Data suggests that Millennials love listening to podcasts. They usually listen in while driving or travelling or walking/working out. The favorite genres include comedy followed by educational followed by news. Perhaps podcasting’s secret sauce is that it multitasks better than any other medium and helps add to the productivity in one's daily life. Rising over the past decade, podcasting is now a mainstream, accessible, and easy to consume - all while helping drive engagement with stories and ideas.
Per data from Magellan AI, as reported by eMarketer, BetterHelp is the biggest spender on podcast ads in the US so far last year. BetterHelp spent an estimated US$76.9 million on US podcast ads. This is more than is spent by NBCUniversal(US$27.7 million) and ExpressVPN (US$27.0 million) together, which ranked #2 and #3, respectively, in estimated podcast advertising for the last year.
Why we listen to the podcasts?
Research suggests that "dramatized audio" fetched higher levels of mental imagery. It stimulates the brain and helps with faster learning. Retention rate of auditory learning is two times higher than reading which is why podcast-based educational downloads have been growing significantly.
While most of this research and findings are US based, we suspect this will increasingly be a global trend for Marketers to watch out for. Have you invested in podcast-based marketing yet? Share your experience with us. For more insights on consumer sentiments, behavior and preferences, get in touch with Algorithm Research on firstname.lastname@example.org.