According to a new survey of nearly 1,100 marketing and advertising leaders, nearly 25% expect to spend more on radio and audio in 2024.
That figure is backed by another 54% who plan to maintain their ad spending in the audio space this year. However, the numbers represent a slight decline from previous years. In 2022, 61% planned to maintain their spending. In 2023, the figure dropped to 51% before jumping up to its current rate. The increase category has remained steady, with the figure staying between 24 and 25% in the past three years.
Four marketing sectors saw strong increase potential. 69% of advertisers claimed they would increase spending on social platforms, with another 65% responding similarly on digital displays/videos.
Connected TV is expected to see more revenue with 56% reporting they’ll spend more on the platform, with another 55% claiming they’d increase their search budgets in 2024.
“Our research indicates a wave of optimism sweeping across the industry heading into 2024,” Mediaocean’s report says, according to Inside Radio. “Marketers are gearing up for an active year ahead, with a substantial majority expressing their intent to either maintain or increase their spending in every channel. Clearly, this is a commitment among the advertising community to a diverse mix of media channels, and we’ve seen a focus on omnichannel execution emerge over the past few years.”
