Although traditional radio advertising remains a $10.5 billion business in the US, it’s slowly shrinking. Digital audio advertising, by contrast, will grow 6.8% in 2024 to reach $7.12 billion.
The average US adult spends more than 2 and a half hours (2:42) each day listening to audio, but advertisers spend only 4.5% of their ad budgets on audio, predominantly in traditional radio. As digital audio services expand their ad-supported offerings, the digital share of audio advertising will approach parity by the end of the decade.
Key Question: Where is the growth in audio advertising, and how does it stack up against other advertising media?
Key Stat: Digital audio will grow at a solid 6.8% rate in 2024 to reach $7.12 billion, but it will still account for just 40.4% of audio revenues.
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Table of Contents
Executive Summary
Audio advertising continues to punch beneath its weight class
Audio advertising is small but rising thanks to digital
Audio generates relatively little ad revenues per listener and time spent
The shift to digital is more gradual in audio than video
Programmatic audio advertising remains a minority of digital ad sales despite its fast growth
Podcast advertising’s growth holds its lead
Pandora holds a shrinking lead in digital audio advertising
Diversifying audio listening behavior will create new audio formats
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