South Africa’s digital audio space continues to grow at an impressive pace, and the forecast for 2024 looks promising.
PwC’s Media Outlook report expects the local podcast market to be up to 19 million monthly listeners next year, with ad spend forecast at R302 million.
We are witnessing a surge in consumer interest and engagement with audio content, and this trend is expected to continue. With Statista’s optimistic growth forecast and PwC’s insights into the podcast market’s potential, it’s evident that digital audio is reshaping the way people consume media, including their radio preferences.
This is an exciting opportunity for marketers to innovatively connect with audiences. The projected listener growth for 2024 is testament to the changing dynamics of media consumption.
Gen Z will be an important target in this market. This demographic is highly tech-savvy and known for their preference for audio content, making them an ideal audience for digital audio marketing.
It’s only getting better
Other key areas driving audience growth include:
Mobile listening dominance: With smartphones becoming more accessible, we are likely to see a shift towards mobile listening for audio consumption. More people are likely to access streaming services and podcasts through their mobile devices, leading to mobile-first audio experiences.
Streaming and podcasting: There is likely to be continued growth of streaming services, as well as podcasting. This growth is likely to be driven by increased smartphone penetration as well as internet accessibility.
While the digital audio space is packed with opportunities, marketers will face several challenges.
Competition among marketers and content creators will intensify. Standing out in a crowded market will be a challenge, and ad fatigue also needs to be top of mind. It’s crucial to strike a balance between engagement and ads, as overexposure can deter users, making ad placement a challenge.
With increased personalisation comes a greater responsibility for data privacy. Adhering to regulations and ensuring user data protection can be challenging for marketers.
Creative solutions are key to overcoming these challenges.
Branded podcasts: Creating branded podcasts provides an opportunity for marketers to deliver valuable content while subtly promoting their brand. This approach allows for storytelling and in-depth exploration. Brands need to be bolder in their podcast partnerships.
Content creator collaborations: Partnering with local podcast content creators can enhance reach and engagement. Content creators can bring credibility and authenticity to marketing efforts.
Data-driven targeting: Utilising data analytics for precise targeting is a popular solution. Understanding audience behaviour and preferences is essential for effective campaigns.
Onto bigger brainwaves
Kagiso Media Radio’s SoundInsights department, which is led by research and analytics specialist Melissa McNally, launched a neuro research product in 2023 that uses neuromarketing techniques to measure the physiological and neural signals of an audience to gain insights into why customers make certain buying decisions.
Neuro-related research is becoming more relevant in the measurement of attention to understand how to create content that engages audiences more effectively, while attribution models are becoming more important with regards to understanding the impact of audio assets with precision.
Going into the new year, marketers need to ensure they are educated on digital audio’s potential and best practices. Training and resources can help businesses and marketers understand how to leverage digital audio effectively.
Continued innovation in ad formats, content delivery, and audience engagement is also required to stay competitive.
South Africa’s digital audio space for 2024 holds immense potential for marketers. It’s a space where we can be more relaxed and conversational in our approach. The key is to stay agile, create compelling content, and remain attuned to the ever-evolving audio landscape.
Tanya Davis is marketing manager at East Coast Radio.
East Coast Radio
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