Podcasts have changed the way that people consume and engage with media. From general news and history, to science, sports, and regional food, there are engaging, interesting podcasts that can educate and entertain listeners in almost every niche thinkable.
Because podcasts come out frequently – usually anywhere from once a day to once a week – loyal listeners have a lot of opportunities to listen in. This usually leads to listeners becoming very familiar with podcast hosts and even deciding which podcasts to tune into based on how much they like or connect with the host. Listeners become very trusting of these podcast hosts, as they are a primary source of information.
This is why podcasts are such a great platform for advertising. There huge audiences who already trust the host who will be directly or indirectly endorsing your brand. Podcast networks help keep podcasts hosts and channels free to focus on creating content, not hunting for advertising to keep the show on. The network takes a fee or percentage and provides podcast networks with advertising and advertising businesses with an audience. One podcast advertising platform, Midroll, who claims to the largest podcast advertising firm, notes that podcasts can reach up to 73 million people.
Here are some of the best podcast advertising networks to help you connect with those listeners.
1. Midroll Media: As noted above, Midroll is a huge podcast advertising network. Their studies show that 61% of listeners bought something after hearing it advertised on a Midroll-connected podcast. They work with advertisers like FedEx, HBO, Allstate, Audible and more by placing advertisements on well-known podcasts like StarTalk, Comedy Bang Bang, and over 300 more.
2. PodGrid: This is a great option to connect with listeners of smaller up-and-coming podcasts with your product or service. Smaller podcasts can often be for very specific or niche audiences – if you have a product that you think will connect with a more refined, targeted audience, this might be the network to get into contact with.
3. Authentic Shows: This advertising network focuses on taking high-quality podcasts and matching them with a perfect high-quality business advertising partner. It has helped extremely popular shows like This American Life and Serial partner with successful, well-known businesses like Netflix and Visa.
4. Megaphone: This advertising platform allows business marketers to buy ad space on podcasts using targeted data from Nielsen that can help better and more accurate manage distribution and audience segmentation. This can be helpful for businesses who need a more direct, personalized, data-driven approach to their advertising.
So how much does advertising on podcasts cost? WordStream, an online advertising expertise website, notes that as of 2018, podcast advertising rates can be somewhere in the following range:
• $15 for a 10-second ad CPM
• $18 for a 30-second ad CPM
• $25 for a 60-second ad CPM
CPM represents cost per 1,000 listeners, meaning that, like most other advertising, the bigger audience you want to reach, the bigger advertising expense you’ll incur. A 60-second podcast ad on a podcast that regularly has 100,000 listeners will cost about $1500 per advertisement play or episode. Usually these ads are paired with some kind of product or service discount or offering to help customers understand why they should take action.
Considering all of the factors involved – cost, rate of effectiveness, ability to customize – podcast advertising tends to be a fairly competitive form of direct advertising when compared to other methods.
Connecting with audiences is the core tenant of any business and the driving force behind most marketing decisions. If you’re looking for a new ready-made audience to market to or a new way to advertise to engaged consumers, podcast advertising might be the missing piece to your advertising or marketing strategy.