Podcast Consumption Is Undercounted Due to Co-Listening with Friends and Family

Co-Listening Varies by Podcast Genre

Men, Heavy Podcast Consumers, 18-34 Weekly Consumers, and Those Who Prefer Watching Podcasts Are More Likely to Have a Side Hustle

Podcast Pioneers and Women Like to Listen to Back Episodes and Episodes They Missed

NEW YORK – June 3, 2024 – Cumulus Media (NASDAQ: CMLS), in partnership with Signal Hill Insights, today released Cumulus Media and Signal Hill Insights' Podcast Download – Spring 2024 Report, a comprehensive evaluation of the latest podcast audience trends. This twelfth edition of the study examining the habits of weekly podcast consumers is part of Cumulus Media's commitment to share insights and research findings with the podcast community.

A key finding uncovered in the Podcast Download Report is that podcast consumption is undercounted due to co-listening that is occurring with friends, family, and children.

"Since the dawn of podcast advertising, selling estimates based on downloads, listens, or views never contemplated a device utilized by multiple people," said Lauren Vetrano, VP, Advertiser Measurement & Insights, Cumulus Media | Westwood One Audio Active Group. "What we have uncovered is that there is actually a fair amount of co-listening to podcasts that takes place. Whether it be with kids, friends, or family, the podcast industry is leaving ears on the table. There is a richer consumption story to be told as it is not just one person per download. For agencies and media planners, being able to examine co-listening by genre or podcast can offer invaluable insights into reaching the true audience."

Another key finding highlighted in the report is how marketers targeting people with a side hustle can find a rich concentration of them among the podcast audience.

"Side hustles are a growing phenomenon, and we find that podcast consumers have them, especially heavy podcast consumers and those aged 18 – 34," said Paul Riismandel, Chief Insights Officer, Signal Hill Insights. "So many of these people are effectively small business owners. At the same time, we're seeing increasing advertiser interest in this audience segment. This is additional evidence that podcasts are an effective way to reach them."

The Spring 2024 edition reveals valuable insights for content creators and advertisers. Some highlights from the report:

• Podcast consumption is undercounted thanks to co-listening with friends, family, and children
• Co-listening varies by genre: Podcast genres that are more likely to attract frequent co-listeners include kids/family, rewatch podcasts, and fiction
• Marketers targeting people with a side hustle will find a rich concentration among men, heavy, and 18-34 podcast consumers
• Podcast Pioneers and women like to go back to listen to back episodes and episodes they missed
• YouTube has been the most utilized podcast listening platform in the U.S. over the past year and a half: 31% say it is the platform they use the most, followed by Spotify (21%) and Apple (12%)
• As the world's entertainment search engine, YouTube is the dominant podcast discovery platform where audiences are more likely to find podcasts

Cumulus Media and Signal Hill Insights' Podcast Download – Spring 2024 Report is available in full for download at CumulusPodcastNetwork.com.

Background

The study was executed from a nationally representative sample of weekly podcast consumers who represent 34% of the U.S. according to Edison's Infinite Dial study. The report also examines heavy podcast consumers (those who listen 6+ hours per week) as well as when consumers started to listen to podcasts – Podcast Pioneers (4+ years ago), Podcast Intermediates (2-3 years ago), and Podcast Newcomers (past 12 months).

Report Methodology

Cumulus Media | Westwood One, in partnership with Signal Hill Insights, commissioned a study of weekly podcast consumers with MARU/Matchbox, a nationally recognized leader in consumer research. The twelfth installment in the series, this report includes questions trended back to the inaugural 2017 study. This study was fielded online using a nationally representative sample of 603 respondents who were adults aged 18 and older, spent at least one hour listening to or watching podcasts within the past week, and not employed in the advertising, public relations, marketing, market research, radio, television, digital, or podcasting industries. Surveys were conducted between April 19-24, 2024.

About Cumulus Media

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 401 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

About Signal Hill Insights

Signal Hill Insights specializes in audio research, partnering with publishers, broadcasters, and advertisers to tap new opportunities in audio. Clients include many of North America's leading broadcasters and podcast networks.

Contact: Karen Glover | Cumulus Media | kglover@westwoodone.com