Market Insights Advertising & Media Advertising Audio Advertising

Digital Audio Advertising - Canada

Canada

Ad spending in the Digital Audio Advertising market in Canada is forecasted to reach US$163.90m in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.43%, leading to a projected market volume of US$203.60m by 2029.
With a projected market volume of US$7,078.00m in 2024, the majority of revenue will be generated the United States.
By 2029, the number of listeners in the Digital Audio Advertising market in Canada is expected to reach 13.03m users.
The average ad spending per user in the Digital Audio Advertising market is projected to be US$15.41 in 2024.
In Canada's Digital Audio Advertising market, 73.38% of total ad spending will be generated through mobile in 2029.
Canada's Digital Audio Advertising market is rapidly growing, driven by the increasing popularity of streaming services among the country's tech-savvy population.

Key regions: Australia, United Kingdom, Germany, India, Europe

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Analyst Opinion

The Digital Audio Advertising market in Canada is experiencing significant growth and development.

Customer preferences: Consumers in Canada are increasingly turning to digital audio platforms for their music and podcast consumption. With the rise of smartphones and the availability of high-speed internet, streaming services such as Spotify, Apple Music, and Google Play Music have become popular choices for Canadians to access their favorite audio content. This shift in consumer behavior has created a lucrative market for digital audio advertising.

Trends in the market: One of the key trends in the Digital Audio Advertising market in Canada is the increasing adoption of programmatic advertising. Programmatic advertising allows advertisers to target specific audiences based on their demographics, interests, and listening habits. This level of targeting ensures that ads are reaching the right audience at the right time, maximizing the effectiveness of digital audio advertising campaigns. Another trend in the market is the integration of voice-activated devices such as smart speakers into consumers' daily lives. Devices like Amazon Echo and Google Home have gained popularity in Canada, providing an additional channel for digital audio advertising. Advertisers are exploring opportunities to reach consumers through these voice-activated devices, creating a seamless audio advertising experience.

Local special circumstances: Canada has a strong and vibrant music industry, with a number of internationally recognized artists hailing from the country. This has led to a high demand for music streaming services and a growing audience for digital audio content. Advertisers in Canada can leverage this musical culture to create engaging and relevant digital audio advertising campaigns that resonate with the local audience.

Underlying macroeconomic factors: The strong growth of the Digital Audio Advertising market in Canada can be attributed to several underlying macroeconomic factors. The country has a high internet penetration rate and a tech-savvy population, making it an ideal market for digital advertising. Additionally, Canada has a stable and growing economy, which provides a favorable environment for businesses to invest in advertising and marketing initiatives. In conclusion, the Digital Audio Advertising market in Canada is experiencing a significant boom due to the changing consumer preferences, the adoption of programmatic advertising, the integration of voice-activated devices, the local musical culture, and the underlying macroeconomic factors. Advertisers in Canada have a unique opportunity to leverage these trends and circumstances to create impactful and successful digital audio advertising campaigns.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers pre- and in-stream audio ads and podcast streaming ads.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, web traffic, and survey results from our primary research (e.g., Consumer Insights) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, media consumption, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.