- What is digital audio advertising?
- How can AI voice increase efficiency, volume, and audience engagement while lowering costs?
- How can brands achieve their audio ad strategy goals with Veritone Voice?
Digital audio advertising is continually showing opportunities for growth, proving to be an increasingly valuable tool for brands and marketers.
In 2023, audio ad spend is projected to reach nearly $9 billion and is expected to show an annual growth rate of 7.28%, reaching a projected market volume of $11.85 billion by 2027. By 2027, the number of audio ad listeners is expected to reach 1.63 billion.
With so much potential, it’s imperative for brands to create higher quality ads, maximize their scale, and offer greater accessibility to reach more people—and this is all entirely possible with the right AI voice application. In this blog, we’ll discuss what digital audio advertising is, how AI voice can benefit an audio ad strategy, and how Veritone Voice can help brands across industries achieve their audio advertising goals.
What is digital audio advertising?
Digital audio advertising is the programmatic, automated placement of relevant ads in audio streaming services (including music, radio, and podcasts), and is a culmination of all ad revenue that’s generated through pre- and in-stream audio ads, which could appear in music, podcast, and radio streaming services. This includes services that are funded by ads or ad-supported, free subscription services.
Formats of digital audio ads directly embedded or dynamically inserted in the audio file could look like single and tandem spots or special advertising formats.
As shown by the previous statistics, audio ads have a high potential to reach an engaged pool of audience members, and by strategically inserting audio ads between plays, brands and marketers are able to reach a wider audience without generating prior engagement. Since the audience using an audio streaming platform is already engaged in the content they’re listening to, strategically created and placed ads have a greater potential to get noticed.
While that’s certainly a huge benefit, audio advertisement’s greatest advantage is its compatibility with any device that can accommodate an audio streaming platform. By building on their digital ad strategies and inserting targeted content into their ads, brands can improve outreach and increase conversions for each ad that’s played.
Aside from projected growth statistics, audio advertising presents four key benefits for brands
Reach a wider audience:
The number of audio streaming platform users is growing quickly and exponentially. According to Statista, “In the second quarter of 2022, the number of music streaming subscribers worldwide amounted to 616.2 million, up from just under 523 million at the end of the second quarter of 2021.”
Present a substitute for graphics:
Whether your brand’s listeners are driving, multitasking, or are visually impaired, audio ads make for a great alternative to graphics or other types of visual ads while promoting greater accessibility.
Boost engagement rates:
Since listeners are already engaged in the content they’re listening to, all marketers need to do is place their ad with the right audience members.
Increase cost efficiency:
Digital audio advertising doesn’t cut into the budget as much as creating a graphic or video ad—especially when using AI voice for text-to-speech or voiceover content.
How can AI voice benefit audio advertising?
When AI voice is incorporated into audio ads, brands and marketers are met with some key benefits.
AI voice helps brands save time
Consider how long it would take to find a voice actor and produce the ideal voiceover for your audio ad. Add to that: hiring, training, scrapped recordings, mistakes, script revisions, and other parts of production that can add up and prolong the process. With AI voice, the inconveniences of scheduling and re-recording are completely eliminated. Brands can choose between lifelike stock, custom clones of their preferred talent, or Premium AI voices (voiceover artist AI voices to license) that allow messaging to stay on-brand while enabling easier revisions, creating different iterations without having to book for additional recording time.
AI voice helps brands save money
Streamlined and automated production means greater cost efficiency for building effective audio ads. By cutting down costs usually spent on production and editing, brands can direct that money into creating more ads, making the same ad in different languages, offering better compensation for those working on the project, and more.
AI voice offers greater accessibility and localization
Imagine offering an audio ad that uses your brand’s voice in multiple languages. With synthetic voice, brands can offer the same ad in the same voice in many languages. This helps save on production costs and reach new audiences in their preferred languages while maintaining the brand voice, whether that’s a voiceover artist, an influencer, a celebrity, an athlete, etc.
AI voice creates more opportunities for talent
While AI voice presents the opportunity to cut studio recording time, it also offers voice talent, celebrities, and influencers the chance to create a higher volume of audio for ads, even when scheduling could be difficult. This could come in handy in situations like when an athlete is too busy working during their season, when an actor is out of the country while filming, or when a voiceover artist is recovering from an illness and can’t go back to recording just yet.
How can Veritone Voice help create better audio ads?
AI voice has proven to be an incredibly helpful tool for brands and marketers, but using the right voice solution is imperative to reap all of the benefits that AI voice can offer.
Veritone Voice offers an accessible, accurate, and secure way for brands to scale audio ad production quickly and efficiently with hyper-realistic pre-built voices or a custom voice model. Each voice can operate with text-to-speech or speech-to-speech input that’s easy to edit and even translate into a different language.