Audio is a huge part of life for Americans. While AM/FM radio dominates the audio landscape with mass reach and significant time spent, new content and distribution platforms represent audio innovations that are experiencing significant consumer adoption growth. In the Westwood One 2020 Audioscape, we review two major innovations in the audio space: podcasting and smart speakers. In this report, we will examine: • The podcast consumer and listening trends • The smart speaker consumer and user trends • Podcast consumption among smart speaker users • Marketer and agency sentiment for advertising in podcasts and smart speaker environments

2 Research partners

Edison Research is the leading authority on consumer use and adoption of new audio technology. For the last 20 years, Edison’s “Infinite Dial” study has tracked usage of streaming, podcasting, and new audio platforms. Each quarter, Edison’s “Share of Ear” study provides the definitive view of American time spent and usage of audio content. The data in this report is based on a Edison’s Q2 2019 “Share of Ear” which represents Q4 2018, Q1 2019, Q2 2019 and Q3 2019. We also use data from Edison’s “Infinite Dial” study. MARU/Matchbox is a professional services firm of consultants with a deep heritage in both strategic insights consulting and technology. MARU/Matchbox brings a unique level of expertise in delivering Insight Communities, community management, and advanced research consulting services to its global client base. GfK MRI provides marketers with the most reliable and comprehensive view of the consumer and media marketplaces available. They produce the country's largest and most current database of consumer behavior, media usage, and consumer motivations. The survey is an encyclopedic repository of consumer insights.

Advertiser Perceptions is the gold standard of advertiser and media agency sentiment. Advertiser Perceptions conducted a series of studies on podcast advertising consideration and intended use among brands and media agencies during September 2015, July 2016, May 2017, May 2018 and May 2019. They also conducted a smart speaker survey during January 2018 and March 2019.

3 Podcasts

4 Podcast listening is on the rise

% persons 12+ who have listened to a podcast in the last month

32% 1 in 3 26% 24% 21% Americans 14% 15% have listened to a 12% THE COGNITIVE MEDIA PLATFORM 9% An open ecosystem of cognitive tools to harness thepodcast in the last month power of media

2008 2010 2012 2014 2016 2017 2018 2019

Source: Edison Research, Triton Digital, “The Infinite Dial 2019” 5 Podcasting sees steady growth among Gen Z, Millennials, and Gen X

% of persons 12-24 listening to podcasts in last month % of persons 25-54 listening to podcasts in last month 100% growth since 2014 129% growth since 2014

40% 39% 32% 30% 31% 27% 27% 23% 24% 20% 19% 17%

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

Source: Edison Research, Triton Digital, “The Infinite Dial 2019” 6 Podcast listeners are super fans of audio

Daily time spent with audio Podcast listeners spend 36% more time with 5:12 audio daily 3:50

U.S. total Podcast audience

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ Audio includes: AM/FM radio, owned music, music videos on YouTube, SiriusXM, TV music channels, 7 Pandora, other streaming audio, podcasts, Amazon Music, Apple Music Podcast consumers listen to podcasts the most

Share of audio time spent among podcast consumers

Podcasts 28% AM/FM radio 19% Streaming 15% Owned music 14% If you listen YouTube music videos 11% to podcasts, SiriusXM 7% they are your Other 4% #1 audio source TV music channels 2%

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 8 Podcast listeners are music fans (YouTube/owned music) and use more audio platforms

Daily reach among podcast listeners and total audio users

Category Podcast listeners Total audio consumers AM/FM radio 59% 71% Music videos on YouTube 38% 24% Podcast Owned music 36% 27% listeners use SiriusXM 25% 18% Spotify 16% 11% 63% Pandora 15% 11% more audio platforms than the Apple Music 12% 4% average audio Music channels on TV 10% 8% consumer Amazon Music 5% 4% Average # of platforms used 3.1 1.9

How to read: Among podcast listeners, 63% also listen to AM/FM radio, 39% listen to music videos on YouTube.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 9 Podcasting is growing the fastest among Millennial ethnic groups

Daily reach among Millennial 18-34 demographics

Q3 2018 Q3 2019

+135% +27% +30% +50% 24.7 +33% 22.4 19.2 19.5 17.6 16.1 14.8 12.1 13.0 10.5

Women Persons African Americans Men Hispanics 18-34 18-34 18-34 18-34 18-34

Source: Edison Research, “Share of Ear,” Q3 2018 vs. Q3 2019 10 Podcast listeners are heavy consumers of spoken word content, especially personalities

% of who listen to any audio content

Total audio consumers Podcast listeners

92% 89% +259% 79%

+50%

36% +123% 24% 22% 18% 8% Music News Personalities/talk shows Sports

How to read: 36% of podcast consumers listen to news audio content from any source on a typical day.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 11 Podcast share of time spent among those who consume talk/personality content grows

Podcast share of audio time spent among talk/personality content

Q3-Q4 2017 Q3 2018 Q3 2019 Older demographics +12% see largest growth 56% 50% +43% 46% +39% 40% +73% 32% 33% 28% 26% 23% 24% 22% 15%

Persons 18+ Persons 18-34 Persons 25-54 Persons 35-64

How to read: Of all the time Americans 18+ spend listening to talk/personality content, podcasting share has grown from 23% in Q3-Q4 2017 to 32% in Q3 2019.

