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🚀Audio Ad Spending Trends in the U.S. Forecasted

🚀Audio Ad Spending Trends in the U.S. Forecasted

June 12, 2024

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🎧 IAB Australia Video Council's 2024 Connected TV Handbook
🎙️ 5-Question Framework: How To Evaluate An Advertiser’s Position And The Ability Of A Media Vehicle To Scale
🚨 Podcast Insight: Audio Ad Spending Trends in the U.S. Forecasted
🌏 Podcast Recommendation: How to Be Fine - With Friends
🌋 Take a Quiz : Are you ready to start creating innovative podcasts?
🛠️Podcast Events & Toolbox -

🎧IAB Australia Video Council's 2024 Connected TV Handbook

The IAB Australia Video Council released its Connected TV Handbook to help marketers and agencies understand the market better.

The Background :

The 2020 Handbook on CTV has been updated to explore advertising opportunities through data and personalisation, provide a measurement framework, outline planning considerations, and include an update on IAB Tech Lab Standards. The Handbook emphasizes the importance of defining success metrics at each stage of the funnel, ensuring consistent performance, and aligning with key performance indicators (KPIs) to optimize campaign effectiveness.

The Handbook offers five key takeaways for marketers: embrace connected TV as a full-funnel solution, define success metrics at each funnel stage, use various measurement techniques, implement data-driven and personalized advertising, and stay informed about technology updates. Marketers should shift the legacy perception of CTV as solely an upper-funnel platform and reposition it as a comprehensive, full-funnel solution.

Natlie Stanbury, IAB Australia Director of Research commented

There have been significant developments across audience size, measurement capabilities, access to and use of data and interactive creative in the CTV space over the last four years. This handbook provides a compelling update for the industry and anyone seeking to use this powerful platform to reach audiences in 2024.”

The Data and Sources :

According to the Ipsos iris Digital Landscape Report (March 2024), Australians aged 14 and older spend an average of 18.7 hours watching free online TV, subscription TV, or social media videos per week on any device. The connected TV is the most used device for watching free online TV and subscription streaming services, while smartphones are the most used device for watching social media videos.

Marketers should define success metrics at each funnel stage, align with key performance indicators (KPIs), use various measurement techniques, implement data-driven and personalized advertising, and stay informed about technological advancements.

Why does this matter :

Understanding how consumers interact with different video content on different devices can help marketers tailor their advertising strategies. In a changing digital landscape, marketers can optimize their campaigns and enhance results by staying informed and implementing the tactics provided in the guide.

As of Monday night, the ranker has been corrected to include Acast as one of the top global publishers in podcasting.

Acast Chief Business Officer Greg Glenday said: “We applaud Podtrac in their efforts to solve one of the more complex challenges in our industry and we also believe that the greatest value of measurement is in its clarity and transparency to those it serves. Acast was inadvertently left off the original May Global Ranker release as we worked with Podtrac to clarify their methodology. That was quickly rectified and we’re happy to see Acast back in our rightful spot as one of the top global publishers,” said Acast Chief Business Officer Greg Glenday.

🎙️5-Question Framework: How To Evaluate An Advertiser’s Position And The Ability Of A Media Vehicle To Scale

By John Fix

The 5-Question Framework, developed by P&G, assesses the key aspects of audio advertising, such as network radio and podcasting, through a series of specific inquiries. It focuses on five key questions: 1) Does audio work? 2) Can audio be planned and purchased at scale? 3) Are there creative best practices for getting audio right? 4) Can audio be measured? 5) Is the brand properly set up for success?

The Revelation :

The initial barrier to audio use is whether it works. However, audio can create awareness, relate, and reach an engaged audience. By incorporating audio into planning tools, brands can transition from buying events to buying audiences, making audio an important part of their media plan. Creative best practices include meaningful briefs and working with agencies and advertisers to ensure the key levers of audio are sufficient.

Can audio be measured?

Measurement is crucial for success in audio advertising. Companies need to have available and accessible data that spans from proof-of-performance to attribution. Custom reporting should become customary and readily accessible. Incorporating audio data into syndicated data sets allows brands to make investments and learn about competitors.

Can audio be planned and purchased at scale?

Advertisers' knowledge of the share of voice data can sell audio, and having 3rd-party confirmation of delivery is essential. Audio data that is sufficient for attribution (multi-touch attribute, local market testing, market mix modelling) is necessary, but it must exist to allow execution. The best data input for market mix modelling or ulti-touch attribute is weekly as-run campaign audience deliveries via Media Monitors and Nielsen.

