Industry News
SELECTED ITEMS OF INTEREST TO THE MEDIA COMMUNITY
Podcast Boom May Be Slowing But Industry Continues to Grow
In the past year some platforms and networks, including Spotify and NPR, have cancelled podcasts and cut staff. But according to a Digiday review of recent podcast market studies, the contraction is more a course correction following the pandemic years of increased audience than a reflection of decreased interest by advertisers. Because large investment in high-profile podcast personalities and networks during lockdown didn't meet profit expectations, many publishers have become more selective about content offerings. Advertisers continue to believe that spending on podcasts is worthwhile, however, with 60% of agencies and advertisers currently advertising in podcasts -- up from 34% in 2020. Other study findings include:
- The U.S. audience for podcasts has grown from 46% in 2021 to 56% in 2023, and hours spent listening to podcasts have also increased.
- Increased ad spending is mostly going to large networks such as Spotify and iHeart rather than independent publishers.
- 62% of brands and agencies say they will consider advertising in podcasts in the next six months and 58% said they definitely will.
Read more of the Digiday story here.
#media #strategy #consulting
Original Content: The Key to Retaining Streamer Subscribers?
With more than 20 streaming services available in the U.S., how do consumers make their subscription decisions? MarketCast's streaming tracker for the second quarter of 2023 measured how subscribers rate the quality of a platform's original content, overall satisfaction with the service, and whether they planned to continue to subscribe. While streaming giants Netflix, Max, Disney+, and Hulu rated highest in overall subscriber satisfaction, newer platforms offering big libraries as well as original content also had high numbers of satisfied subscribers. Other findings in the survey include:
- Newer services, including Peacock and Paramount+, are making inroads against more established streamers.
- Offering original content is convincing viewers to continue to subscribe.
- Streaming services with smaller catalogs that rely heavily on new original content saw the biggest shifts in subscriber satisfaction. For example, AppleTV+ subscribers gave the platform high marks for original content during the run of the popular series "Ted Lasso." But those numbers dropped as soon as the series ended.
Read more about the MarketCast survey here.
#media #strategy #consulting
Voters Say AI Is Moving Too Fast
A new poll shows that almost three-quarters of American voters want the development of Artificial Intelligence to slow down. An even larger number -- 82% -- don't trust AI companies to regulate themselves. These findings are at odds with efforts by many social media and tech companies which, despite some talk of welcoming regulation, have already embraced AI for commercial purposes and have in fact advocated for little or no government involvement. The poll, conducted by data analytics firm YouGov for the AI Policy Institute, surveyed 1,000 Americans of various ages, genders, and political affiliations. Most respondents (73%) were white and did not have a college degree. Concern about the potential harmful impact of AI technology on elections, especially by the spreading of disinformation, is one reason voters favor caution on its use.
Read more of the Vox story here.
#media #strategy #consulting
