Podcasts Gained Popularity During COVID-19. Here’s Why.
When you want to feel like you belong to an active community which is actively seeking solution to an on-going issue you want to get as personal as possible with both your audience and the sole figurehead behind the movement. COVID-19 hit the markets pretty roughly, resulting in a deadweight loss of millions of U.S. dollars worldwide. However, survival was and still is manageable with the right mindset and a great dose of creativity. With such an issue that requires a collectivistic approach and cannot be solved individually it makes sense that the value for hope, honesty, trust and support has actually arose.
Read on to learn how podcast ad revenue increased during COVID-19.
1. What Makes a Podcast So Appealing?
Podcasts have always been an effective way for delivering both serious messages to a certain niche or entertaining a broader group of people. However, as there is usually no visual stimulus, podcasts are not as popular as videos, TV shows, video games or other forms of digital entertainment. Still, they serve as excellent tools for niche marketing, as a two-hours podcast is normally highly specialized.
Podcasts appear more personal, trustworthy and believable, great for delivering a personal message.
A study conducted on the marketing potential of podcasts reveals that people find it more important to hear from brands that adapt to the current challenges than from brands that just practise “branding”. 65% of respondents claimed that they want to hear from brands even during the pandemic, but the fact whether a firm adapts its message to the current challenges or not was positively responded to by 72% of the survey participants.
Podcasters can serve as influencers when a message really need to be delivered.
Podcasts have one great advantage over any other advertising formats: the ability itself to influence and shape the thinking framework of their listeners. When you see an ad or remember a brand that “does only branding”, you may not associate yourself with their message in the long-term, only temporarily. However, when you have been listening to a certain individual for months if not years chances are that if they try to raise your awareness over a certain issue, they will.
#we #are #through #this #together
2. Podcasts & Advertising in 2020
When delivering a message, such as “we are through this together” or “we are there for you, we promise” it is extensively important that the person who makes such a claim ensures that the message does not appear to be general, as that would imply that it is actually just advertising and not the upper cause the podcaster is claiming to be fighting for, which might negatively effect trust between the influencer, podcaster, and the listener.
72% claims tonality is more important during COVID-19 than normally.
Some 7 out of 10 people states that the way they are being contacted from an emotional viewpoint is more important during such a crisis situation. This means that the emotional aspects of communication play a bigger role than usual, and non-verbal communication plays a huge role too. It can also be concluded, that trust is hence negatively affected in case sincerity is lacking.
COVID-19 finance-related messaging comes handy, says report.
81% of respondents said the financial aspects of their decision revealed in a COVID-19 and pandemic-related ad positively influences their buying decision and purchase intent. 8 out of 10 people simply states that they are more likely to make a purchase if the message is addressing an on-going social issue. This is interesting, as it eliminates the sole challenge of niche marketing, the potential for a great opportunity cost by losing on customers who are not part of that certain niche, as COVID-19 generally affects all of us.
Podcast ad-revenue grew by 14% in 2020 already, 48% absolute growth in 2019.
Podcast advertising was the thing in 2019, looking at the numbers above. However, the same as how the pandemic hit the global business world negatively podcasts have also been affected. On the other hand, despite the major decrease in ad-spendings ad revenue generated by this sales channel still increased by approx. 14% already in 2020. Also, the reason for such decrease does not necessarily lie in COVID-19 itself. Another survey revealed that 8% of advertisers who decreased their ad spending on podcasts did so in order to adjust their messaging during the pandemic, while almost 7 out of 10 said they would shift to a different form of messaging.
Host reads are more efficient than dynamic ad insertions, says report.
With host reads there is a human in control of the entire delivery of the situation. This makes communication a kind of service like process, where both the delivery guy and the target individual are active participants of the process. With dynamic ads, control is not taken up to such extent, which might come in handy when delivering a message for such a sensitive topic.
Virtual upfront purchasing for the digital audio industry is now a thing, IAB confirms.
IAB is to host the very first podcast upfront in September, as a reaction to the pandemic. This is a huge step for ensuring that podcast advertising actually remains a thing after the pandemic. Of course, influencer-type marketing is always an option, but alternatives and a diversified advertising portfolio comes handy under such crisis situation.
#personal #direct #niche #success
3. What To Expect In The Future?
The podcast industry is expected to grow by up to 17% by the end of 2020.
Although lower than the predicted 29% growth (predicted prior to the pandemic), a growth achieved under such circumstances is a plus, especially for such an industry as digital audio-based entertainment. The podcast market is not as segmented as some of the top-line industries right now, but as more competitors enter entry becomes increasingly more difficult too.
More and more brands are looking into the podcast market.
Podcasts have been serving a direct-to-consumer relationship with their listeners, which may have made it challenging for brands to enter the market. More and more brands are considering advertising via digital audio, if their message fits the given niche. Also, a Nielsen study showed that podcasts are 4.4 times more effective for advertising than display ads.
#advertising #direct #relations #trust
4. Final Words
Podcasts may not be the first thing that comes to your mind when considering your upcoming advertising campaign. However, they really are gaining more and more attention, especially during COVID-19 when personalized messages were voted to be more important than blank advertising practises. Will the digital audio industry be the big thing of 2021? We don’t know, but for niche marketing and branding, they should be definitely considered in your upcoming marketing plan.
We hereby expressly do not declare that we are the author of the post or the content it contains. It is our intention to summarize the essential information from several sources and to provide our site visitors with knowledge about our services.