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Streaming Audio Revenue Expected to Grow Nearly 8% in 2024, New Borrell Report Shows

Streaming platforms for both TV (+3.9%) and streaming audio (+7.8%) are expected to see growth compared to last year.

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Local advertising is expected to grow by 3.2% in 2024, and streaming audio will be a big driver in that growth according to a new report from Borrell Associates.

The company forecasted an expansion of local ad revenue but not to the levels that many in the industry had hoped for.

“For the past three quarters, we haven’t seen a lot of variation in SMBs’ attitudes about the economy and their plans to invest in advertising,” said Corey Elliott, Executive Vice President of Local Market Intelligence and Borrell’s chief forecaster. “They’re mostly neutral and slightly positive about the economy, but we’re still not seeing anything that would signal the bigger spring-back that many are hoping for.”

While some more traditional forms of media are forecasted to see a downturn — newspapers (-6.7%), cable TV (-6%), radio (-2.3) — streaming platforms for both TV (+3.9%) and streaming audio (+7.8%) are expected to see growth compared to last year.

In fact, streaming audio is the second-highest category for growth during 2024 according to Borrell. Only Online Listings Sites (+8.1%) are forecasted to see a bigger jump than digital audio.

Local television is expected to see growth, too, in 2024. Borrell forecasts a 5.9% jump in revenue for the medium.

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Media Business

Advertisers Would Pay Premium for Corresponding In-Dash Visuals, New Study Shows

In total, 80% of advertisers claimed they were interested in in-dash visual ads.

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A new study from Advertiser Perceptions shows that radio advertisers and agencies would pay a premium to see their commercials synced with in-dash visuals on car radios.

In 2021, media agencies and marketers said they were “very familiar” with in-car radio display technologies. In 2024, that figure has risen to 33%, with another 33% saying they were “somewhat familiar.”

In total, 80% of advertisers claimed they were interested in in-dash visual ads. In 2021, only 64% of respondents answered similarly.

When asked “How much on top of a typical AM/FM radio buy would you be willing to invest in this new in-car visual display capability?” the average advertiser claimed they would be willing to increase their budget by 16% in the latest version of the study.

That figure was 14% in both 2022 and 2023, and was 12% in 2021.

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Media Business

Median Age of Podcast Users Nearly 30 Years Younger Than Cable TV

“The ascent of podcasting signals a shift towards on-demand content consumption that aligns with the lifestyles and preferences of younger generations.”

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It is no secret that cable TV has seen the age of its viewers continue to rise. But the entire picture is coming into view when juxtaposed against other mediums like radio and podcast users.

A new report from Amplifi Media shows that the median age of cable news viewers is 70. MSNBC is 70, Fox News is 69, and CNN is 67. That median age means that more than half the viewers are actually older than 70 years old.

Network television isn’t a much brighter picture. In primetime, the median age is 64. FOX has the youngest number at 49.5.

However, the median age of podcast consumers comes in at 34.

Steve Goldstein, Founder and CEO of Amplifi Media, believes the drastically younger demographics of the medium make it an ideal platform for advertisers.

“The ascent of podcasting signals a shift towards on-demand content consumption that aligns with the lifestyles and preferences of younger generations,” wrote Goldstein. “We live in an on-demand world, and while other media are adjusting (think streaming apps and YouTube), podcasting has three not-so-secret ingredients that traditional media struggle to match: intimacy, flexibility, and loyalty, which makes podcasting an ideal platform for engaging storytelling, niche topics, and fresh takes.”

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Media Business

Majority of Media Advertising Projected to Be AI-Aided By End of Decade

Forecasts show that 69.5% of all advertising revenue will be AI-aided, while that number is expected to grow to over 90% by 2029.

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The rise of artificial intelligence in media has been a focus for several years. But the use of AI in advertising is just getting started, and a new study suggests it will influence the space in the years to come.

GroupM has released its This Year Next Year forecast. In its projections, it believes that AI will be a prominent tool in advertising optimization. By the end of 2024, it forecasts that 69.5% of all advertising revenue will be AI-aided, while that number is expected to grow to over 90% by 2029.

The company also projects that AI-generated content in advertisements will account for 1.6% of all commercials in 2024. GroupM believes that figure is likely to grow to 10.7% by the end of the decade.

While the organization forecasts an increase of $365.9 billion, up 5.8% compared to previous projections, it shows a 1.5% drop in revenue for terrestrial radio, according to RadioInk.

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