Spotify and Integral Ad Science have recently announced a new partnership to establish a third-party brand safety solution for podcast advertisers on audio platforms. The partnership was entered into with the motive to deliver brand safety for podcast advertisers and bring about transparency.
Universal McCann Worldwide, an IPG Mediabrands branch, will also play a crucial role in the learning and development process and in testing the solution. Furthermore, it will also ensure that the voice and needs of advertisers are considered from the outset.
Julie Clark, Global Head of Advertising Revenue Innovation at Spotify, said, "We are pleased to be partnering with IAS – one of the most trusted leaders in media – to give advertisers confidence that their messages are heard in the right place while further validating the contextual targeting solutions we already have in the market."
The ad spend on podcasts have grown with the surging investment and innovation in the digital advertising ecosystem. With podcast ad revenues summing up to $1 billion in 2021, it is believed that the projected revenues will increase triple-fold, at over $4 billion, in 2024.
According to a report released by IAS, in partnership with YouGov, 93% of media experts said that they are likely to use digital audio advertising this year as it drives both performance and branding.
"With podcasts expected to reach more than 500 million listeners worldwide by 2024, this solution will offer advertisers more control and confidence that their messages will deeply resonate with their intended audiences," said Yannis Dosios, Global Chief Commercial Officer at IAS.
The IAS survey also revealed that nearly nine-in-ten media experts (87%) are concerned or very concerned about ad fraud in audio. Media experts are overwhelmingly concerned about ad fraud in digital audio, and agree that third-party verification may address those challenges.
"Podcasts have hit the mainstream in a big way and our clients are ready to increase their investment in the space given the undeniable opportunity to connect with audiences; however, without a way to validate brand suitability across the depth and breadth of shows, they are hesitant to go all in," said Joshua Lowcock, Global Chief Media Officer at UM Worldwide.