In the ever-evolving marketing landscape, staying ahead of the curve is crucial for success. In collaboration with Amazon Ads, Edison Research has unveiled five compelling “megatrends” in the audio marketing space that are set to play a pivotal role in 2024 and beyond. These trends shed light on the remarkable rise of audio consumption and its profound impact on advertising strategies.
The Rise of Streaming Audio
Over the past decade, streaming audio has transformed from a promising newcomer to a media powerhouse. It now commands a substantial 41% share of the audio market, marking an impressive 159% increase from a decade ago. This growth has, in part, come at the expense of traditional AM/FM radio, though recent data suggests a stabilisation in the time people spend with each medium.
Unforgettable Audio Ads
One of the most striking findings from the Edison Research study is the recall rate for brand messages in audio ads. An astonishing 78% of listeners remember these messages, and this memory is not limited to free services. Even within paid subscriptions, 81% of users engage with ad-supported content. This indicates that audio advertisements effectively leave a lasting impression on consumers.
Less Disruption, More Engagement
The Smart Speaker Revolution
Smart technology, especially smart speakers, has dramatically influenced audio consumption habits. Ownership of these devices has soared by a staggering 414% since 2017. Smart speaker owners are 20% more likely to engage with streaming audio content and, on average, listen to audio for nearly five hours daily – 12% longer than those without smart speakers. These statistics emphasize the profound impact of smart speakers on the audio market.
The Home as the Primary Venue
As smart speakers become more ubiquitous, the home has become the primary venue for audio engagement. According to the study, 58% of all listening occurs domestically. This trend has remained steady post-pandemic, indicating that the shift towards more home-based listening will likely endure. Moreover, an increasing number of people are tuning in to radio stations’ digital streams through internet-connected Smart TVs, underscoring the importance of home-based audio consumption.
In rapidly changing consumer habits and technological advancements, audio marketing is a robust and engaging medium for advertisers to connect with their target audiences. The “Audio In Evolution” study by Edison Research and Amazon Ads charts the extraordinary ascent of audio listening and affirms its lasting presence and impact on consumer habits and marketing strategies.
For advertisers, the message is clear: the power of audio in conveying brand messages and engaging with consumers is stronger than ever. As we look ahead to 2024 and beyond, embracing these megatrends in audio marketing will be crucial for success in a dynamic and competitive landscape.