Audio may be one of the oldest American mediums but technology is fundamentally altering the future of it and resting real areas of growth. Retail spending is starting to take off and is expected to be over half a trillion dollars this year. Audio is a cornerstone to the full-funnel marketing necessary to capture retail consumption. Gen Z is also driving change as they are a huge portion of the consumption moving forward. They are also the most diverse group in US history with 53% being multi-racial or cultural as compared to the 13% of Gen X. That means the audio format needs to be on point with its messaging or Gen Z won’t engage, and over four-fifths of Gen Z are audio streamers. Finally, podcasts are a huge area for growth and have nearly tripled in listing in the last half-decade. They have a more intimate knowledge of their audience and can pinpoint listeners better than music.
