Market Insights Advertising & Media Advertising

Audio Advertising - South Korea

South Korea

Audio Advertising market in South Korea is projected to reach US$411.70m in 2024.
The largest market is Digital Audio Advertising with a market volume of US$213.10m in 2024.
In global comparison, most ad spending will be generated the United States (US$19,560.00m in 2024).
The average ad spending per listener in the Digital Audio Advertising market is projected to amount to US$11.61 in 2024.
South Korea's Audio Advertising market is rapidly expanding, leveraging advanced technology and targeting younger demographics for increased brand engagement.

Key regions: China, France, United States, Asia, United Kingdom

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Analyst Opinion

The Audio Advertising market in South Korea is experiencing significant growth and development, driven by various factors that are shaping consumer preferences and market trends. Customer preferences in the Audio Advertising market are evolving in South Korea, with a growing demand for personalized and targeted advertising content. Consumers are increasingly seeking advertisements that are relevant to their interests and preferences, and are more likely to engage with brands that deliver tailored messages. This shift in customer preferences is driving the adoption of advanced targeting technologies and data analytics in the Audio Advertising market, enabling advertisers to reach their target audience more effectively. Trends in the market indicate a rise in programmatic audio advertising in South Korea. Programmatic advertising allows for real-time bidding and automated ad placements, offering advertisers greater efficiency and precision in reaching their target audience. This trend is driven by the increasing availability of data and technology platforms that enable advertisers to optimize their ad placements based on factors such as listener demographics, location, and behavior. As programmatic audio advertising becomes more prevalent, it is expected to drive further growth in the market. Another trend in the Audio Advertising market in South Korea is the growing popularity of audio streaming platforms. With the rise of smartphones and high-speed internet connectivity, consumers are increasingly turning to streaming platforms for their audio content consumption. This presents advertisers with new opportunities to reach a captive audience through audio advertisements. Streaming platforms often offer ad-supported free tiers, allowing advertisers to target listeners with relevant audio ads during their streaming sessions. As the popularity of audio streaming platforms continues to grow, so does the potential for audio advertising in South Korea. Local special circumstances in South Korea play a role in shaping the Audio Advertising market. South Korea has a highly connected population with a strong affinity for technology and digital media. This tech-savvy consumer base is receptive to innovative advertising formats and is more likely to engage with audio advertisements delivered through digital channels. Additionally, South Korea has a vibrant music and entertainment industry, which further contributes to the popularity of audio content consumption and presents opportunities for advertisers to align their brands with popular music and celebrities. Underlying macroeconomic factors, such as the overall growth of the advertising industry and the stability of the South Korean economy, also contribute to the development of the Audio Advertising market. As the economy continues to grow, businesses are investing more in advertising to capture the attention of consumers. This increased advertising spend translates into more opportunities for audio advertising to reach a wider audience. Additionally, the stability of the economy provides a favorable environment for businesses to invest in long-term advertising strategies, including audio advertising. In conclusion, the Audio Advertising market in South Korea is witnessing significant growth and development driven by evolving customer preferences, trends in the market such as programmatic advertising and the popularity of audio streaming platforms, local special circumstances, and underlying macroeconomic factors. Advertisers in South Korea are increasingly adopting personalized and targeted advertising strategies to engage with consumers effectively and capitalize on the opportunities presented by the growing audio advertising market.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on audio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers traditional radio advertising (broadcasting programs on terrestrial radio stations or networks) and digital audio advertising (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, internet users, consumer spending, 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.