A recent breakthrough adds another layer of complexity to Web3 marketing ads. Amid the dizzying pace of technological evolution, it seems there is still much to be learned from audio ads.
Indeed, a new study reveals audio advertising may just have carved out a niche advantage over video advertising. So, how should Web3 marketers respond?
Audio Ads Outperform Video Ads
At a glance, the digital marketing market is heavily dominated by video. According to the Internet Advertising Bureau, spending on video advertisements will increase by 21% this year. This contrasts with the 11% growth forecasted for overall digital advertising.
Therefore, the cumulative expenditure on digital video ads is anticipated to surpass $55.2 billion by 2023.
Platforms like YouTube, Facebook, Instagram, Snap, Twitter, and TikTok continue to lure significant investments due to the large viewer base, particularly for content led by creators. However, this dominance might be on the cusp of a subtle shift.
Read more: How Web3 Brands Can Boost Leads With Engaging Content
A new study by Dentsu revealed that audio ads hold a distinct advantage in garnering attention and fostering brand awareness.
In subsequent surveys, around 41% of audio ads resulted in accurate brand recall. This is a slight yet significant lead over the 38% benchmark for other forms of advertising, primarily video.
“The fact is audio attention is proving to be really high compared to our norms for other platforms, which is counterintuitive, given that you’re often multitasking when you’re consuming audio. But it actually has that attentive engagement more than other channels,” said Doug Rozen, CEO of Dentsu Media.
Read more: 6 Best Web3 Marketing Agencies To Support Your Crypto Project
Moreover, audio advertising boasted an average of 10,126 attentive seconds per thousand impressions, eclipsing the standard 6,501 seconds by over 50%.
“We understand that radio advertising is a cost-efficient way to build reach, that podcast listeners have great affinity not only to the programming but also podcast hosts, and that smart speakers are a compelling new destination for audio ads on streaming services,” said Jennifer Hungerbuhler, EVP at Dentsu.
What This Means for Web3 Marketing Ads
While video ads continue to dominate the advertising scene, the potential of audio ads cannot be ignored.
Read more: Web3 Marketing Strategies for Blockchain Projects
For Web3 marketers eager to make their mark in the crypto industry, reevaluating their marketing strategies to incorporate audio might be the game-changer. But what does this really mean?
- Rethinking Platforms and Strategies: Web3, characterized by decentralized platforms and blockchain-driven innovations, offers a new playground for crypto marketers. Given the proven efficacy of audio ads, brands diving into Web3 might prioritize audio-driven platforms, like decentralized podcasts.
- Enhanced Engagement: Despite multitasking being commonplace during audio consumption, it seemingly fosters more significant attention than other channels. For Web3 marketers, this indicates a potential goldmine of engaged, attentive listeners on audio platforms.
- Broadening the Scope of Investments: The newfound data on audio attention would facilitate a more informed conversation about diversifying advertising budgets. The findings could justify increased allocations toward audio advertising within the decentralized digital ecosystems of Web3.
- Riding the Podcast Wave: The study found that ads narrated by podcast hosts outperformed conventional audio ads in influencing brand preference. As Web3 paves the way for decentralized content creation, tapping into influencer-led or creator-driven audio ads might be a winning brand strategy.
- Reevaluating Creative Processes: As video ads evolve, there is a compelling argument to revisit the era of silent films and derive inspiration for sound-off digital video advertisements.
The subtle power of sound offers a nuanced, authentic connection. It bridges brands and audiences in ways visuals might miss.
As one stands on the threshold of a decentralized digital era, Web3 marketers should remember that the next big thing might not be about seeing but listening.
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