Oct 20, 2023

IPA Bellwether Report Q3 2023: Industry Reaction

The latest IPA Bellwether Report showed that UK marketing budgets continue to grow in the face of economic pressure. However, pessimism remains around the future prospects.

Here’s what Kathryn Roberts, Senior Sales Manager at AMA, makes of the report.

Whilst this quarter’s Bellwether report saw a net decrease in audio budgets, this shouldn’t take away from the fact that 85% of budgets remain unchanged despite their exceptional growth over the past few years.

Spending on digital audio advertising has surged by over 80% since 2020, due to the proliferation of audio channels and popularity of streaming, online radio and podcasts. This has resulted in an increasing number of advertisers incorporating digital audio campaigns into their strategies. Taking the looming recession into account, dynamic audio advertising serves as a more cost-effective option than other forms of digital advertising and is better at connecting consumers with personalised content at the most opportune moment. What’s more, audio has the ability to truly engage audiences with highly personalised ads that resonate with the listener in exactly the right moment, making it a hugely promising investment channel for advertisers.

“With AI transforming audio advertising even further through elements such as greater contextual targeting and enhanced personalisation, we expect to see its popularity as a channel continue to grow.

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