The Interactive Advertising Bureau (IAB) recently published its research study on podcasts. Podcast advertising grew at an annual growth rate of 19%. In 2020, podcast ads in the United States amounted to $8.42 million. While podcasts are not very popular in Hong Kong, they have attracted the attention of brands in the United States. Many Americans have included podcast ads in their media plans.
After a Surge in Popularity in Taiwan, What Comes Next?
Podcasts have surged in popularity in Taiwan last year. They led to the rise of many part-time YouTubers contributing to the growth of the podcast market. Even podcast listening rates in Taiwan have skyrocketed. That is why the year 2020 is described by many as Taiwan’s podcast year. Many crazes in Hong Kong have also originated from Taiwan. The Clubhouse app was one of them, but not the podcast trend. The assumption is that there are many more people who drive in Taiwan than in Hong Kong. Longer distance travels serve as an attractive option for many to tune in to podcasts or the radio while on the road.
Clubhouse Fever Did Not Make Podcasts Popular
Clubhouse, an audio-based social media platform, seemed unique for a season. But it was not about podcasts. Of course, if you closely consider the trend in Clubhouse’s performance in Hong Kong, it seems to have lost its original momentum. It also lacks quality content and hosting. On the other hand, while there are not many podcast programs, there are a few ones where the quality of hosting and content are very high. However, because of a very limited audience, podcast advertising in Hong Kong has yet to take off.
Room for Audio Marketing to Grow
Podcasts have a lot of potential to grow in Hong Kong. At the start of the year, shared his podcast experience at the Hong Kong Polytechnic University. He found out that many students were very interested in this space. Perhaps, many have also dreamed of being DJs. Bernie took a break from producing podcasts every once in a while since they require a lot of his time and effort. Yet, his podcasts have always been well-received by supporters whenever they are released, which has continued to spur Bernie on. Taking a closer look at the IAB report, 76% of advertising profits come from mid-roll spots, and more than half of podcast ads are longer than 30 seconds. It seems that with audio marketing, more people look forward to high-quality programs, as well as high-quality ad content.
Apple recently unveiled Apple Podcasts Subscriptions. The arrival of this global marketplace should encourage many who are “all talk, no action” and unwilling to be in front of the camera to devote themselves to producing podcasts. Marketers cannot afford to ignore this audio marketing trend.