The podcast market is experiencing rapid growth, a trend estimated to continue, reports market research company, WARC.
In its global podcast study, WARC reports that from 2013 to 2018, podcast ad spending increased 1,344%. The firm estimates that by 2022, total podcast adspend will reach $1.6B and will make up 4.5% of all audio advertising market share.
The firm also reports that 2018 experienced a 46.9% increase in podcast advertising spend reaching $649.8 MM. It is estimated that 2019 will grow 36.2% YoY and reach $885MM.
Currently, its said, there are roughly 700,000 unique podcasts and over 29MM episodes. This equates to approximately 1.3B audio minutes of content.
According to Magellan, a podcast advertising research firm, a majority of major brands have yet to spend advertising dollars on podcasts.