The recent report, “Digital Audio Ad Spending Forecast and Trends Q2 2024: US Audio Advertising Gets a Digital Boost, but It Still Trails Other Media,” has been released and is now available on ResearchAndMarkets.com.
This report sheds light on current and future digital audio ad spending trends in the United States. Despite traditional radio advertising remaining a substantial $10.5 billion industry in the US, it shows signs of a gradual decline. In contrast, digital audio advertising is poised for growth, with a projected 6.8% increase in 2024, reaching $7.12 billion. Interestingly, the average US adult spends over two and a half hours (2:42) listening to audio daily.
Yet advertisers allocate only 4.5% of their ad budgets to audio, primarily focusing on traditional radio. However, as digital audio platforms expand their ad-supported services, the digital share of audio advertising is anticipated to approach parity by the end of the decade.
A key question arising from this report is where the growth in audio advertising is concentrated and how it compares to other advertising media.
While digital audio is expected to grow at a robust rate of 6.8% in 2024, reaching $7.12 billion, it will still represent only 40.4% of audio revenues.
This report offers valuable insights into the evolving landscape of audio advertising, emphasising the increasing significance of digital audio platforms and their potential impact on the advertising industry. To access more detailed information from the report, please visit website.
