Podcast Revenue Growth Slowed in 2023, Will Return to Double-Digit Growth in 2024, According to IAB’s U.S. Podcast Advertising Study

After consecutive years of healthy double-digit growth, podcast ad revenues grew at a slower pace in 2023 posting a modest revenue increase of 5% to $1.9 billion, according to IAB’s “U.S. Podcast Advertising Revenue Study: 2023 Revenue & 2024-2026 Growth Projections.”

This was due in large part to a challenging advertising climate that particularly affected mid-tier companies, resulting in losses that tempered the sector’s overall growth trajectory.

The eighth annual IAB U.S. Podcast Advertising Revenue Study, prepared for IAB by PricewaterhouseCoopers LLP (“PwC”), quantifies annual podcast advertising revenues generated over the past year, analyzes revenue share by ad category and content genre, and forecasts future revenues through 2026.

“While a few of the largest podcast companies maintained double-digit growth, mid-tier companies hit a speed bump,” said Chris Bruderle, VP, Industry Insights & Content Strategy, IAB. “But revenue is already bouncing back.”

Podcasting is projected to return to double-digit growth (12%), with revenues of over $2B this year. It is on track to reach nearly $2.6B by 2026. Publishers will fuel growth through various initiatives, including measurement, programmatic, live events, more aggressive show promotion, and the continued development of video podcasts.