Podcasting is one of the newest digital marketing tools available on the market, especially when compared to other more traditional channels like social media. Nevertheless, its potential to build brand image, establish credibility, and ultimately grow a business is immense.

This is shown by the growth in podcast revenue that’s been forecast for the next two years. The latest statistics show that in 2023, podcasting revenue in the US is expected to hit $2.2 billion, a 27.2% annual increase. Despite the increase, this year’s growth pace still marks a slight slowdown from 2022, when podcasting revenues increased by 28.6% from $1.34 billion in 2021 to $1.73 billion. 

And to further highlight the tremendous growth, US podcast ad revenue is set to increase further and exceed the $2.5 billion mark in 2024. Considering total ad revenue was just $701 million in 2019, this means that growth is expected to more than triple in just five years. This is also an average annual growth rate of 30.2% from 2019 to 2024. 

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US Podcasting Revenue Distribution

A deeper look at the podcast revenue distribution in the US shows that in 2021, the most popular type of ads run on podcasts was those read by the hosts. In fact, more than half (55%) of the revenue came from these host-read ads. 

This is followed by ads read by announcers or pre-produced ads, which accounted for 40% of the total podcasting revenue share in the US. 

Together, these top two ad formats made up a whopping 95% of the US’s podcast ad revenue in 2021. The remaining 5% came from supplied ads, which refer to audio ads that are produced by the brand or agency themselves, and other types of publisher-produced ads. 

Podcasts’ Increasing Popularity Driving Podcast Revenue

One of the biggest drivers behind the increasing podcast revenue in the US is its growing user base. In 2022, 62% of US consumers said they listened to podcasts. This was a five percentage point increase from 57% in 2021.

In fact, podcasts have become increasingly popular in the US in recent years. The latest podcast listener numbers show that in 2023, there will be an estimated 103.6 million people tuning in to podcasts every week, a 5.4% annual increase. Between 2022 and 2026, the number of US consumers listening to podcasts weekly is set to increase by 21.3% from 98.4 million to 119.4 million.

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