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- 🚀 Top Advertisers Boost Podcast Spending: July 2023 Insights
🚀 Top Advertisers Boost Podcast Spending: July 2023 Insights
Podwires Team
August 28, 2024
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One of the best months of the year so far was July, when the biggest advertisers in the industry saw a 12% increase in podcast advertising spending.
The Revelation:
Magellan AI reports that the top 15 advertisers spent $47.8 million in June, up from $42.7 million in June, with BetterHelp being the largest spender, with $7.5 million spent on podcast advertisements in July.
Amazon, which lost to Toyota last month, is back in second place with $5.6 million in podcast ad spending for July. T-Mobile jumped from No. 14 to third this month while Toyota fell back to fourth.
According to Magellan AI, all the top 15 brands upped their month-over-month spending, and two-thirds of the advertisers purchased ads in sports podcasts, comedy, and business, while Progressive Insurance remained the largest advertiser in the True Crime genre.
Wells Fargo, Sleep Number, Lenovo, Kraft Heinz, PayPal, and Ikea have increased podcast ad budgets. Wells Fargo spent over $1 million in June; Sleep Number has increased its budget by over 3x to $953,000. Lenovo will spend $763,000 for back-to-school campaigns.
Why it matters:
This suggests that the increased acceptance and efficiency of podcast advertising as a methodology for reaching customers is an emerging trend. The brands are beginning to realize the benefit of diversifying their advertising strategies to reach consumers in fresh and interesting ways.
The Data:
Magellan AI uses its proprietary model to analyze podcast advertising data in the top 3,000 US podcasts. Its model uses a variety of factors to estimate spend, including the number of ads detected, downloads, CPM, ad type, podcast revenue estimates, and brand SOV breakout by show.
Our Take:
As podcasters, this we believe is a move towards personalization and interactivity of ads, leveraging the unique capability of podcasts to really connect their listeners with them. As podcasters ourselves, it's exciting to see businesses embracing the medium and creatively investing in ways to connect with desired audiences.
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