The latest stats from Spotify, the Swedish-based audio streaming provider, show that 299M people are streaming music & podcasts on their platform each month. People use audio streaming at different times for different purposes, to accompany their work, relaxation, exercise, and so on.
During the pandemic, Spotify has seen rises in time spent on their various playlists: 1000% increase in homeschool-themed playlists, an increase of 120% in baking playlists, and a 23% increase in time spent listening to Spotify Chill playlists.
Today, people don’t have to carry their physical books with them anymore; with smartphones in everyone’s pocket and easy access to wireless headphones, reading books has become a less-frequent habit for some, with listening to audio-books a preferred option.
Acast, another Swedish-founded company, is the largest global podcast platform that provides podcast services to listeners and podcast hosts. One of the many impressive numbers shared this year by the company is the 7% increase in listens globally in the weekend of March 21-22, equivalent to more than 750,000 listens.
The not-very-new-anymore culture of streaming audio does, however, offer new opportunities for brands and advertiser to connect with their audiences. Unlike the video that demands the audiences’ full attention, audio content and ads can be consumed and listened to while driving, cooking or exercising. The audio ads production cost is also very attractive when compared to the video production cost.
In modern day marketing, personalisation is top of the list of priorities and there is a lot to be leveraged from the intimate environment that audio content offers. Combining a brand’s messaging with data such as the weather, time of day, and location creates thousands of unique combinations that can be used to connect with audiences.
As the demand for audio streaming rises across the globe, service providers such as Spotify & Acast continually improve their advertising platforms to provide brands with simpler ways of creating and managing audio ads. They also keep improving the ways in which advertising campaigns can be measured on their ad platforms. Not long ago, the difficulty of measuring the effectiveness of running audio ads limited brand owners to consider this digital channel as part of their broader digital media plan. However, this is not a problem anymore as the big players in the industry provide campaign performance data showing ads impressions, reach and frequency.