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1、2023 Revenue&2024-2026 Growth ProjectionsMay 2024U.S.Podcast Advertising U.S.Podcast Advertising Revenue Study Revenue Study PwC|IAB FY 2023 Podcast Ad Revenue Study 205MARKET SIZE&GROWTH 03FOREWORD04KEY INSIGHTS09AD CATEGORIES&CONTENT GENRES14APPENDIXDEFINITIONS AND SURVEY OPTIONSSTUDY SCOPE AND ME

2、THODOLOGYABOUT THIS STUDYABOUT IAB AND PWCCONTACTS:IAB AND PWCCONTENTS12RECAPPwC|IAB FY 2023 Podcast Ad Revenue Study FOREWORDIn 2023,podcast advertising saw a growth deceleration,posting a modest revenue increase of 5%to$1.9 billion.This was due,in large part,to a challenging advertising climate th

3、at particularly affected mid-tier companies,resulting in losses that tempered the sectors overall growth trajectory.Looking ahead,podcasting is projected to more than double its 2023 ad revenue growth rate(+12%)in 2024 and is on track to approach the$2.6 billion mark by 2026.Publishers will fuel gro

4、wth through various initiatives,including measurement,programmatic,live events,more aggressive show promotion,and the continued development of video podcasts.The vitality of podcasting will also continue to be built on the unique rapport between podcasters and their diverse audiences,exhibiting extr

5、aordinary attentiveness to the content and the accompanying ads.This is evidenced by the revenue contributions from a broadening array of advertising sectors and content categories.IAB expects podcasting to continue to grow as both a bourgeoning advertising channel for brands and an engaging digital

6、 platform forging strong bonds with consumers.Read on to see more details regarding 2023 ad revenues and projections through 2026.HOW TO LEVERAGE THIS STUDYThis eighth annual IAB U.S.Podcast Advertising Revenue study,prepared for IAB by PricewaterhouseCoopers LLP(“PwC”),quantifies annual podcast adv

7、ertising revenues generated over the past year,analyzes revenue share by ad category and content genre,and forecasts future revenues through 2026.Publishers:Benchmark revenue performance against the industry,differentiate offerings,and identify potential monetization opportunities.Ad Buyers:Gain ins

8、ights into the latest opportunities available for investment and sponsorships.Ad Tech/Data Companies:Market-size the industry and identify opportunities for new market solutions and services.3PwC|IAB FY 2023 Podcast Ad Revenue Study 4KEY INSIGHTSPodcast ad revenue growth slowed in 2023After years of

9、 double-digit increases,2023s overall challenging ad market slowed podcasts growth.Revenues were up 5%to$1.9B with losses from mid-tier companies offsetting gains.Revenues will grow 2x faster in 2024 and exceed$2BOptimism remains as podcasting is projected to grow 12%to over$2B this year and reach n

10、early$2.6B by 2026.The sell-side is working to raise awareness of the channels current measurement capabilities along with innovations in progress.The evolution of programmatic along with new revenues from video and live events will also help drive growth.Diverse offerings boost podcasts appeal as c

11、omedy and sports outperform newsA high volume of smaller categories continue to showcase the channels growth and appeal to a broad range of advertisers.For the second straight year,comedy and sports outrank news as production grows and listeners turn to lighter topics.010102020303PwC|IAB FY 2023 Pod

12、cast Ad Revenue Study 5Market Size and Growth:Market Size and Growth:U.S.2023 Advertising Revenues&2024-2026 Growth ProjectionsPwC|IAB FY 2023 Podcast Ad Revenue Study$105.7$169.1$313.9$479.1$708.1$842.3$1,448.7$1,825.3$1,925.2 20152016201720182019202020212022202362023s overall challenging ad market

13、 was a key driver in slowing the industry-leading growth rates that podcasting experienced in prior years.In fact,in 2023 podcasting was outpaced by digital overall(+7.3%).For perspective:a few of the largest podcast companies did maintain double-digitgrowth in 2023,but losses from mid-tier companie

