The Interactive Advertising Bureau (IAB) has released the podcast advertising revenue data for 2024 as part of its Internet Advertising Revenue Report, and it was a positive one for that industry.
During the year, podcast advertising revenue grew 26.4% in 2024, dwarfing the 5.5% growth it saw in 2023.
In total, podcast advertising hit $2.4 billion during the year.
“This rebound is driven by continued expansion of podcast networks, deeper brand integrations, and advancements in audience targeting,” the IAB shared. “Growth is also driven by podcast serving as an important platform for political advertisers to engage with voters ahead of the election.”
Despite the continued growth of the medium, the IAB — which worked in conjunction with PwC to complete the study — insists that the podcast format is still growing and expects it to continue to do so.
Digital audio revenue — which includes the podcast medium — grew 8.5% year-over-year. With the uptick, total advertising revenue for that sector topped $7.6 billion. Despite the increase, it did not match the growth seen in previous years. In 2022, digital audio revenue grew 20.9%, while it jumped 18.9% in 2023.
“The U.S. digital ad industry showed remarkable strength in 2024,” said IAB CEO David Cohen. “Despite the volatility from geopolitical shifts, interest rate changes, and economic uncertainty, major events like the presidential election and Olympics provided meaningful tailwinds.”
When total audio — including music, radio, and digital audio — is combined, the industry saw a 2.8% increase in advertising revenue during 2024.
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