A version of this article was published in WARC, by Tim Geenen, Managing Director, Addressability Europe at LiveRamp
During the last two years, millions of people found familiarity and reassurance in audio entertainment, whether that be in their favourite radio station, on-demand music playlist or podcast. Indeed, audio entertainment providers have emerged from the pandemic more popular than ever.
Figures from RAJAR (Radio Joint Audience Research Ltd.) indicate that 89% of the population of England turned on their radio set during Q4 2021. The consumption of audio entertainment also looks set to increase, with the number of British podcast listeners predicted to rise to 20 million by 2024. What is behind this explosion?
Thanks to the popularity of connected audio devices like smart-phones, smart speakers and connected TVs, we have the ability to access content anywhere, which has boosted listening figures immensely. Additionally, audio publishers are investing heavily into their digital platforms to make them even more attractive to consumers, offering personalised experiences and premium audio content supported by authentication events like log-ins. This presents marketers with new opportunities to access consumer preferences, and publishers with bolstered revenue streams.
Previously, traditional radio provided advertisers with a very large, homogeneous audience. Now, the ability to access audio content through connected digital devices grants advertisers with greater access to first-party data, and therefore precise campaigns that minimise waste.
Additionally, this consumer data can be made safer than ever. LiveRamp’s Authenticated Traffic Solution (ATS) enables publisher audiences to authenticate themselves while also maintaining control over their data. ATS offers an authentication solution that is cookieless and privacy-centric, ensuring that addressability is achieved while the desired audience’s data is protected.
Publishers are leaning into this, with some offering their own exchange platforms, like Global Media’s DAX (digital audio exchange), which not only presents advertisers with first-party data but also allows them to measure the success of their campaigns running on that platform.
Likewise, Spotify is able to link its exposure data directly through to datasets, giving advertisers the opportunity to cross-reference this against other key datasets. For example, by comparing Spotify’s data against the Dunnhumby dataset, marketers can determine if Tesco Clubcard holders are listening to their campaigns and subsequently making purchases informed by those ads. Users of LiveRamp can do the same with RampID, which lets advertisers both bid on inventory and accurately measure the success of campaigns.
With the first party future, post-cookie world on the horizon, the possibilities for advertising on connected devices via audio publishers is vast. Anchored with safer data transactions thanks to solutions such as ATS, more accurate targeting and transparent measurement presents the chance for audio publishers to push their inventory at a premium – a golden opportunity to increase revenue.