Google Aiming for the Radio Advertising Marketplace
Google's pursuit of the advertising marketplace continuous relentless. Though radio advertising is unrelated to organizing the world's information, their Audio Adwords is looking to impact the advertising agency sector hugely.
More businesses are trying Google radio Ads in their Adwords account. The reviews from testers seem generally positive.
The air time available has now been extended to a supposed 675 radio stations. Though, like for Adwords, Google will not reveal its media list. Given what Adwords and Adsense have done for online media publishing, Google's Audio Adwords could revolutionize radio station economics, be it traditional air-wave or podcast radios.
I am impressed by Google's solution to the problem of creating the audio spot. Composing an audio spot is harder than making an Adwords text box. Writing, composing and recording requires experience, training and a technical setup. Google provides a crowdsourcing marketplace tool, where you can invite audio industry professionals to bid for the design and recording project. The electronic job board allows up to five professionals to bid on your audio project.
The tariff rate for airing the radio spot is the same as Adwords; CPM, cost per thousand listeners. Plus, testing is easy and cheap. You can try different stations, zip codes, demographics, airing times and find the slots that best work for you. Split testing becomes feasible for small merchants.
The possibilities for the new radio ads marketplace are dizzying. Just like Adwords catalyzed a whole online publisher industry, the potential for economic growth in complemeting sectors are great investment areas.
The only stakeholders loosing out are the creative advertising agencies who currently hold a near-monopoly on mediating between advertisers and radio stations. The creative added value provided will be crowdsourced out; brand design and innovation will be the only added value left to them.
[Via Nick Piggott]
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