Podcast listeners outspend their peers by as much as 179 per cent, a new study has revealed, in a sign that brands can cash in on avid on-demand audiences.
People who listen to podcasts spend significantly more in all areas than those who do not, with the starkest contrast found among millennials, according to figures from podcast agency 4DC.
The gulf in spending can be seen most clearly in the health and fitness markets, suggesting the medium could be a cash cow for healthcare firms, the report stated.
For example, podcast listeners spend 117 per cent more on vitamins each month than non-podcast listeners, and spend roughly a third more on gym membership.
“This research demonstrates that podcasts provide an opportunity for brands to capitalise on the growth of this medium – brands should take note of the podcast pound,” said Howard Kosky, chief executive and founder of 4DC.
“Podcast listeners are systematically outspending their peers and engaging this audience could be the key to maximising millennial marketing.”
The research also highlighted the high level of engagement among podcast listeners.
Almost a quarter of listeners are more likely to consider a product if they know the brand is sustainable, compared to 15 per cent of non-listeners.
Fans of the on-demand medium are also more discerning, with a higher proportion only buying from brands with positive reviews.
“Podcasts offer a unique opportunity for brands to communicate with their target audience in a focused environment, longer messaging can be discussed, and guest speakers can provide authentic advocacy moments,” Kosky added.
The UK podcast industry has enjoyed sharp growth over recent years, with listener numbers almost doubling in the last five years, according to regulator Ofcom.
Music streaming platform Spotify has snapped up three podcast companies so far this year, as it looks to double down on the format.
The medium is also increasingly popular among brands, with McDonald’s, Nike and even Love Island all producing their own shows.