As we enter the new year, Triton Digital's key executives are sharing their industry predictions for 2024. Our team has generously shared with us an exclusive glimpse into their predictions, providing us with valuable insights to help us navigate the ever-changing audio landscape. Here are five trends to keep an eye on in the next 12 months as seen through the lens of Triton Digital's thought-leaders.
John Rosso, President & CEO: The buying of broadcast radio will transition into a more digital paradigm, using programmatic techniques and automation for the transacting and delivering of those campaigns. We’re already scratching the surface of this with some of our demand-side buying partners and we’ll see this accelerate in 2024.
Ben Masse, Chief Product Officer: There will be a bigger focus on increasing the addressability of audio as buyers’ targeting expectations reach new heights while at the same time we are seeing more stringent privacy laws and higher privacy expectations from listeners. We will also see a growing shift in buyer’s strategies as more sophisticated audio ads and feedback loops from players are integrated into these strategies. We will start seeing more interactive audio ads as part of these strategies, but the transition from passive to interactive will be gradual.
Stephanie Donovan, Global Head of Revenue: Retail Media Networks in the US will outpace digital ad growth in 2024, 14.2% increase vs 11.2%. This year, we’ll see retailers add audio through programmatic exchanges to bolster their multi-channel strategy. Publishers will earn more of the retail media budgets with inventory that can target the listening audience and is aligned with the retailers’ in-store shopper data. We will see that digital audio will demonstrate success in moving traffic to in-store visits as well as upper funnel branding. Advertisers will continue to accelerate spend in audio as they realize they can achieve a similar level of targeting as video and the transparent measurement they have become accustomed to with digital media while expanding their reach and efficacy.
Sharon Taylor, SVP Podcast Strategy & Product Operations: YouTube will continue to grow as an important destination for podcast consumption - both on their video platform and YouTube Music app, as podcasting holds a larger place in both. Publishers will need to build a strategy for how they incorporate video into their podcast plans, especially with lines blurring between RSS delivered podcast content and other mediums. Publishers will also need to get creative with how they market their audio content as they extend it into YouTube.
Daryl Battaglia , SVP Market Development & Strategy: In 2024 we’re going to see a broadening of the podcast listening audience, driven by growth from previously underserved segments of the population. According to Triton’s Podcast Metrics Demos+ survey, fielded in the US with Signal Hill Insights, many of these segments have seen an increase in podcast listening. In the last 2 years, monthly podcast listeners age 55+ grew 22%, listeners in households with income less than $50k grew 29%, females grew 19%, and the Hispanic audience grew 16%. This will result in more content production to serve those audiences, which will drive even more growth in listeners from these segments.
These predictions, provided by our key executives, offer a glimpse into the future of the audio landscape. As the industry continues to evolve, addressing the challenges of privacy expectations while capitalizing on the potential of audio advertising will be crucial for success. By staying ahead of these trends, advertisers and publishers can leverage the power of audio to create impactful campaigns and drive meaningful results.
Triton Digital is the global technology and services leader to the digital audio, podcast, and broadcast radio industries. Operating in more than 80 countries, Triton provides innovative technology that enables broadcasters, podcasters, and online music services to build their audience, maximize revenue, and streamline their day-to-day operations. In addition, Triton powers the global online audio industry with Webcast Metrics®, the leading streaming audio measurement service and Podcast Metrics, one of the first IAB certified podcast measurement services in the industry. With unparalleled integrity, excellence, teamwork, and accountability, Triton remains committed to connecting audio, audience, and advertisers to continuously fuel the growth of the global audio industry.
