The podcast industry is growing fast; the industry generated an estimated $479.1 million in revenue in 2018 and is expected to produce more than $1 billion by 2021, according to a new report from the Interactive Advertising Bureau (IAC) and PwC. The latest revenue figure represents an increase of 53 percent in just a year.
The shift to podcast ads backs up what industry titans, like Spotify, have been saying for months. The company plans to spend up to $500 million this year on podcast-related acquisitions. It’s acquired not only content studios — Parcast and Gimlet Media — but also a creation app — Anchor. Another Spotify-owned entity, Soundtrap, also released a new tool specifically designed to help with podcast creation. The Spotify…
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