The fast growing rise in the use and popularity of online streaming audio platforms has led to the growth of the advertisement industry as well. Businesses, now, have to adhere to the complex procedure of advertising through the right platforms, including these streaming audio platforms like Pandora and Spotify.
How do paid advertisement work in streaming audio advertising?
Most people throughout the globe listen to music through these online streaming audio platforms by creating free accounts. These free accounts are supported by the display of ads, usually varying from 4 to 10 seconds each, intermittently between a series of songs.
The reason why these platforms have become grounds of advertisement campaigns is because they have the ability to promote businesses to specific target markets that are defined by the type of built in playlists they listen to. For instance, if you listen to ‘Relaxation’ or ‘Working Out’ on Spotify, you are likely to get ads related to such concepts.
Due to the fact that you can like or skip certain songs as well as make playlists of your own, information about your personality and behavior is sent out to businesses which use it to increase engagement levels. This targeted approach allows them to get an assured response. Added factors like the age, name, interest, location and gender information needed to sign up to these platforms gives businesses further opportunities to make their campaign more specific.
Is it effective?
Back in 2016, Kia was the first company that tried out Spotify’s sponsorship program for playlists. The New Friday Music, which tuned in millions of individual across the globe, was sponsored by Kia to promote its 2017 Kia Sportage. The result was the company generating a 30 percent life in brand reputation, awareness and sales and a 700 percent increase in consideration –more people were anticipating the release of their upcoming products.
Just in 2017 over 190 million people tuned into these apps to listen to music in the US alone. The fact that online streaming audio platforms like Pandora and Spotify provide you access to millions of people across the globe is a huge win for businesses because they are able to discover and target new markets as well.
In addition to the exposure to a massive sized market, online streaming audio platforms are also known for their engagement opportunities. Through things like podcasts, businesses can promote their products and ensure that it is remembered -70 percent of all listeners claimed that they could recall the name and purpose of a product advertised and 61 percent actually go out to buy the product or avail the service.
There is no denying that online streaming platforms extend vital opportunities to businesses so that they can advertise much more efficiently. They promise you access to millions of people throughout the globe, personalized information so that you can promote your product or service to the relevant market and an almost guaranteed rise in brand awareness and growth.