Is your brand properly set up for success?

The fifth question in the audio marketing process is whether the brand is properly set up for success. While audio can be effective, it is the advertiser's responsibility to make the message work. Creative best practices of branding and consistency apply, with a strong sonic identity on TV playing a crucial role. Some brands have tested audio 4-5 times, but the victory came when the audio asset was shown to work. Sonic branding may be a gold standard, but some strong examples of "jingles" and good studio work demonstrate that proper branding takes audio effectiveness to the next level.

John Fix conclusion

For new marketers, pre-testing the creative is highly recommended. It is essential to ensure the ad is audible, emotions are evoked to ensure memorability, and there are strong levels of brand linkage. Failure to address the 5-Question Framework can prevent meaningful investment. Audio works at scale when done correctly and supported with available data.

References to address the questions at each stage include the Profit Ability 2 study, which reveals that audio ranks second in short-term return on investment (ROI) and third in overall ROI, beating all digital platforms. Recent studies, such as Mediaprobe's Neurotesting firm, ABX's Comparable Metrics, and Nielsen's 6 Rs of Radio, also support the role of audio in a media plan.

One of the most important audio creative best practices is "brand early and often," introducing the brand right at the beginning of the ad and repeating it at least five more times throughout a thirty-second ad. Failure of a test tends to indicate poor execution, leading advertisers to assume that the medium doesn't work and investment ceases.

Why this matters:

Advertisers must understand the impact of creative best practices on the success of audio campaigns, as proper execution can significantly improve ROI. By recognizing the importance of brand recognition and repetition in audio ads, advertisers can ensure that their investment in this medium is effective and yields positive results.

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🚨Audio Ad Spending Trends in the U.S. Forecasted

Group M now projects the U.S. ad market to grow by 5.8% this year to $365.9 billion, excluding political ad spending. This represents a 0.5% increase from its previous projection, with a forecast of 4.9% growth in 2025.

Global Advertising Revenue Growth Projection

GroupM says global advertising revenue will grow 7.8% in 2024 to $989.8 billion and the industry will surpass one trillion in revenue in 2025.

The great economic engines of the U.S. and China, which together make up 57.1% of global ad revenue, are clearly the largest drivers of growth, adding $44.5 billion to their totals in 2024 (excluding U.S. political spending) — nearly 1.5 times the cumulative $27.4 billion in incremental revenue for all other markets combined. They are also home to 22 of the top 25 global media sellers and account for more than 40% of global GDP.

The U.S. audio ad spending outlook shows a mix of trends. GroupM anticipates a 1.5% decrease this year, attributed to a 9.8% decline in terrestrial audio spending and a 12% rise in digital audio. The report states that podcast growth has slowed, but the further digitalisation of audio as a channel and its adoption of AI should support ongoing growth across formats. GroupM expects digital audio to account for 43.3% of audio advertising in 2024 and 57.6% by 2029.

Data Sources and Authors:

Coming from Group M the report is authored by Kate Scott-Dawkins, the president of business intelligence with Nidhi Shah as the Analyst.

Key Findings and Conclusion:

The marketing ecosystem is set to face significant impacts from governments, regulatory bodies, and major players like China and the U.S. These factors can alter forecasts and projections, while also influencing the growth of the industry through artificial intelligence and regulations. Despite some protectionism, globalization's power and shared experiences, such as the rise of Korean series and sports fan bases, can provide resilience. Innovation, idea exchange, and a shared goal to improve the advertising industry will ensure a bright future.

Why is this information important for businesses?

This matters because understanding the external factors affecting the marketing ecosystem can help businesses adapt and thrive in an ever-changing landscape. By staying informed and proactive, companies can position themselves to capitalize on emerging trends and opportunities, ultimately leading to long-term success in the industry.

👉 Get the latest news from Australia in a bite-sized report in 5 minutes. Click here to get started.

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In How to Be Fine - With Friends, Kristen Meinzer and Jolenta Greenberg will wade through all the friend-making advice out there - from the old-fashioned (just volunteer!) to the cutting edge (apps like Bumble BFF) to the truly unusual (Jon Levy’s Influencer Dinner - which assembles total strangers in an apartment to prepare and eat dinner together, with the one rule being that no one can talk about work). But How To Be Friends won’t just be an interview show. It will also be a podcast that puts various methods to the test.

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