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OCTOBER 31, 2023 | By Sara Lebow, Arielle Feger, and Becky Schilling
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It’s the last day of spooky season! It’s probably a bit too late to buy your can of Bush’s Baked Beans costume directly from the source, but maybe you can make one yourself with your pantry stash. |
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TOP STORY
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Next year, US podcast ad spend will pass the $2 billion mark, according to our forecast. We project double-digit growth through the end of our forecast period in 2027. New data from the Interactive Advertising Bureau (IAB) finds that podcast ads are trending toward brand awareness, with increasing emphasis on video formats.
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What’s new? Podcast advertising has shifted toward brand-building over the past two years.
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This year, 61% of ad revenues will go to brand awareness, compared with 48% in 2021, according to the IAB.
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This same trend has led to a shift away from direct-response ads, which will make up 39% of podcast ad revenues this year.
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NEWS AND VIEWS
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What happens when Amazon’s ads generate themselves?Our view: Amazon’s new AI image generation tool for advertisers depletes some necessary context for listings, such as accurate visualizations of how big an object actually is. While that may lead to unsatisfied customers, it could also be a good way of encouraging users to visit listings, where product information and reviews can inform their buying decisions.
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Instagram Reminder Ads launch new features to boost reachOur view: Reminder Ads were launched earlier this year, so an increase in features means Instagram has some faith in the event-based ads. The new features will expand how Reminder Ads are seen and created, allowing more people to engage with the ad format.
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Pinterest posts Q3 growth in ad revenues and active usersOur view: With features like the “Shop the Look” module, which reports a 70% match in product relevance, Pinterest is effectively bridging inspiration and shopping. Pinerest’s results follow positive earnings reports from fellow social media players Meta and Snap; results from Google, Amazon, and Microsoft also demonstrated the resilience of the digital advertising market.
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RESOURCES
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Before beginning a campaign’s creative, marketers must first collect data in privacy-compliant ways using technology to house and analyze that information. Keeping track of fast-moving marketing technology can be complicated. We’ve compiled some definitions to get your team on the same page. You can also use these resources for onboarding new employees.
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What they are and how to use them:
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PODCAST
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October’s great big monthly advertising, media, and retail quiz—Second Prime Day, AI rules, and Netflix. Tune in on Apple Podcasts, Spotify, or wherever you listen to podcasts. Follow us on Instagram. “Behind the Numbers” is made possible by Intuit Mailchimp. |
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THE BIG QUESTION
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Value X: True or false? X (formerly Twitter) is worth less than half of what Elon Musk originally paid for it.
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