India Seeing An Increase In Audio Consumption, But Ad Investments Isn’t Keeping Up, Report Says
Digital marketing has been growing alongside the growth of the internet, as the reach that the internet is providing is being recognized by more and more companies as a key part of their operations. Things like king kong advertising reviews are becoming more important.
Xaxis India, the programmatic subsidiary of GroupM, recently launched their Programmatic Audio Playbook for marketeers, as digital audio is becoming an increasingly effective way to reach audiences.
In order to understand the market, Xaxis ran a survey, talking with 107 agencies, and advertisers, as well as 25 publishers and media owners. Their data revealed that India has at least 200 million listeners utilizing music streaming services across the country.
As with most forms of digital advertising, mobile devices are seen to be the outlet with the best reach. Publishers also named the most important metrics for any of their clients running any programmatic audio marketing. Brand awareness and advertising recall were both named by 71% of the respondents, with reach and frequency and listen through rate following at 54% both.
India’s digital audio industry is looking good, as the country’s industry experts estimate that 829mn people (out of 1.4bn) will own a smartphone by 2022, in line with the majority of advertisers believing that mobile devices are the best way to reach people. The Indian music industry is also expected to grow in the same time frame, with a projected CAGR of 15.8% growth from FY19 to FY24, with audio streaming being the biggest factor for this projection.
The flipside is that audio advertising isn’t keeping up, in terms of investment and adoption. The Xaxis India survey also offered some insight on that, with 57% of respondents saying that the lack of information of programmatic audio and its impact is a barrier to investing into programmatic audio, among other factors. Consequently, only 9% of the respondent advertisers and agencies were looking at audio advertising as a good place to invest.
Xaxis India National Head of Product and Marketing Science Rita Sahajpaul says that India is only starting its journey in digital audio advertising. Unlike the older means of digital advertising, like customer feedback and king kong advertising reviews and the like, it doesn’t have an established base, but an explosive increase is expected, which means that it’s a field rife with potential.