Source: Edison Research, “Share of Ear,” Q3 2018 vs. Q3 2019 12 The podcast audience is significantly younger than other media

Median age of podcast listeners Podcast median age: 33 36 33 34 35 35 34 33 29 29 AM/FM radio median age: 47

ABC/NBC/CBS median age: 56 Q4 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2018 2018 2018 2018 2019 2019 2019

Source: Podcast & AM/FM radio: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019; Edison Research, “Share of Ear,” Q4 2016 – Q1 2019. TV: GfK MRI Spring 2019, Base: Adults 18+ 13 Categories with high purchase propensity among podcast audience

Category Index Category Index Category Index

Tablets & E-readers apps 164 Contact lenses 139 Men's clothing: low ticket 133 Personal computers at home: Cell/mobile phone "apps" 163 Fine dining restaurants 139 132 software Audio equipment & accessories 150 Men's clothing: big ticket 138 Foreign vacations 131

Headphones 148 Video game hardware 137 Barbershop 131

Cameras/camcorders 146 Personal computers at home 137 Athletic shoes 131

Dry cleaning 146 Luggage 137 Nonprescription sunglasses 131 Household furnishings: low ticket Flowers by phone/Internet 145 Internet & catalog shopping 137 130 items Sport/recreation equipment 144 Domestic vacations 136 Home improvements 128

Sports clothing 143 Video games 135 Quick service copy/printing 128

Camping equipment 140 Watches 134 Shoes 124

How to read: Podcast listeners are 64% more likely than the average population to purchase tablets & E-readers apps.

Source: 2019 Spring GfK MRI weighted to Population (000) - Base: A18+. Podcast listeners defined as: Podcasts: 14 Listened to in the last 30 days Categories with high purchase propensity among podcast audience (continued)

Category Index Category Index Category Index

Baby furniture & equipment 124 Women's clothing: low ticket 116 Tires 111 Total health & beauty aids Children's toys & games 124 Women's clothing: big ticket 115 111 expenditures: for women Total health & beauty aids Clothing expenditures 123 115 Gasoline 110 expenditures: for men Any climate control appliance 122 Children's shoes 115 Beauty parlor 110

Flower shop 120 Children's clothing 114 Food stores (personal) 110 Property & garden 119 maintenance Bedding & bath goods 114 Gift cards & prepaid cards 109 Household furnishings: big ticket 119 Cologne for men 114 Costume jewelry 109 items Table settings 118 Personal appliances 114 Family restaurants & steak houses 107 Cellular/mobile 117 Fast food & drive-in restaurants 111 Fine jewelry 107 phones/smartphones Home remodeling 116 Food stores (household) 111 Paint/stain 107

How to read: Podcast listeners are 24% more likely than the average population to purchase baby furniture and equipment.

Source: 2019 Spring GfK MRI weighted to Population (000) - Base: A18+. Podcast listeners defined as: Podcasts: 15 Listened to in the last 30 days Most podcast listening occurs at home and throughout the day

Where: When: % of time spent listening to % of time spent listening to podcasts by location podcasts by time of day

Home 60% 10am-3pm 32%

6am-10am 23% In the car 17% 7pm-midnight 21% Work 16% 3pm-7pm 18%

Other 7% Midnight-6am 6%

How to read: 60% of all time spent with podcasts occurs at home; 17% in the car. 32% of all time spent with podcasts occurs during 10am – 3pm.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 16 Percentages may not add up to 100 due to rounding Podcast advertising generates strong results due to extraordinary levels of consumer concentration

% reporting high levels of concentration (4 or 5 on a scale of 1 to 5 where 1 = not concentrating a lot and 5 = concentrating a lot)

Check news 76% Check weather 74% Listen to podcasts 71% Watch shows/episodes 62% Watch short videos 58% Concentration Post on social 53% with podcasts Listen to music 51% is over 1.5X social media Check social media 44%

Source: IAB Research Using Maru/Matchbox’s Springboard America Online Panel, Representative of General US 17 Ages 18+ Online Population, January 2018 High CPMs warranted: Podcasts generate very high levels of engagement value

% reporting high levels of engagement value (4 or 5 on a scale of 1 to 5 where 1 = little value and 5 = significant value) Check news 79% Check weather 79% Listen to podcasts 76% Listen to music 76% Watch short videos 60% Watch shows/episodes 56% Podcast engagement Post on social 50% is 2X social media Check social media 39%

Source: IAB Research Using Maru/Matchbox’s Springboard America Online Panel, Representative of General US 18 Ages 18+ Online Population, January 2018 Podcasts: the only media content where learning and entertainment coexist

Top need states by content

Listen to podcasts Learn, be entertained Check news Get information, learn Check weather Get information, learn Watch short videos Be entertained, pass the time Watch shows/episodes Be entertained, pass the time Listen to music Be entertained, pass the time Check social media Connect with others, be entertained Post on social media Connect with others, express myself

