Podcast ad spend globally expected to exceed $1.6 billion over next few years

Ryan McFadyen from Have You Heard says media is shifting with YouTube being the fastest-growing channel in South Africa.

Co-founder and Head of Strategy at Have You Heard Ryan McFadyen chats to Refilwe Moloto about podcasts and the shift in media happening in the world.

Media, in general, is having a complete shift when you start to look at some of the most consumed media channels in the world, it is not the traditional Skys and BBCs and CNNs and SABCs that you are starting to see.

Ryan McFadyen, Co-founder and Head of Strategy - Have You Heard

In South Africa, the fastest-growing media channel is YouTube with an average of 169 million visits per month, and an average visit of around 20 minutes.

Ryan McFadyen, Co-founder and Head of Strategy - Have You Heard

As this landscape changes in the video space, it is also changing in the audio one.

We are seeing that coming through in audio media in terms of podcasts growing and this becoming a huge trend.

Ryan McFadyen, Co-founder and Head of Strategy - Have You Heard

While podcasts have been around for nearly two decades, the format has only just entered the mainstream.

Podcasts are already massive in the United States with 65 million podcasts listeners a week and expected to grow over the next few years, he notes.

Many radio journalists are moving into this space and focusing on their individual passions.

What it allows listeners to do is to go to specifically aligned podcasts to their interests.

Ryan McFadyen, Co-founder and Head of Strategy - Have You Heard

McFadyen says this growth is being driven by the tech companies as they jockey to become the No. 1 destination for podcast listeners. The biggest players are Apple Podcast, YouTube, and Spotify.

He says advertisers are increasingly investing in podcasts as the pandemic boosts their audience, according to a report from Advertiser Perceptions.

The research, based on interviews with 205 advertisers globally last October, shows 56% agree the pandemic has made podcast advertising more important, and 63% listen to podcasts themselves at least once a week.

Ryan McFadyen, Co-founder and Head of Strategy - Have You Heard

Currently leading the field in podcast creation, content development, media buying and amplification across Africa is InBroadcasting lead by Jon Savage of 5FM, Cassette, and Mashlab fame says McFadyen.

He says globally advertising spend on podcasts is expected to exceed $1.6 billion in the next two to three years as it becomes a way to tap into a younger market that has become relatively unreachable through traditional media.

Listen to the interview below:

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