Podcast advertising continues to rise as the genre becomes more popular. A new Magellan AI estimate shows just how high the growth has gotten.
According to the company, the top 15 podcast advertisers saw their spending increase by 7% during June. Magellan AI estimates that the top 15 advertisers spent $42.7 million during the month. Of those top 15 purchasers, 66% increased their ad purchases during the month. Additionally, 66% of top 15 podcast advertisers saw their largest spending placed with shows in the sports genre.
The top five brands utilizing podcast advertising during June were Better Help ($7.2 million), Toyota ($4.7 million), Amazon ($3.9 million), Ultra Mobile ($3.7 million), and Shopify ($3.4 million).
Joining Better Help and Amazon in decreasing their spending during the month were MGM Resorts (6th), Progressive (9th), and Simplisafe (12th). Despite reducing their advertising, those companies still spent between $1.7 million and $2.3 million on podcasts last month.
The largest increase in podcast spending came from two unlikely sources during June. Purdue University spent $4,900 in podcast advertising in May, according to Magellan AI. In June, that figure rocketed to $535,800. That represents a 10,835% increase. Meanwhile, television streaming video pioneer Roku increased its podcast spending from $14,900 in May to $997,300 in June, a 6,593% rise.
