Digital audio ad investment set to grow 'significantly'
85% of UK advertisers are planning to increase their investment in digital audio over the next 12 months, according to a new report from Global's digital audio exchange, DAX.
According to The Rise of Digital Audio Advertising report - conducted by research firm MTM - 78% of 215 senior and mid-level executives from UK media agencies and brand owners said they planned to increase spend across music and digital radio this year.
Meanwhile, three quarters plan to increase spend across podcasts.
86% of advertising agency executives and 66% of brands also said they now see digital audio as a "key" part of media strategies, while the number of stand-alone digital audio campaigns is on the rise.
“The findings in this year’s report show an extremely positive outlook for digital audio advertising," said Global's director of commercial digital, Ollie Deane.
"The ability to target a listener at the right time, in the right place and in the right context, has always been and continues to be our focus at DAX. Now, the value proposition and opportunities in digital audio are clearer, so too is the prominence of digital audio in advertisers’ media strategies."
According to respondents, the four factors driving investment in digital audio are increased podcast listening, smart speakers and connected cars, the rise of programmatic trading and cross-platform targeting opportunities.
"As new technologies continue to emerge and we see campaigns tailored to listeners in connected cars, cross platform attribution and improved measurement tools will be essential for driving the industry forward," Deane added.