What makes podcasts so popular and what’s in it for brands?
The popularity of podcasts is anything but stable – it’s a phenomenon that has been growing over the last few years and the growth has been even further accelerated by the COVID-19 Pandemic. In fact, the number of people worldwide listening to at least one podcast a month is projected to grow to 1.8bn by 2023 (according to data provided by Ovum). While in 2018 the number of podcasts was estimated to be about 500 000, currently it’s exceeding 1 750 000 (with more than 43 millions of active episodes).
According to the latest research, 16% of the population in Belgium consumes at least 1 podcast a month.
What makes podcasts so popular? Primarily due to the unique format – it fits into our busy lives and lets us explore a topic we’re interested in in whatever time we have – even if it’s just 15 minutes, it’s almost certain that we can find something suitable. It also allows us to multitask – a recent study published by Voxnest Network shows that while 49% of podcast listening happens at home, 22% happens while driving, 11% at work, and 8% while exercising.
So what’s in it for you as a brand? It’s a truly unique medium, as there’s trust and intimacy established between the host and listeners. That trust is carried over to brands and ads mentioned or played throughout the content.
Some food for thought from the figures below:
⁃ According to information provide by Wired, some striking 93% of people who downloaded a podcast listened to it all the way
⁃ 81% have taken action as a result of listening to audio ads during a podcast (almost half of the listeners have visited a sponsor after listening to the podcast)
⁃ For the podcast super listeners (those who listen to podcasts at least 5 hours a week), podcasts are #1 place to discover brands (ahead of websites, social media, TV and other channels) (according to PodcastOne research)
There’re numerous ways that you as a brand can benefit from the podcast – from placing an ad or sponsoring an existing podcast to creating your own. Don’t hesitate to drop us a note to find out what’s the most relevant approach for you to take advantage of this medium. And in the meantime – enjoy Driven by Music, a music podcast that we created for Firestone last year, which was #1 in the Music Interviews chart (Apple podcasts) for more than 10 days in Spain, and which appeared in the Top-10 in the same category several times in the UK.