IAB Report Dives into 2024 Digital Advertising Data
IAB just released its Internet Advertising Revenue Report for 2024 and the results of the study indicate the digital advertising industry saw ad revenue climb to $259 billion, a 15% year-over-year increase from 2023. IAB says, “This record growth reflects the industry’s ability to adapt to evolving technologies, regulatory changes, and shifting consumer behaviors. In parallel, the streaming landscape continues to shift, with ad-supported streaming becoming dominant and live sports driving premium ad investments.” Other takeaways from the study including that Digital Video is the fastest-growing format, with revenue
increasing 19.2% YoY to $62.1 billion, now accounting for 24% of total ad revenue, and that Podcast advertising revenues show a strong YoY growth of 26.4%, a significant acceleration from 5.5% last year. IAB adds, “This growth was fueled by shifting consumer media habits, with cord-cutting driving greater engagement with on-demand audio, and podcasts emerging as a key platform for political advertisers seeking to connect with voters ahead of the election.” Overall, digital audio – including podcasting – has continued to grow, earning $7.6 billion in revenue with an 8.5% YoY growth from FY23 which is a slowdown in growth compared to last year’s 18.9% rate. Podcasting however saw a surge in growth at 26.4%, while other related formats such as Streaming Music and Radio stifled overall Audio growth. IAB concludes, “As audio consumption trends rise our data suggests that there will be continued digital audio advertising expansion and growth in the year ahead as brands and platforms invest more in podcasts, streaming music, and voice-based advertising.” See more about the study here.
During my tenure at NBC, once a month the division heads would meet at the behest of the CEO to report on their progress and trends in their sector. As the executive vice president of the FM division, I took a seat in that formidable group and tried to keep my remarks as brief as possible. What could I possibly say that would be more damn important than the words of the president of NBC News or the NBC Television network? In addition to NBC’s CEO, the CEO of owner RCA would often join the fun.
including radio over-the-air and radio streams. The next highest portion, 18%, was spent with owned music such as CDs and downloaded audio files, and 11% of their daily audio time went to streaming. Today, we see the increase in listening from linear sources to more on-demand audio sources such as YouTube for music or music videos (not the YouTube Music streaming service), and podcasts. Americans age 13+ now spend an average of 18% of their audio day listening to streaming music from sources such as Amazon Music, Apple Music, Pandora, and Spotify, 14% listening to YouTube for music, and 10% listening to podcasts. AM/FM radio still takes the largest portion of the audio day on a 13+ basis with 36%, driven heavily by in-car listening.” Edison director of research Laura Ivey adds, “A decade ago Share of Ear was created to answer the question, ‘What do Americans listen to?’ Today we can understand the listening patterns of Americans and see how audio sources have emerged to vie for our daily listening time. There are surely audio developments that we can’t even imagine that will impact our daily audio time over the next 10 years.” 
fans worldwide who want more in-depth content about the team and behind-the-scenes access and Bucks+ Audio will provide this with podcasts and on-demand audio. Good Karma Brands Milwaukee market manager Greg Scalzo states, “We are excited to partner with the Milwaukee Bucks and redefine the on-demand listening experience for fans. Bucks+ Audio introduces a new era of immersive sports content, from the episodic allure of ‘Behind the Bucks’ to the passionate ‘Hear District’ and the concise, detailed recaps of ‘Bucks in 6,’ the platform is a perfect audio companion for Bucks and NBA fans.” Additionally, Good Karma Brands is currently seeking an editor-in-chief to oversee content strategy, collaborate with creators, represent the brand, ensure a positive user experience and more for the platform. Learn more here: