With a 2,500% growth in smart speaker usage since 2018, and an overwhelming number of consumers tuning into digital audio streaming platforms (e.g., Spotify, Apple Music, iTunes podcasts, etc.), consumers are turning towards an increasingly screenless mode of media consumption.
Over the past 10 years, marketers have been hyper-focused on finding ways to convince and convert over digital mediums. But, for most marketers, digital campaigns are a largely visual affair. Facebook alone has over 6 million registered advertisers vying for consumer's eyes. But what if it's not only their eyes that you should be after?
As consumers turn towards screenless experiences, marketers that leverage digital audio in novel ways will separate themselves from the pack. And the power of digital audio ads isn't arriving in the future; that power is already here.
The Projected Growth of Digital Audio
Last year, digital audio ads swelled into a $2.25 billion market. In 2017, those numbers were only $1.8 billion. This 20% growth signifies the importance of digital audio, sure. But it also alludes to the future of technology.
Between smart speakers, voice-driven searches (which will constitute 50% of searches by next year,) and the explosion of the digital audio streaming and podcast market, consumers are interacting with technology in increasingly screen-free ways. This trend of screenless interactivity is showcased in our smart home technology, the rise of in-car dashboards (up to 73% cars will have these by 2023,) and (of course!) the rise in podcasts.
From Bill Burr and Snoop Dog to Russell Brand and Anderson Cooper, celebrities are already rallying around podcasting as a storytelling medium to help them connect with consumers on a personal level. And this ability to forge connections through audio is incredibly compelling for marketers looking to brand, convert, engage, and, most all, forge meaningful, emotional relationships.
Understanding the Power of Audio Ads for Local Businesses
In our whitepaper "The Power of Audio Ads," we touch on a plethora of audio mediums and try to discover the value contained in each one of them. And, we talk a lot about the value of personalized experiences. But, let's take a moment to touch on one particular point in the whitepaper — local value.
Local businesses are always looking for ways to reach their target audience. When you only want to digitally engage people in an area near you, things can get complicated. How do you make sure that your ad spend isn't going to the wrong people? How do you account for people who are only temporarily in your area (e.g., on vacation, on a trip, work in town but live at home, etc.?)
This is an area where digital audio ads shine. Through a combination of geolocation data and smart segmenting, you can communicate with your target audience through their in-car dashboard while they're driving through your town (10% of audio time happens in the car) or bring your brand into their ears before they jam out to that next Spotify song. Digital audio gives you something unique, personal, and engaging, and it gives you the ability to make experiences local.
Do People Listen to the Ads?
Not to be too on the nose, but the big question is — "will they listen?" That's always the question. Will they click, will they watch, will they understand and engage and forge connections? Yes! Recall rates are higher for digital audio ads, and consumers are willing to use advertising-based audio models instead of paying subscription fees. Spotify has more free users than paid users, and podcast listeners hear ads directly injected into the content itself.
Consumers Are Listening. Are You Talking?
Want to learn more about the value of digital audio ads and how you can use them to give your brand a competitive advantage? Check out our free whitepaper, "The Power of Audio Ads." We promise. You're going to want to hear this.