iHeartMedia: Study Reveals Disconnect Between Consumer and Marketers
iHeartMedia and Malcolm Gladwell’s Pushkin Industries release the results of a study conducted by Morning Consult and Advertiser Perceptions that explores the growing disparity between consumer values and behaviors and marketing priorities in the U.S. They say that the report “underscores the increasing urgency for marketers to reset and realign their marketing and media plans with American consumers to ensure the success of campaigns in an increasingly polarized post-COVID economy.” iHeartMedia chairman and CEO Bob Pittman comments, “This research is a reminder of how different we marketers are from today’s consumers, especially post-pandemic. Based on these results, we need to challenge ourselves as we build marketing and media plans to be sure we use real consumer data and not just trust our instincts and personal experiences. These personal biases are too detached from the consumers most marketers are trying to engage, and which are often behind major marketing misfires. This study aims to level-set the conversation to benefit both our audiences and advertisers.” Some of the key findings from the report include: 1) While 40% of consumers report that they’ve never heard of NFTs, that number drops to 0% for marketers; 2) 62% of consumers have never heard of the TV show “Succession,” while less than 5% of marketers have never heard of “Succession”; and 3) Almost one-third of consumers have never heard of pickleball, while all marketers [surveyed] have heard of pickleball. The findings were presented by iHeartMedia’s Conal Byrne, CEO of iHeartMedia’s Digital Audio Group, and author and podcaster Malcolm Gladwell at iHeartMedia’s AudioCon 2023 on Wednesday (9/13).
One out of three American AM/FM radio listeners are reached monthly by AM radio. From the Edison study: 1) AM/FM radio dominates listening in the car with an 88% share of ad-supported audio; 2) AM/FM radio’s near-90 share of in-car ad-supported audio has been steady as a rock for the last six years; 3) AM/FM radio’s ad-supported shares in the car are dominant across all demographics, even among 18-34s; and 4) ‘Perception’ vs. ‘reality’: Agencies and advertisers underestimate AM/FM radio shares and overestimate Pandora and Spotify audiences (‘Perception’ from Advertiser Perceptions data). MRI Simmons shows Ford owners represent 20% of all U.S. AM radio listeners and are more likely to listen to AM radio. Cumulus chief insights officer Pierre Bouvard comments, “AM stations serve very unique, targeted constituencies and represent many languages and voices. As automobile manufacturers consider eliminating AM radio, it’s important to underscore that the AM dial is one of the most diverse media platforms in the world. Why would we eliminate this variety from the car?”