Audio is hotter than ever. Podcasting is surging. On demand audio is on the rise. The Westwood One Insights team takes an in-depth look at the audio landscape and how Americans listen today.
Here are the key findings from Edison Research’s Q1 2016 “Share of Ear” study:
- Despite advertiser perceptions, AM/FM radio is the king of all audio. AM/FM radio’s 52% share is 9 times bigger than Pandora and 17 times bigger than Spotify.
- Pandora stalls, Spotify grows. For the first time ever, Spotify beats Pandora among 18-24 Millennials. No wonder FMR Capital Markets analyst Barton Crockett concludes, “Pandora pioneered something really interesting, really special with their free ad-based streaming music…(but now) the early adopters are moving to on-demand, and mainstream America is still in love with AM/FM radio.”
- Time spent with streaming grows at the expense of owned music, not AM/FM radio. Americans are now renting their music versus buying. The growth of on-demand platforms like YouTube and Spotify means less time for the music people purchase.
- SirusXM’s audience to their ad-supported channels is a microscopic one share. SiriusXM’s share of time spent to their commercial free channels is five times bigger than their ad-supported share.
- Podcasting resonates with Millennials. Among 18-34’s, podcasting has an impressive 5 share of audio time spent.
by Insights @ Westwood One | May 31, 2016