“From both a listener and industry participant point of view, it is clear that interest in digital audio is stronger than ever. Listener figures from Rajar show that public consumption of digital audio is higher than ever and from the industry side 78% of respondents in our survey said that they would increase investment in audio streaming (radio and music) over the next 12 months, plus 75% for podcasts.”
DAX, the digital audio exchange owned by Global, has published its annual report tracking interest in digital audio among advertisers and media agencies in the UK. The resulting whitepaper, titled The Rise of Digital Audio Advertising, describes survey research performed by MTM in the UK. The survey population included 147 manager-level and above employees at media agencies, and 68 people working for brand advertisers.
DAX, which is the digital audio exchange from Global, found that 78% of UK advertisers expect to increase their spend on music and digital radio in the coming year. The report also found that 75% of UK advertisers plan to spend more on podcasts in the next 12 months.
The DAX assessment showed confidence in digital audio among the respondents. Two-thirds (66%) of brands and 86% of ad agency executives said they see digital audio as a key part of media strategies. They also saw room for creativity, with 53% picking digital audio as the medium with the most innovative opportunities for advertisers.
Participants were also favorable about the potential to connect with listeners through smart speakers. Eighty-two percent of respondents said digital audio will be critical for reaching audiences on those screenless devices.
The report also noted the importance of programmatic buying in digital audio’s growth. It also found that while many respondents use and appreciate targeting tools in digital audio, others did not fully understand the available tools for measurement and attribution in the field.
DAX ends the report with two key areas that will be important to maximizing digital audio adoption be advertisers:
- Better measurement and attribution will encourage further investment in digital audio advertising.
- Digital audio will thrive by being at the forefront of innovation
The free report, which can be downloaded HERE, includes numerous quotations from survey respondents in UK media agencies.