The Q1 2022 IPA Bellwether Report highlights a positive trend in growth for marketing and advertising, as industries begin to recover from the aftermath of the pandemic.
However, it isn’t all good news in the marketing industry. Ongoing issues caused by COVID-19, as well as geopolitical strife in Ukraine has resulted in greater inflation rates.
Responses to the Report
Paul Smith, AdTonos’ VP of Sales, reviewed the report and remarked:
“Of course it’s a shame to see audio budgets fall in Q1 2022, but it is understandable considering the circumstances. Despite the fact the audio industry is booming, it makes sense that marketers are turning to what they know rather than risking something new – however exciting it might be. This reflects the reality that we are a society slowly re-emerging from the pandemic, only just exiting an extended period of economic uncertainty, and to top it off, find ourselves in the midst of geopolitical turmoil.”
The Changing Landscape in Audio Consumption
Commenting on the likely reasons why audio consumption in homes has reduced, Paul alluded to the ‘new normal’:
“The decrease in home audio consumption correlates with a population that’s back on the move which implies that access to audio through connected devices remains high. Combined with a greater thirst for personalised content, this represents a shift in the way audio is being consumed and advertisers should pay attention.”
Far from being a temporary consequence of years of lockdown, Paul highlighted that audio advertising on podcasts currently account for 27% of UK digital audio content consumption. Interestingly, podcast audiences are on the rise, with 66% of listeners increasing time spent listening to podcasts in the ‘post-COVID’ era. Instead of seeing an absolute decline in audio media consumption, consumption has simply moved from being home-based to following listeners as they’re on the move. It seems clear that audio’s time in the limelight is very far from over.
For more insights from professionals in the industry, read Mediashotz’ blog here. Read the full Q1 2022 IPA Bellwether Report here.