In recent years video content has taken over the Internet and social media. Facebook, Instagram, Snapchat and Twitter have all had big rises in the amount of video content that appears in users feeds, with an estimated 90% of all shared content on social media being video. Companies and brands are rushing to get as much video content out there as they can, to keep up with the demand, but that doesn’t mean they should be ignoring audio advertising.
Despite all the doom and gloom for traditional media platforms, commercial radio has been a steady performer in recent years with an estimated advertising revenue total of $774 million for the 2017 financial year. This is a slight drop from the 2016 financial year (roughly down 0.21%), the first time there has been a contraction in growth since 2012. Combine this with the fact that over half of Australians listen to breakfast radio, and it’s clear that radio is still a great way for advertisers to connect with an audience.
Radio is not the only audio platform that has a strong following, podcasts have become a major part of a lot of consumers’ lives in recent years and they provide a great opportunity for advertisers. There are thousands of podcasts available, each with varying levels of appeal and listenership and it’s this variety that gives advertisers options. Rather than just trying to advertise to the largest number of people possible, podcasts can have very specific audiences who all share a specific interest. This means that you can advertise with a smaller podcast that has a listenership that’s closer to your target audience, decreasing your ad spend while also increasing its effectiveness.
Audio streaming services have also grown in recent years, coinciding with a decline in digital downloads of music. In 2016 streaming audio jumped 82.6%, while music downloads dropped between 15-24%. Services like Apple Music, Spotify and Google Play Music are now the most popular platforms when it comes to listening to music, and each provides opportunities for advertisers. Users who do not have a paid subscription to these services encounter frequent ads in between songs, and ads can then be tailored to specific users.
Although video has begun to dominate the internet and social media, audio advertising still has a vital role in the marketing mix. The ability to multitask and do more than one thing at a time while listening to something means that audio will be around for a long time in the future. With an ever-increasing ability to target a specific audience and it’s cost effective nature, audio advertising could be a great way to reach the audience you desire.