Media agencies are showing a greater understanding of audio streaming and podcasts, with the aim of increasing awareness of their clients’ brands as the main objective, a study by the Interactive Advertising Bureau (IAB) has revealed.
The understanding of podcasting in media agencies trails that of streaming, the research revealed. On a scale of 1-to-10, media agencies ranked their understanding of podcast advertising at 5.1 on average and 7.2 for streaming digital audio, with just 6% classifying themselves as having little understanding.
Increasing brand awareness was considered the most important objective for audio advertising, with support for specific promotions coming in second, followed by direct response.
Nearly half of media agencies are planning to use targeted audio advertising platforms, with 46% of agencies considering streaming digital audio as a regular part of their activities.
When agencies were asked about audio advertising buying habits, two-thirds said they were planning broadcast and streaming audio together.
The study, conducted in collaboration with research company Hoop Group, revealed that eight in 10 media buyers have used digital audio streaming and that audio advertising was also found as a cost effective competitor to other paid forms of advertising.
The study was conducted with the support of Nova Entertainment, Australian Radio Network (ARN), Spotify, Pandora, Eardrum and Southern Cross Austereo.