Podcast advertising revenue in the US is predicted to increase 14.7% to $1 billion in 2020, according to the IAB and PwC, despite COVID-19 woes crippling the digital advertising industry otherwise.
The rise represents a 30% growth of previous estimates as podcast advertising revenues shot up 48% to $708.1 million in 2019.
According to the report, consumer brands were among the dominant podcast advertisers, making up 22% of the market, followed by financial services at 16%.
Health, wellness, and home appliances also ranked highly.
News topped the leading podcast content genres at 22%, followed by comedy (17%) and society and culture (13%).
Direct response campaigns are still the dominant format for podcast ads (54%), but brand awareness campaigns are catching up (42%).
Host-read ads continue to outperform other ad types (66%), but supplied ads produced by agencies and clients grew to 6% in 2020 eating into announcer-read ad types (27%).
Both Apple and Spotify continue to bank on podcasts with Spotify recently launching new podcast advertising technology to bolster campaigns.
And research by Adobe has previously shown that 60% of consumers looked up products they heard about on podcast.