14、s curtailed the channels growth overall.Podcast ad revenues grew at a slower pace in 2023,+5%to$1.9B*2023 PwC/IAB Internet Advertising Revenue Report60%86%53%48%19%72%26%5%U.S.Market Podcast Ad Revenues(2015-2023,$millions)PwC|IAB FY 2023 Podcast Ad Revenue Study Per IABs last report*,it was forecas

15、t that 13%of 2023s podcasting revenues would shift from direct response to brand campaigns,which are less tied to Q4.7U.S.Market Podcast Ad Revenue Percentage Share by Quarter(2015-2023)*PwC|IAB FY 2022 Podcast Ad Revenue StudyNote:1|Based on self-reported data 2|Percentage share total may not equal

16、 100%due to rounding Q4s revenue share has flattened post pandemic201520162017201820192020202120222023PwC|IAB FY 2023 Podcast Ad Revenue Study$842.3$1,448.7$1,825.3$1,925.2$2,164.7$2,379.0$2,562.1 20202021202220232024 Est.2025 Est.2026 Est.Podcasting is projected to more than double its 2023 growth

17、rate in 2024(+12%)8*Note|2024-2026 based on PwCs Global Entertainment&Media Outlook projected growth.*Digiday,03/01/2024;Podnews 12/26/202372%26%5%12%*10%*8%*Optimism remains for the next three years as podcasting is projected to eclipse$2B in revenues in 2024 and climb to nearly$2.6B by 2026.Improv

18、ements in measurement and the evolution in programmatic buying,along with revenues tied to video and live events are contributing to the positive outlook.*U.S.Market Podcast Ad Revenues Growth Projections(2024-2026,$millions)PwC|IAB FY 2023 Podcast Ad Revenue Study 9Ad Categories Ad Categories&Conte

19、nt Genres&Content GenresPwC|IAB FY 2023 Podcast Ad Revenue Study 10Podcast Ad Revenue Percentage Share by Industry CategoryNote:1|Data in bars are rounded2|Based on self-reported data 3|Retail DTC(Direct-to-Consumer)has been reintegrated into this years chart,altering percentage comparisons from las

20、t years report.*2023 Other(“niche categories”)includes Other,please specify:(23.4%)made up of Energy,Government,Non-Profit,Advocacy,Tech,Law,Pets,Sports,Religion&Spirituality as well as other,smaller categories.Home Improvement/Furnishings(2.0%),Education(0.9%),Gambling/Sports Betting(0.4%);2023 Pha

21、rmaceuticals includes Pharmaceuticals(3.4%),Health/Wellness(3.5%);2023 CPG includes Consumer Packaged Goods(11.7%),Baby/Child/Parenting(0.1%),Beauty/Cosmetics(0.1%);2023 Retail includes Brick&Mortar/eCommerce(8.7%),Apparel/Fashion/Accessories(1.3%),Retail Direct-to-Consumer(1.3%);2023 Beverages&Rest

22、aurants includes Restaurants/Bars(1.6%),Beverage(0.2%)Of note is the increased share among CPG and retail brands up 4 and 5 percentage points,respectively since 2021.The shift reflects CPG and retails increased leveraging of digital platforms that enable data-driven,direct connections with consumers

23、,which helps CPG with branding,while helping retailers personalize by geo location.Niche categories*driving significant revenues showcase podcastings continued appeal to a broad range of advertisersPwC|IAB FY 2023 Podcast Ad Revenue Study Note:1|Data in bars are rounded 2|Based on self-reported data

24、 3|Excludes Other(24%)which is largely driven by one respondents heavy investmentAdditional genres not shown:Arts(0.8%),Music(0.8%),Technology(0.6%),Education(0.4%),Leisure(0.3%),Fiction(0.1%),Parenting(0.1%),Kids&Fami ly(0.04%)*2023 News includes News(11.5%),Political Opinion Center/Bipartisan(0.3%

25、);2023 Health&Fitness includes Physical Health&Fitness(1.8%),Mental/Emotional Health&Well-being(0.9%)*Edison Podcast Metrics,January 2024,*Magellan AI Podcast advertising benchmarks:Q4202311Podcast Ad Revenue Percentage Share by Content GenreFor the second straight year,comedy and sports outrank new

26、s as production grows and listeners turn to lighter topicsLikely driven by shows from notable comedic personalities,comedys revenue share grew by 4 points in the past two years,overtaking news and sports.Its the most-listened-to podcast genre and gained 268 new advertisers in Q423.*PwC|IAB FY 2023 P

27、odcast Ad Revenue Study 12RecapRecap1313Following back-to-back years as one of the fastest growing channels in digital media,podcast revenues slowed in 2023 in response to a challenging ad market.Despite this,the industry remains positive about the future.Publishers are set to drive growth in the co

28、ming years by implementing a range of strategies,such as refining audience measurement,harnessing programmatic,hosting live events,boosting content marketing,and advancing the production of video podcasts.As listenership continues to grow and measurement becomes even more aligned with other digital

29、channels,podcasting should remain top of mind for marketers seeking scale and authentic connections withconsumers.PwC|IAB FY 2023 Podcast Ad Revenue Study 14AppendixPwC|IAB FY 2023 Podcast Ad Revenue Study Definitions and Survey Options15TerminologyDefinitionSurvey OptionsIndustry CategoryBusiness c

30、ategories into which Podcast advertisers may be grouped Apparel/Fashion Accessories(Men/Women)Automotive/Automotive Services Arts,Entertainment&Media(Streaming Services,Movies,Dance,Theater,Concerts,Opera,Amusement Parks,Games,Books-Audio and Bound,Music,Magazines,Newspapers,Websites,Apps,DVDs,Radio

31、 and Television Networks/Stations/Programming)Baby/Child/Parenting Beauty/Cosmetics Beverage(Alcohol/Beer/Wine)Business-to-Business(Business conducted between one business and another such as a wholesaler and retailer)Consumer Packaged Goods(CPG)Education Gambling/Sports Betting Health/Wellness(incl

32、uding Fitness,Diet,Yoga,Meditation,etc.)Financial Services(Banks,Insurance,Securities,Mortgages,Financial Services Software)Home Improvement/Furnishings Pharmaceuticals(OTC and DTC)Professional Services for non-Business Entities Restaurants/bars Retail(Brick&Mortar/eCommerce)Retail Direct-to-Consume

33、r Telecommunications(Telephony,Mobile Service Providers,Cable/Satellite TV services,ISPs,Wireless)Travel and Tourism(Resorts/Hotels/Airlines)OtherContent GenreCategories of thematic subject matter into which Podcast programming may be assigned Arts Business Comedy Eco-conscious/Green Living Educatio

34、n Fiction History Kids&Family Personal Growth,Mental/Emotional Health&Wellbeing Leisure Music News Religion&Spirituality Parenting Political Opinion:Left-Leaning Political Opinion:Right-Leaning Political Opinion:Center/Bipartisan Physical Health&Fitness Science Society&Culture Sports Technology True

35、 Crime TV&Film OtherPwC|IAB FY 2023 Podcast Ad Revenue Study Study Scope and Methodology16ScopeThe Podcast Advertising Revenue Study is part of an ongoing IAB mission to provide a barometer of Podcast advertising growth in the U.S.IAB is committed to achieve differentiation from existing estimates a

36、nd accomplish industry-wide acceptance.A short survey was distributed to Podcast companies in early 2024 with four key questions;understanding 2023 Podcast advertising revenues,forecasted revenue growth from 2024-2026 as well as revenue by industry category and content genre.Key aspects to create th

37、is study include:Designing the process to maintain participant anonymity and only release aggregate dataDesigning each survey based on relevant industry topicsObtaining advertising revenue and other related data directly from companies generating Podcast advertising revenues(publishers and advertisi

38、ng networks)Data in this report related to forecasted growth from 2024-2026:this data is sourced from PwCs Global Entertainment&Media Outlook forecasts.Several survey participants noted they were unable to provide forecast data for these years.2023 Podcast market sizing is based on self-reported dat

39、a,publicly available information and reasonable estimates for non-survey participating companiesPodcast advertising revenues generated outside of the United States are out of scope for this studyMethodologyThe methodology evolved from the methodology used to create the full-year internet advertising

