We’ve heard a lot about audio trends, and how many believe podcasts and streaming channels not only dominate but make traditional Radio a relic of a bygone era. Of course, Radio remains one of the most common destinations for those seeking audio content.
What are the trends for radio’s listeners, creators and advertisers, all playing their part in “revolutionizing” audio? Audacy Corp. has its view, and the second installment of its twice-yearly State of Audio e-book explores the “disruptors.”
“Audio is a trusted companion to hundreds of millions of listeners and more than any other medium, the best way creators across the globe connect with their audiences authentically and intimately at scale,” said Paul Suchman, Chief Marketing Officer for Audacy. It is notable that Suchman talks up “audio,” as Audacy’s long-term fiscal health largely hedges on its podcast arm and growth of the Audacy app, while retaining audience and advertisers at its legacy AM and FM radio stations.
The second edition of the “State of Audio, The Disruptors: The Listeners, Advertisers, and Creators Revolutionizing Audio” focuses on what Suchman calls “the people, strategies, and content shaping Audio’s meteoric rise as a must have media for marketers.”
Among the key takeaways is a glowing statistic from the IAB Advertising Revenue Report, which states that audio streaming revenue is up 59% year-over-year. That nugget was used for a April 2022 marketing blog post promoting Audacy Corp.’s capabilities.
Furthermore, Audacy Corp. notes that audio streaming growth is outpacing investments in video, social and search.
Oh, and there’s the statement that audio revenue outpaced video in 2021 and that audio usage has eclipsed TV, including Connected TV.
Perhaps Wall Street needs to digest how this relates to Audacy’s growth plan. As of 2:30pm Eastern, Audacy shares were down by nearly 10% to $1.7650, as a fresh 52-week low was seen for the company led by President/CEO David Field.
The latest Audacy report on the state of audio totals 32 pages, and among the bulletpoints it shares are the following:
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- 47% of Audacy’s digital audiences are cross-platform listeners, to which the company says, “The rise of the cross-platform listener is arguably the consumer trend with the biggest opportunity for advertisers in 2022.”
Idil Cakim, SVP of Research and Insights at Audacy, comments, “With the proliferation of podcasts, the Audio industry is seeing the rise of AudioX ‘super listeners’—OTA + podcast listeners who ravenously consume Audio across platforms.”
While Cakim’s insights are lathed in marketing language, the “AudioX” audience is supplanting the “P1” listener for Audacy — and the company says it attracts more than its peers.
