Total UK marketing budget growth is at its strongest since Q2 2022, despite achallenging economic environment, according to the latest IAB Bellwether Report.
It is encouraging to see that main media marketing budgets have had their strongest increase since Q1 2022. Even more so, marketing spend for audio, has seen an increase of +1.7%, which is the first growth since Q3 2021. After the economic uncertainty that dominated conversations in Q4 ‘22 there has been a renewed excitement for adtech in the first few months of this year, notably in the audio space.
Advertisers are looking at ways to target individual listeners more effectively, whether that’s via creative that addresses individual listeners or technology that allows them to respond in real time. Technologies like dynamic audio are giving advertisers a simple way to create and serve thousands of iterations of an audio ad at a minimal cost.
Despite the continued economic climate, we are optimistic about the future of audio and remain confident that addressable audio will be a huge growth area. Why? Because it allows advertisers to flexibly plan, buy and execute content across long periods whilst keeping production costs low and without compromising on effectiveness.