Magellan AI Issues Q1 '24 Podcast Ad Metrics Report
| RADIO ONLINE | Tuesday, April 30, 2024 | 3:54pm CT |
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 Magellan AI |
Magellan AI has released its Q1 2024 Podcast advertising benchmark report, sampling 50,000 podcasts across the U.S., Canada, UK, Ireland, Germany and Australia. The firm analyzed podcast advertising data from thousands of popular podcasts in the U.S., including 109,000 episodes. To account for dynamic insertion, Magellan AI sampled multiple copies of certain episodes.
Key findings of the report include:
- Podcast ad spending continued to climb in Q1, increasing 39% year over year.
- Six of the top 10 spenders in Q1 '24 were also on its Q4 '23 top spenders list, with 2 appearing for the first time in Q1.
- There were 1,488 new brands advertising on podcasts for the first time.
- Average advertiser ad load increased from 6.21% in Q4 '23, to 6.42% in Q1 '24.
- Spend in the Hair Care industry doubled quarter over quarter, with brands like Nutrafol, Hims, and Prose leading the way.
- Share of 30-second ad units grew to 42% in Q1 '24, two percentage points more than Q4 '23.
Opening the quarter, monthly spend dipped below Q4 levels, but steadily increased to match by March, 2024. Overall Q1 '24 spend trailed Q4 '23 by 7%, with Q1 year- over-year spend topping Q1 '23 by 39%.
The top 10 advertisers in Q1 '24 spent an estimated $110mm, up 2% since last quarter. 6 out of the top 10 advertisers in Q1 '24 were top spenders last quarter. MGM and Oracle were new to the list this quarter.
So how much are advertisers spending on big shows? In Q1 '24, about $4.90 out of every $10 in podcast ad spend went to the top 500 shows, 14% more than Q4 '23. Advertisers spent an average of $249k per month on podcasts ranking in the top 500 in Q1 '24. Podcasts ranking 501-3000 generated an average of $27k per month in revenue in Q1 '24.
