As the audio industry continues its relatively glacial transition from traditional to digital, more and more of the dollars that may have gone into pure-play digital audio formats are instead leaking into video platforms such as YouTube. While some digital audio services have a chance to stanch the bleeding with their own video offerings, the overall market will grow quite slowly relative to the amount of time consumers spend with it.

Key Question: How quickly will the digital audio ad market grow over the next four years?

Key Stat: Spending on digital audio ads will rise $1.62 billion between 2024 and 2028, per our forecast. But total audio ad spending will grow by less than $1 billion during that period.