Podcast revenues are set to soar to US$220 million this year in the US, up 85% on the US$119 million recorded in 2016.
According to the IAB's first podcast advertising revenue study conducted by PwC US, revenue in 2017 is forecast to almost double last year's revenue (US$116m).
The report, which analysed data from 20 of the largest podcast companies in the US, also found a 73% growth in revenue between 2015 and 2016.
“The IAB podcast advertising revenue study proves two things - the whole world is listening, and brands are taking notice," IAB CEO and president Randall Rothenberg says.
“From the remarkable growth of podcast ad revenue, we’re seeing an ancient axiom being proved yet again: great rewards go to those who surprise and delight their fellow humans."
If the US podcast market is experiencing such rapid growth, Australia is likely to follow in its footsteps with many of the country's biggest publishers and networks already investing more money into podcast services.
In March, Nine announced it was looking to grow new revenue streams with a podcasting strategy built around many of its existing news, sports and lifestyle brands.
Westpac also took the plunge into podcasts, teaming up with Mamamia and extending its brand platform into a pregnancy podcast.
In April, Nova also began facing the podcast music, making a call out to any aspiring podcasters for a new venture designed to discover and support new and emerging podcasters, while bolstering its own inventory at the same time.
Prior to the call out, Nova inked a major deal with Swedish firm Acast, the podcast powerhouse that hosts content from major publishers such as The Guardian and The Financial Times.
In January, Mamamia podcast director Monique Bowley said in 2017 podcasts are likely to get shorter, build stronger analytics and garner interest from TV networks and publishers.
“These findings confirm that podcasting is experiencing impressive year-over-year growth, and we can expect even more gains on the horizon,” PwC US partner David Silverman says.
The study also looked at the revenue growth of different types of ads:
Listen to AdNews' most recent podcast featuring Ogilvy's David Fox and Toby Harrison join Comms Council's Tony Hale here.
To see the full study, click here.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.