While podcast revenue growth slowed in 2023, a new Interactive Advertising Bureau (IAB) study says it will return to form in 2024 with big gains.
Last year, overall podcast advertising revenue slowed to an increase of 5% to $1.9 billion after consecutive years of double-digit growth. However, that number will return to its double-digit success for the next three years according to the projections from the IAB.
Revenue is forecasted to reach over $2 billion this year, up 12% overall. The sector is projected to reach $2.6 billion by 2026.
“While a few of the largest podcast companies maintained double-digit growth, mid-tier companies hit a speed bump,” said IAB Vice President of Industry Insights and Content Strategy Chris Bruderle. “But revenue is already bouncing back.”
Consumer goods and retail brands saw their advertising buys grow to 4% and 5% respectively since 2022.
