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Podcast advertising revenue could grow to more than $2 billion in 2022, and potentially cross the $4 billion threshold by 2024, according to new estimates.
According to a study from the Interactive Advertising Bureau and PwC seen by Variety, U.S. podcasting ad sales are expected to grow 47% in 2022 to a total of $2.13 billion.
Despite the new record high, the actual growth rate is down year-over-year. The study notes that the podcast advertising sector grew 72% to $1.45 billion in 2021. That's twice as fast as total internet advertising revenue.
U.S. podcasting revenue could continue its climb with double-digit growth. The study forecasts that the segment could grow more than 100% in 2023 and reach $4.2 billion by 2024.
According to the study, the three key factors driving the growth are increases in listeners and content, increased use of automated advertising technology, and the growth of ad spending in categories like true crime and sports — which have had historically lower spend volumes.
Apple, long a dominant player in the space, has steadily increased its own podcasting footprint amid stiff competition from rivals like Spotify. The company launched premium podcast subscriptions in 2021, and has also started releasing its own original podcasts.
The Cupertino tech giant is also said to be shaking up its services business to focus more on areas of growth such as advertising and streaming.