40、 revenue report since 1996.The reporting process includes:Compiling a database of the largest Podcast advertising revenue generatorsConducting one quantitative online survey with leading industry players,including Podcast publishers and advertising networksRequesting and compiling specific data item

41、s,including quarterly net commissionable advertising revenue by Podcast content genre,and advertising industry categoryPerforming a Podcast advertising market sizing in 2023 to deliver a reasonable estimate of the market in the United States,inclusive of non-survey participating companiesAnalyzingth

42、e findings,identifying and reporting key trendsPwC|IAB FY 2023 Podcast Ad Revenue Study About this Study17IAB U.S.Podcast Advertising Study is prepared by PricewaterhouseCoopers LLP(“PwC”)on an ongoing basis,with results released annually.Commissioned by the Interactive Advertising Bureaus(IAB)Audio

43、 Industry Working Group in 2017,this study uses data and information reported directly to PwC from companies that generate revenue on Podcast platforms.The results reported are considered to be a reasonable measurement of Podcast advertising revenues because much of the data is compiled directly fro

44、m the revenue generating companies.The report is conducted independently by PwC,including research by their in-house market research team,PwC Research,on behalf of the IAB.PwC does not audit the information and provides no opinion or other form of assurance with respect to the information.Only aggre

45、gate results are published,and individual company information is held in strict confidence with PwC.Further details regarding scope and methodology are provided in the appendix of this report.PwC|IAB FY 2023 Podcast Ad Revenue Study About IAB and PwC 18The Interactive Advertising Bureau empowers the

46、 media and marketing industries to thrive in the digital economy.Its membership comprises more than 700 leading media companies,brands,agencies,and the technology firms responsible for selling,delivering,and optimizing digital ad marketing campaigns.The trade group fields critical research on intera

47、ctive advertising,while also educating brands,agencies,and the wider business community on the importance of digital marketing.In affiliation with the IAB Tech Lab,IAB develops technical standards and solutions.IAB is committed to professional development and elevating the knowledge,skills,expertise

48、,and diversity of the workforce across the industry.Through the work of its public policy office in Washington,D.C.,the trade association advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers.Founded in 1996,IAB is headquartered in N

49、ew York City.As business,accounting and tax advisors to many of the worlds industry leading technology,media and telecommunications(TMT)companies,PwC( an insiders view of trends and developments driving the industry.With approximately1,200 practitioners serving TMT clients in the United States,PwC i

50、s committed to providing clients with industry experience andresources.In recent years,our work in TMT has included developing strategies to leverage digital technology,identifying new sources of financing and marketplace positioning in industries characterized by consolidation and transformation.Ou

51、r experience reaches across many geographies and segments,including broadband,wireless,film,television,music,publishing,advertising,gaming,sports,theme parks,computers and networking,software and technology services.With thousands of practitioners around the world,were always close at hand to provid

52、e deep industry knowledge and resources.PwC|IAB FY 2023 Podcast Ad Revenue Study Contacts:IAB and PwC 19New YorkSeattleChris BruderleVice President,Industry Insights&Content SCJ BangahPrincipal,Technology,Media and Telecom ANew YorkNew YorkJohanna MoscosoLead,Research&Insightsjohanna_Tom Birtwhistle

53、Principal,Customer Transformation APhiladelphiaStephen KrasnowDirector,Sales&PPwC has exercised reasonable care in the collecting,processing and reporting of this information but has not independently verified,validated,or audited the data to verify the accuracy or completeness of the information.Pw

54、C gives no express or implied warranties,including but not limited to any warranties of merchantability or fitness for a particular purpose or use and shall not be liable to any entity or person using this document,or have any liability with respect to this document.This content is for general infor

55、mation purposes only,and should not be used as a substitute for consultation with professional Thank you 2024 PwC.All rights reserved.PwC refers to the U.S.member firm or one of its subsidiaries or affiliates and may sometimes refer to the PwC network.Each member firm is a separate legal entity.Please see for further details.This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors.