UK advertisers are set to ramp up their spend on audio formats in the coming years amid a surge in popularity of podcasts and digital radio.
Roughly 85 per cent of advertisers will increase their investment in digital audio over the next 12 months, according to figures from media group Global.
The report, which surveyed executives at top media agencies and UK brand owners, also revealed 78 per cent of advertisers plan to increase spend across music and digital radio.
An increasing number of brands have been turning to audio in a bid to cash in on the growing numbers of podcast listeners and a renewed interest in digital radio.
Three-quarters of respondents said they will increase their investment in podcasts as they look to tap into the format’s higher levels of targeting and engagement.
“Now the value proposition and opportunities in digital audio are clearer, so too is the prominence of digital audio in advertisers’ media strategies,” said Ollie Deane, director of commercial digital at Global.
“As new technologies continue to emerge and we see campaigns tailored to listeners in connected cars, cross-platform attribution and improved measurement tools will be essential for driving the industry forward.”
The report pointed to the growing popularity of smart speakers as a key opportunity for advertisers to effectively target audiences in the home.
The rollout of 5G will also take on an important role for advertisers, as the new network is set to underpin the development of connected cars.
The findings were published in an annual report by Dax, Global’s audio advertising platform.