A Look Back at 2024 - AI, Video’s Rise, the Podcast Election & More

The Media Roundtable is back! This week we’re taking a look back at the biggest trends that shaped audio in 2024. It’s an epic recap of a huge year for our industry.

Dan Granger (CEO, Oxford Road & Veritone One) hosts:

🌟 James Ingrassia - EVP, Client Service, Oxford Road

🌟 Stew Redwine - VP Creative Services, Oxford Road

🌟 Miranda Romano - SVP, Media, Oxford Road

🌟 Neal Lucey - EVP, Strategy & Product, Oxford Road

🌟 Conor Doyle - President, Veritone One

The team is talking: the Podcast Election, Big Money Deals, the Rise of Video, and so much more. Let’s dive in.

“Anybody that tries to change what the audience wants is crazy.”

The Rise of Video  📺 - We’ve spilled a lot of digital ink on YouTube and Spotify’s video push for good reason. Whether you think it’s good, bad, or a mix for podcasting, video’s influence is undeniable. We take the POV that video and audio support each other well, and even more importantly – the audience wants ultimately wins. It’s the audiences’ job to go where they want and a CAO’s job to meet ‘em there.

Big Money Deals 🤑 - 2024 saw a resurgence of 9-figure podcast deals, but instead of mainstream celebs scoring the BIG bucks, these deals favored podcast hosts for shows like; JRE, Call Her Daddy, Smartless, Armchair Expert, and New Heights. These investments were all about doubling down on proven consistent show performance. Recognizing the influence of top-rated podcast hosts was especially insightful given the outcome of November 5th.

The Podcast Election US - Was any media more influential in the election than podcasts? Long-form interviews with trusted hosts broke through the media landscape. We think after the election, conversations around brand safety and politics are shifting, and prioritizing civil discourse is more important than ever.

To fully grasp just how much our industry has changed in 2024 (and to prep for 2025) tune into the full episode below.

Bonus! Grading our 2024 Predictions

Last year, we made predictions on overarching industry trends and took swings on side predictions. So, how’d we do?

Hits ✅

Growth 📈 - We predicted growth in listenership, business revenue, and content investment across the industry. Nailed it. 🔨

Side Predictions Hits 🤔 - Simulcast dominated, legal action was taken against a brand for a personal endorsement, brand safety tech solutions became a standard offering from podcast publishers, and most important, we changed our intro music for the Media Roundtable 🎶.

Mixed Bag

AI Harm 🤷 - We thought AI would do more good than harm but it’s been even keeled.

Misses ⛔

CPMs 📊 - We predicted declining CPMs for podcasts, radio, and streaming – it didn’t happen. While 2023 was a buyer's market with networks desperate to get rid of inventory, in 2024, we saw sold-out shows and premiums on CPMs. CPMs have climbed, with averages reaching up to $30.

Standard Definitions vs Chaos 😵‍💫 - We predicted chaos, and saw an effort for standardization. Of course, BIG fish like YouTube and Spotify have made it increasingly difficult to make a standard definition for the word “podcast” with their heavy push toward video.

Side Prediction Misses 💥 - Pixel attribution didn’t decrease, Apple didn’t make a big acquisition in audio, and Taylor Swift didn’t make a podcast. (Apple, if you want to turn it around, feel free to greenlight the Swiftcast by 12/31).

Worth noting, the group consensus hit rate was 65%, better than most individuals. Moral of the story? If you want to predict the future, average your bets together as a team. Or, just listen to Spencer Semonson who went 6 for 8.

Bianca Gorodinsky