After digital audio retailer Targetspot reported that its podcast ad revenue had tripled in the first half of the year, the company said it was “doubling down” on the medium. This includes adding new resources to the US marketplace where Targetspot says its podcast marketplace has been “refined” to meet the demands of advertisers looking to buy space from multiple podcast publishers.
“As we have continued to expand our podcast offering, we have simultaneously improved both show-level transparency and category accuracy. This means buyers can have greater confidence in purchasing what they’re targeting and have greater visibility in the actual shows where the ads are airing,” said Dominick Milano, senior vice president of North American sales and business development.
The Targetspot podcast market has grown to over one billion monthly impressions in North America. This includes podcasts from radio groups like Bonneville, Salem Media Group and Canadian broadcaster CBC, as well as publishers like Spreaker and Empire Magazine.
Targetspot said in July that its first-half revenue reached $14.9 million, a 19.1% increase from a year ago. In North America, Targetspot reports that its first-half revenue increased 13.1%. Growth was held back by what she called a “moderation” of advertising investment in certain sectors including automotive and recruitment sites.
Alexandre Saboundjian, president and founder of Targetspot, said podcast revenue accounted for 28% of the company’s revenue in the first half of this year. That compares to 19% for all of 2021.
Targetspot is also ramping up its podcast efforts in Europe. In the UK, it has entered into partnerships with two new publishers, Sport Social Podcast Network and WIZARD Radio Media, giving ad buyers the opportunity to reach a wide audience of sports fans and Gen Z listeners.
In France and Belgium, Targetspot takes over the advertising sales of three new podcasts produced by Paradiso Media and Brut. Targetspot has also partnered with the French platform Audiomeans, the independent leader in hosting and distributing podcasts in terms of listening volume.
“The many partnerships forged in recent weeks will further accelerate our growing influence on this high-potential channel,” Saboundjian said. “Podcasts bring together a highly engaged and highly qualified audience, providing agencies and advertisers with unprecedented targeting capabilities. With its turnkey solution Targetspot Podcast Marketplace, our group has become a key player in the monetization of podcasts.