Digital drives growth in audio ad market, as radio broadcast advertising shrinks

Key stat: US digital audio ad spend will reach $7.12 billion this year, according to our March 2024 forecast. It will account for an increasing share of overall audio ad spend, as broadcast radio spend continues to decline.

Beyond the chart:

• Digital audio will account for 40.4% of audio’s $17.61 billion in ad revenue this year, per our Digital Audio Ad Spending Forecast and Trends Q2 2024 report.
• Compared to TV, audio’s shift to digital has been longer and steadier, thanks to early popularity of iPods and streaming services.
• Audio could be an underappreciated ad medium. Although consumers will spend 21.4% of their total media time listening to audio this year, it will only claim 4.5% of total advertising spend in the US.

Use this chart:

• Prove the audio ad opportunity.
• Consider where you are allocating your audio ad spending.

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Methodology: Estimates are based on the analysis of various elements related to the ad spending market, including macro-level economic conditions, historical trends of the advertising market, historical trends of each medium in relation to other media, reported revenues from major ad publishers, estimates from other research firms, data from benchmark sources, consumer media consumption trends, consumer device usage trends, and EMARKETER interviews with executives at ad agencies, brands, media publishers, and other industry leaders.