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The Future of Digital Audio Sounds Good says IAB Australia Report

IAB Australia’s Australian Audio State of the Nation Report has found that 90% of agencies have used audio advertising this year, with 83% of media agencies including streaming digital audio advertising as a significant or regular part of their activity. The report, which is in its 8th year, also found agencies plan to increase their investment in streaming audio (61%) and podcasts (64%) over the coming year.

Sophisticated targeting and personalisation, standardising ways to measure incremental reach, attribution, and cross-platform effectiveness along with improving programmatic supply were identified by respondents as the greatest opportunities for audio digital advertising growth. Ad buyers also identified the use of AI, particularly around content and ad creation, as a potential driver of future growth in digital audio and podcast advertising.

Brand building was again named as the dominant campaign objective for media agencies using digital audio advertising (87% using streaming audio and 80% using podcast advertising for brand awareness), with fewer buyers using it for lower funnel activities such as increasing sales or conversions (33% for streaming and 30% for podcast). Audience attention and engagement was seen to be the key driver for audio investment (62%) followed by incremental reach (52%) and ability to complement other media (50%). These last two points towards the power of audio to supplement other channels, a power that is not lost on buyers with eight in ten media agencies commonly buying digital audio advertising in combination with other media, most often with other digital display advertising (including digital video).

Data and targeting continued to be the predominant driver of buying digital audio advertising programmatically. In a year of greater accountability, price rose to be the second most important driver for purchasing programmatically.

Entertainment and lifestyle podcasts were the most popular genre for agency advertisers, with buyers also expressing a preference for advertising in Australian podcast content.

Gai Le Roy, CEO of IAB Australia commented, “Over the last 12 months, digital audio and podcasting has been one of the fastest growing areas of the digital advertising ecosystem and the results in the latest Audio Advertising State of the Nation Report indicate that this will continue throughout 2024. With buyers appreciating the complementary nature of audio with other digital opportunities, we are likely to see digital being increasingly included in omni-channel campaigns and welcoming a range of new advertisers to the power of audio advertising.”

Richard Palmer, Co-Chair of the IAB Audio Council and Director of Marketing Development (APAC) at Triton Digital commented, “There’s no doubt the future sounds good for audio digital with most advertisers now consistently considering digital audio advertising to reach highly engaged audiences. I look forward to the IAB Audio Council’s continued collaboration to help the industry make the most of these opportunities in creative, privacy compliant, and effective ways.”

The Audio Advertising State of the Nation Report is a collaborative industry project, supported by 15 different media and tech companies, as well as industry body Commercial Radio & Audio. It covers usage and attitudes to advertising in broadcast radio, streaming digital audio, DAB+ and podcasts.

Fieldwork was conducted in December 2023 with 219 survey responses collected from the advertising buy-side including media, creative and digital agencies, agency trading desks, and brands/companies that buy advertising.

The Report comes just days after the release of the IAB Online Advertising Expenditure Report which found digital audio revenue reached $265.8m for CY23.

IAB Australia offers a free Foundations of Digital Audio Advertising course for marketers and newcomers who would like to learn more about the audio landscape, platforms, planning, advertiser appeal, audience targeting, creative crafting, advanced measurement, and more.

Visit https://iabaustralia.com.au/resource/audio-advertising-state-of-the-nation-2024/

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