As we made our way through Q1, we saw a lot of cuts across industries, across companies, and across ad dollars. A lot of professionals lost their jobs, as numbers hit levels that weren’t seen in the last 6 months. A lot of dollars were cut and projections were revised to come in percentage points.
We touched upon the idea in a recent blog post.
As the overall landscape tightened, not all channels have lost dollars evenly, which makes sense. As consumers, we are constantly changing how we are consuming media, whether it is through streaming services (down 9%) or internet radio (down 1%).
After all the increases that streaming services made while we were locked in our houses for 2 years, that’s how quickly the streaming service world has fallen apart. A combination of oversaturation and a decline in content has attributed to the clients and agencies to pull their dollars at a higher rate than others across the digital world.
Even though Netflix has finally (kind of) fixed their ad platform problems, there aren’t enough eye balls for clients to pay the dollars that the streaming platforms are asking for.
Streaming TV used to be the darling of the digital landscape, and was looked upon by linear TV as a mortal enemy. But as dollars are pulled at a higher rate from streaming, there might be a new “mortal enemy” to hit the airwaves.
(Well, not new, but you know what we’re saying).
As dollars fly out of streaming, internet radio (and podcasting) is holding relatively steady and is becoming the new darling of the digital world.
Consumption of podcasts continues to increase, with some results showing average listenership is over 11 hours per week. 1.5 hour per day is being dedicated to listening to podcasts, which is a lot of real estate for advertisers to reach engaged customers.
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