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FY 2018 Podcast Ad Revenue Study: A Detailed Analysis of the US Podcast Advertising Industry Prepared by PwC June 2019 DRAFTTable of Contents FY 2018 Podcast Ad Revenue Study, June 2019 2 Background 3 Sponsors 4 Study Scope Designing the process to maintain participant anonymity and only release aggregate data; Podcast Advertising Revenues generated outside of the United States are out of the scope for this study. Methodology The methodology employed here is similar to the methodology that has been used to conduct the half-year and full-year internet advertising revenue report since 1996. The reporting process includes: Compiling a database of the largest podcast advertising revenue generators, which are believed to make up a significant portion of the overall market; Conducting a quantitative mailing survey with leading industry players, including podcast publishers and ad networks; Requesting and compiling several specific data items, including quarterly net commissionable advertising revenue by delivery mechanism, advertisement type, campaign type, buy type, pricing model, podcast program genre, and advertising business category; Performing a podcast advertising market sizing to deliver a reasonable estimate of the market in the United States, inclusive of non-survey participating companies; Analyzing the findings, identifying and reporting key trends.Edited-in / Baked-in ads still represent the majority of podcast ads delivered in 2018. 10 FY 2018 Podcast Ad Revenue Study, June 2019 58.3% 41.7% 2017 51.2% 48.8% 2018Revenue by Campaign Type 2016 to 2018 Brand Awareness and Branded Content campaigns continue to make up a larger part of how advertisers choose to reach their audience. 11 FY 2018 Podcast Ad Revenue Study, June 2019 25.4% 73.0% 1.5% 29.2% 64.2% 6.5% 38.2% 51.6% 10.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Brand Awareness Ad Direct Response Ad Branded Content FY 2016 FY 2017 FY 2018Revenue by Ad Type 2017 to 2018 Host-Reads Ads continue to be the preferred Ad Type, representing a little less than two-thirds of Ad Types in 2018. Announcer-Read / Pre-Produced Ads make up most of the other one-third. 12 FY 2018 Podcast Ad Revenue Study, June 2019 32.7% 66.9% 0.5% 2017 35.0% 63.3% 1.7% 2018Revenue by Buy Type 2017 to 2018 The majority of ads are purchased / sold on a quarterly basis. Programmatic activity is increasing. 13 FY 2018 Podcast Ad Revenue Study, June 2019 37.5% 33.1% 23.8% 0.7% 5.0% 2017 24.3% 38.2% 33.8% 1.3% 2.3% 2018Revenue by Pricing Model 2017 to 2018 Cost per thousand continues to be the dominant pricing method in 2018. Cost per acquisition is no longer significant. 14 7.9% 85.1% 1.7% 5.3% 2017 2.4% 85.7% 11.9% 2018 FY 2018 Podcast Ad Revenue Study, June 2019Advertising Inventory Sold by Spot Length* 2018 60 second advertising spots were the most popular spot length in 2018. 90 second advertising spots were not far behind. 15 *Revised question asked on the FY 2018 study survey; data was not significant enough in FY 2017. FY 2018 Podcast Ad Revenue Study, June 2019 23% 19% 30% 27% 1% 0% 5% 10% 15% 20% 25% 30% 35% 15 Seconds 30 Seconds 60 Seconds 90 Seconds 90 Seconds 2018 Spot LengthRevenue by Program Genre 2017 to 2018 Revenue (by Program Genre) 2017 2018 % Change News / Politics / Current Events 13.3% 18.4% 38.3% Comedy 10.6% 13.9% 31.1% Business 11.1% 12.8% 15.3% Education 9.6% 10.6% 10.4% Arts but, were not created specifically for radio broadcast Buy Type Means by which podcast advertising inventory is procured by the advertiser RFP-Driven - the purchase of advertising through a formal bidding process Annual - the purchase of advertising based on annual rates / rate card Quarterly - the purchase of advertising based on quarterly rates / rate card Remnant / Transactional / Scattered - the purchase of advertising that is availed on an as-needed basis Programmatic - the purchase of advertising that is facilitated via an automated bidding system Other - the purchase of advertising not covered by one of the Buy Types listed above Pricing Model Purchase options available to advertisers to accommodate various budgeting strategies Series Ownership - Price determined based upon cost to exclusively advertise during a series Cost per Thousand - Price determined based on verifiable podcast downloads Cost per Listen - Price determined based on verifiable podcast listens Cost per Acquisition - Price determined based upon pre-defined, verifiable listener action(s) Flat fee - Price determined based upon pre-defined, static value 18 Definitions of Relevant Advertising Terminology FY 2018 Podcast Ad Revenue Study, June 2019Terminology Definition Survey Options Program Genre Categories of thematic subject matter into which podcast programming may be assigned Arts & Entertainment (Streaming Services, Movies, Dance, Theater, Concerts, Opera, Amusement Parks, Games, Books - Audio and Bound, Music, Magazines, Newspapers, Websites, Apps, DVDs, Radio and Television Networks / Stations / Programming) Business Childrens Programming Comedy Education (History, Sciences, Mathematics) Games & Hobbies (DIY, Video games, Board Games, Cooking) Health & Medicine Lifestyle (Travel, Pets, Self-Help, Relationships, Religion, Spirituality) News / Politics / Current Events Scripted Fiction Sports Technology True Crime Other (please specify: _) Business Category Business categories into which podcast advertisers may be grouped Arts & Entertainment (Streaming Services, Movies, Dance, Theater, Concerts, Opera, Amusement Parks, Games, Books - Audio and Bound, Music, Magazines, Newspapers, Websites, Apps, DVDs, Radio and Television Networks/Stations/Programming) Automotive / Automotive Services Beverage / Restaurants Business-to-Business (B2B) Consumer Packaged Goods (CPG) Corporate Financial Services (Banks, Insurance, Securities, Mortgages, Financial Services Software) Pharmaceuticals, Healthcare, Drugs, and Remedies Retail (Brick & Mortar / ecommerce) Retail (Direct to Consumer) Telecommunications (Telephony, Mobile Service Providers, Cable/Satellite TV services, ISPs, Wireless) Travel and Tourism (Resorts/Hotels/Airlines) Other (please specify: _) 19 FY 2018 Podcast Ad Revenue Study, June 2019 Definitions of Relevant Advertising TerminologyThe Interactive Advertising Bureau (IAB) empowers the media and marketing industries to thrive in the digital economy. Its membership is comprised of more than 650 leading media and technology companies that are responsible for selling, delivering, and optimizing digital advertising or marketing campaigns. The trade group fields critical research on interactive advertising, while also educating brands, agencies, and the wider business community on the importance of digital marketing. In affiliation with the IAB Tech Lab, it develops technical standards and best practices. IAB and the IAB Education Foundation are committed to professional development and elevating the knowledge, skills, expertise, and diversity of the workforce across the industry. Through the work of its public policy office in Washington, D.C., IAB advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers. Founded in 1996, the IAB is headquartered in New York City and has a San Francisco office. As business, accounting, and tax advisors to many of the worlds leading technology, media, and telecommunications (TMT) companies, PwC (pwc/us/tmt) has an insiders view of trends and developments driving the industry. With approximately 1,200 practitioners serving TMT clients in the United States, PwC is deeply committed to providing clients with industry experience and resources. In recent years, our work in TMT has included developing strategies to leverage digital technology, identifying new sources of financing, and marketplace positioning in industries characterized by consolidation and transformation. Our experience reaches across all geographies and segments, including broadband, wireless, film, television, music, publishing, advertising, gaming, sports, theme parks, computers and networking, software and technology services. With thousands of practitioners around the world, were always close at hand to provide deep industry knowledge and resources. IAB PwC 20 FY 2018 Podcast Ad Revenue Study, June 2019 About
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