November 1, 2019
Males drive affluent podcast listening, being twice as likely as females to be heavy listeners.
Per respondents to the Ipsos Affluent Survey USA Q2 Barometer, 13 percent of affluent males spend five or more hours per week listening to podcasts. Twenty-one percent said they were willing to pay for podcasts – making them three times more likely than affluent females (6 percent) to be willing to pay to access content
“Affluents like the variety of genres that are available, so keep on making varied types of programming, with comedy a consistent winner,” said Michael Baer, senior vice president and team leader of Ipsos Affluent Intelligence, New York.
The Ipsos Affluent Survey USA Q2 Barometer asked affluent consumers about their podcast consumption habits, unearthing some interesting findings when data was explored via the lens of gender and generation.
When it comes to generational differences, Gen X leads as heavy listeners with 11 percent of them indicating that they listen five or more hours per week, Ipsos said.
However, millennials are more likely to pay for podcasts, with 10 percent showing openness to paying for content.
That said, while affluent men are more willing to pay for podcasts when compared to affluent women, looking at Gen X it is the women who are twice as likely to pay for podcasts – 11 percent compared to 6 percent, the survey found.
Not surprisingly, advertisers are showing interest in podcasts, albeit there has been no gold rush.
Direct to consumer and financial service brands are currently the biggest spenders when it comes to advertising on podcasts, Ipsos said.
With an estimated 86 million podcast listeners this year in the United States, it will not be long before the range of sectors targeting consumers via podcasts grows.
An Interactive Advertising Bureau study of podcast ad revenue prepared by PricewaterhouseCoopers showed that tremendous year-on-year in spend.
Podcast ad revenue was up 53 percent to $479.1 million in 2018, from $313.9 million in the year before. The market is expected to grow almost 42 percent this year to $678.7 million.
Mr. Baer in this quick Q&A discusses the appeal of podcasts to affluent consumers, the implications of the recent Ipsos Affluent Survey USA Q2 Barometer findings to advertisers, how to build audience and the type of content that appeals to affluents versus the mass market. Please read on:
What is so appealing about podcasts to affluent consumers?
Likely the same things that make it appealing broadly: the on-demand, mobile nature of the medium fits the way they consume media in general, as well as can align with any busy schedule.
And there’s so much variety in the content. It’s evident that variety is very desirable by the fact that the genres that most affluents are listening to are so disparate, with none being dominant.
In addition, the affluent tend to be early adopters, as we’ve seen across all new and emerging media/TV platforms, so they’ve been tuning in from the beginning and spreading the word, as affluents tend to be influential, as well.
What are the implications of your findings for advertisers seeking affluent listeners to podcasts?
As an advertiser, it’s important to consider a variety of podcast genres and topics, as the listenership is disperse.
It’s also important to understand your users and prospects, and leverage data to make sure you’re aligned with their specific affinities.
For example, the male/female differences in genres, loyalty to specific programs, and willingness to pay.
Audience generational skews should also be reflected in advertising planning.
What should producers of podcasts, be they brands or publishers, do to attract an affluent podcast audience?
With regards to the podcasts themselves, I’d almost say, “Keep doing what you’re doing.”
Affluents like the variety of genres that are available, so keep on making varied types of programming, with comedy a consistent winner.
Utilize a strategy to leverage recommendations and social media to get the word out and help people discover new podcasts, especially men.
And also continue to offer plenty of free content, which is still critical.
What types of podcasts appeal to affluent consumers versus the mass market?
The genres that skew most towards affluents are business/finance, sports, thrillers and spirituality, followed by fairly large skews for news and politics. How’s that for a wide gamut?
The genres that skew towards mass/non-affluent are entertainment, true crime, paranormal and health and wellness.