Audio ad spending in the United States, consumer audio usage, consumer audio content spending is expected to experience record growth in 2021, amplified by new technologies, changes in consumer usage and the growth of Hispanic audio
Audio media advertising and marketing spending in the United States, consumer audio usage, and consumer audio spending are all set to record record growth in 2021, amplified by new technologies, developments. consumer behavior and changing advertising budgets, according to a new study released today by PQ Media.
STAMFORD, Connecticut (PRWEB) November 04, 2021
Audio media advertising and marketing spending in the United States, along with consumer audio use and consumer audio media spending are all set to record record growth in 2021 , amplified by new technologies, changing consumer behavior and changing advertising budgets, according to a new study released today. through PQ Media.
Audio and marketing ad spend is expected to grow 14.4% this year to $ 18.06 billion, the fastest growth rate in 40 years, thanks to double-digit increases in OTA ad and marketing spend, streaming, podcast, satellite and Hispanic, according to PQ Media US Audio Media Forecast 2021.
Podcast advertising is expected to grow 32% in 2021, while Hispanic audio ad spend is expected to grow by 16.5%, OTA advertising is expected to increase by 14.2%, and streaming audio ad spend is expected to increase by 13.4 %.
The caveat to this year’s double-digit growth spikes in audio advertising and marketing spending is that they follow the biggest drops on record in 2020, when all media spending was slashed by the profound impact of COVID-19 and the aftermath of the pandemic around the world. For example, total audio ad spend, of which OTA accounts for 70%, is not expected to reach pre-pandemic 2019 levels until 2023, according to PQ Media.
However, streaming audio advertising, including digital extensions of radio stations and audio subscription services, and podcast advertising spending continued to grow at double-digit rates during the height of the pandemic in 2020. and will show accelerated growth in 2021 to set new advertising spend records.
Meanwhile, consumer audio use is expected to increase 3.3% to an average of 13.7 hours per week in 2021, the fastest rise in 20 years, fueled by strong growth in all major audio platforms. OTA audio usage increased 2.7%, streaming media usage including digital radio station extensions and audio subscription services also increased 2.7%, while podcast listening jumped 9.9% and satellite radio increased 2.5%, according to the United States Audio Media Forecast 2021..
Consumer spending on multimedia content and audio technology is projected to increase 8.3% to $ 25.96 billion in 2021, as end-user spending on audio content and technology also continued to grow during the 2020 pandemic. and will continue to grow through 2022. The key growth The driving force is consumer spending on audio content, including streaming and satellite subscription services, podcasts and digital radio expansions, which has outpaced spending audio advertising and marketing totals, up 12.4% in 2020, as pandemic lockdowns supercharged the time consumers spent with digital audio. Consumer spending on audio content will grow at an accelerated rate of 12.6% to reach $ 19.62 billion in 2021, estimates PQ Media.
“Audio has proven to be a resilient medium since its rise to the forefront of the media spectrum in the 1920s, continually adapting to the significant challenges posed by the emergence of new technologies, such as television in the 1920s. 1950, as well as related changes in consumption These three critical trends in PEST were strongly influenced by COVID-19, but as these key variables have evolved with the severe impact of the pandemic in 2020, audio media have once again rose to the challenge and showed their endurance with consumers, ”said Patrick Quinn, CEO of PQ Media.
With the continued growth in popularity of podcasting in 2021 and the increased use of smart technology to listen to digital radio station extensions, traditional OTA broadcasts have remained the most popular audio content that consumers listen to in their cars. “When the three major audio media platforms are combined – OTA, digital and podcasting – audio is a powerful media like no other,” added Quinn.
The US Audio Media Forecast is the only source for comprehensive econometric data and analysis that tracks the three industry KPIs: audio advertising and marketing expenses; audio use by consumers; and consumer spending on audio content and technology. The new forecast differs from other recent industry research in that it includes proprietary data and confidential information provided by major audio media companies; radio stations and network groups; digital audio streaming services; podcast producers; audio advertising agencies; and media investment firms.
Other key trends revealed in this groundbreaking market research include the following:
AM / FM will remain the primary means for consumers to access audio until 2023, far exceeding the time consumers spend with Spotify and Pandora;
- Content is king, as audiences will grow in audio segments that offer new, more engaging content, such as multicultural programming on AM / FM stations, the emergence of new genres of podcast, and engaging question-and-answer interviews on social media audio;
- Podcasting has become the sexiest audio media channel, attracting more brands to audio that previously had not included this medium in their omnichannel advertising and marketing campaigns;
- Hispanic audio – both digital and traditional – has emerged as a major force across the audio media industry as a whole, as Hispanic OTA advertising grows 16.6% in 2021, while audio ad spend Hispanic streaming is expected to increase 14.8% this year, and Hispanic podcast advertising is expected to increase 38.5%, according to PQ Media.
“The growth of the booming Hispanic audio media market is driven by several key factors, including the growing share of this demographic in the total United States population, which is now 19%, indicating a 22% growth of 2010-2020 to 62 million. In addition, the number of radio stations programming Hispanic content over the past decade has increased by 20% to approximately 1,200 stations nationwide, ”Quinn said.
About the forecast:
PQ Media US Audio Media Forecast 2021 is the premier, most comprehensive, in-depth and actionable source of econometric data and analysis, covering the entire audio media industry for the period 2019-2023 by the three industry KPIs: revenue audio advertising and marketing, consumer use of audio, and consumer spending on audio content and technology – spanning over 40 digital and traditional audio media platforms, channels and categories.
Site licenses for the new forecast include two deliverables: a PDF report in PowerPoint format containing 553 slides of data, analysis and data graphics; and a Deep-Dive Excel Data Book providing hundreds of detailed datasets and data points. To download a FREE summary and sample datasets from the new report, click: https://www.pqmedia.com/product/united-states-audio-media-forecast-2021/.
About PQ Media:
PQ Media Delivers intelligent data and analytics to executives of the world’s leading media, entertainment and technology organizations through market intelligence reports, personalized market research, and strategic advisory services. PQ Media uses a proprietary econometric methodology to define, segment, scale and project the growth of over 300 traditional, digital and alternative media by country, sector, platform, channel and generation group.
For the original version on PRWeb visit: https://www.prweb.com/releases/us_audio_ad_spend_consumer_audio_usage_consumer_audio_content_spend_set_for_record_growth_in_2021_amplified_by_new_tech_consumer_usage_changes_hispanic_praudio.htm30th/