As podcast sellers, advertisers, and agencies assemble in Los Angeles this week for the Podfront LA 2020 event and the Podcast Movement: Evolutions conference, Westwood One is releasing a brand new study of advertisers and agencies.
95 executives from all parts of the podcast ecosystem completed an online survey in early February on measurement, attribution, ad tech, and what’s needed for podcasting to become a $2 billion advertising medium. Here are the key findings:
- Podcast measurement and attribution rate poorly according to brands and agencies. Still, there is hope on the horizon. Two out of five say things are getting better.
- Better measurement, attribution, bigger shows, and bigger brands are what’s needed for podcasting to crack $2 billion in ad spend.
- A monthly reach of 44%, up from 32% in 2019, is seen as a tipping point to a step up in spend.
- The consensus on a good podcast test buy is 105 ads in 5 podcasts over 7 weeks. A test buy of one ad a month is marketing malpractice.
- Attribution services rate well and should expect greater usage. Newly launched measurement solutions need time to be understood and tested.