A new report from the Interactive Advertising Bureau (IAB) claims that annual revenue in the podcast industry will reach $1 billion by 2021.
Last year, the IAB estimated that the industry made $479.1 million in revenue, with this figure expected to reach $678.7 million this year.
The most lucrative podcast genre in 2018 was news and politics, said the IAB, followed by comedy, business, education, and arts and entertainment.
“Of the 14 programme genres measured, the top five constituted more than 65% of advertising revenue captured,” said the IAB.
The IAB also said that brand awareness and branded content campaigns continue to grow in popularity, cutting into the dominance of the direct response advertising format.
This predicted growth in podcast industry revenue aligns with the investments of Spotify, which plans to spend up to $500 million on podcast-related acquisitions.