After a slow start to the year, podcast advertising picked up in March and by the end of the first quarter Magellan AI says spending jumped 39% versus a year ago. According to Inside Radio, the first quarter “is typically one of the quieter periods of the year for marketers, and that was true in 2024 as spending during the first three months of 2024 was 7% less than what was spent in the ad-heavy Q4.

“Magellan AI’s quarterly benchmarking report shows that based on its estimates the top-10 advertisers during Q1 spent $110 million. BetterHelp was the top spender, investing an estimated $24.6 million into podcast ads. It was followed by Amazon, which spent $15.6 million, and the online gaming company VGW, the company behind such games as Chumba Casino, Luckyland Slots, and Global Poker, which spent $13.4 million, according to estimates.”

Magellan AI says six of the top ten advertisers were repeats from Q4, with two new first-time entrants: MGM Resorts International, which spent $7.4 million, and Oracle, which spent $6.9 million.

“The wide appeal of podcasting, and the range of shows available for marketers to select from, continues to attract brands to audio that may have shied away from radio in the past,” states Inside Radio.

More here.