The average US adult spends more than 2 and a half hours (2:42) each day listening to audio, but advertisers spend only 4.5% of their ad budgets on audio, predominantly in traditional radio. As digital audio services expand their ad-supported offerings, the digital share of audio advertising will approach parity by the end of the decade.

Key Question: Where is the growth in audio advertising, and how does it stack up against other advertising media?

Key Stat: Digital audio will grow at a solid 6.8% rate in 2024 to reach $7.12 billion, but it will still account for just 40.4% of audio revenues.