising in 2023 slowed to 5%, the lowest rate in data going back seven years, according to trade group IAB and consulting firm PwC. Brands with smaller media budgets led the slowdown from the healthy 26% rate in 2022.
Lower growth “was due, in large part, to a challenging advertising climate that particularly affected mid-tier companies, resulting in losses that tempered the sector's overall growth trajectory,” the report said.
Podcasting is projected to more than double its 2023 ad revenue growth rate of 12% in 2024 and is on track to reach $2.6 billion mark by 2026.