Source: IAB Research Using Maru/Matchbox’s Springboard America Online Panel, Representative of General US 19 Ages 18+ Online Population, January 2018 Podcasting overdelivers the top 10 markets

% of adults 18+ who have watched, listened to, or downloaded a podcast on any device (past 30 days), by DMA market size

% of total U.S. % of U.S. DMA market size Index population podcast listeners

DMA markets 1-10 31% 38% 121

DMA markets 11-25 20% 20% 99

DMA markets 26-50 18% 18% 98

DMA markets 51+ 31% 24% 77

How to read: 38% of all U.S. adults 18+ who have watched, listened to, or downloaded a podcast in the past 30 days live in the top 10 U.S. DMA markets. Residents of the top 10 DMA markets are 21% more likely to have watched, listened to, or downloaded a podcast in the past 30 days.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019). Ways used Internet/apps in past 30 days on any device: Podcasts (watch, listen, or download) 20 Podcasting over-indexes in the top 15 markets

Ranked by DMA market size

Index of adults 18+ who have watched, listened to, or downloaded a podcast on any device (past 30 days)

DMA market Index New York 115 Los Angeles 129 Chicago 130 Philadelphia 107 Dallas-Ft. Worth 97 Washington, DC 152 Houston 103 San Francisco-Oakland-San Jose 144 Boston 144 Atlanta 141 Tampa-St. Petersburg 78 Phoenix 92 Seattle-Tacoma 145 Detroit 97 Minneapolis-St. Paul 102 How to read: Compared to the general U.S. population, residents of the New York DMA are 15% more likely to have watched, listened to, or downloaded a podcast in the past 30 days. Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019). Ways used Internet/apps in past 30 days on any device: Podcasts (watch, listen, or download) 21 Top DMAs ranked by podcast listening index: Coastal major markets and tech hubs

Ranked by podcast index

Index of adults 18+ who have watched, listened to, or Index of adults 18+ who have watched, listened to, or downloaded a podcast on any device (past 30 days), downloaded a podcast on any device (past 30 days), top 10 highest indexing markets top 11-20 highest indexing markets

DMA market Index DMA market Index Austin 156 Chicago 130 San Diego 154 Los Angeles 129 Washington, DC 152 Colorado Springs-Pueblo 126 Seattle-Tacoma 145 Raleigh-Durham 126 Boston 144 Salt Lake City 118 San Francisco-Oakland-San Jose 144 Charlotte 116 Atlanta 141 New York 115 Denver 141 Oklahoma City 113 Portland 133 Providence-New Bedford 112 Nashville 131 Sacramento-Stockton-Modesto 111

How to read: Compared to the general U.S. population, residents of the Austin DMA are 56% more likely to have watched, listened to, or downloaded a podcast in the past 30 days.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019). Ways used Internet/apps in past 30 days on any device: Podcasts (watch, listen, or download) 22 Podcasting delivers desirable consumers

% of adults 18+ who have watched, listened to, or downloaded a podcast on any device (past 30 days), by qualitative category % of total U.S. % of U.S. podcast Category Index population listeners Employed full-time 46% 62% 135 White collar occupation 40% 59% 148 Management, business, financial or 27% 44% 163 professional/related occupation Household income = $75,000+ 40% 54% 135 Household income = $100,000+ 26% 37% 142 College graduate+ 28% 45% 161 Post graduate degree 10% 17% 170

How to read: 40% of the total U.S. is employed in a white collar occupation, while 59% of all U.S. adults 18+ who have watched, listened to, or downloaded a podcast in the past 30 days are employed in white collar occupations. Podcast listeners are 48% more likely to be employed in white collar occupations.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019). Ways used Internet/apps in past 30 days on any device: Podcasts (watch, listen, or download) 23 Smart speakers

24 So, what percentage of Americans have a smart speaker?

Well it depends on who you ask… % of Americans who own a smart speaker

RBC Capital Markets 41% Adobe Analytics 32% Edison Research 28% Nielsen 28% Voicebot 23% JacobsMedia 21%

Source: RBC Capital Markets – December 2018; Adobe Analytics – ADI States of Voice Assistants; Voicebot – Voice Assistant Consumer 25 Adoption Report 2018; Edison Research – Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019; JacobsMedia – TechSurvey 2018 Since Q1 2017, smart speaker ownership has quadrupled

% of Americans who own a smart speaker Over one in four Americans 30% own a smart 27% 28% speaker 23% 21% 18% 16% 17% 12% 10% 7%

Q1 2017 Q2 2017 Q4 pre- Post-holiday January- June 2018 Post-holiday January- Q1 2019 Q2 2019 Q3 2019 holiday 2017 2017 February 2018 February 2018 2019

Source: Q1 2017: The Infinite Dial 2017; Q2 2017 & Q4 pre-holiday: Edison Research “Share of Ear”; Post-holiday 2017: NPR & Edison Research: “Following Holiday Surge, One In Six Americans Owns A Voice-Activated Smart Speaker”; Jan-Feb 2018: The Infinite Dial, 2018, Triton Digital and Edison Research; June 2018: Edison Research “Share of 26 Ear”; Post-holiday 2018: Edison Research “The Smart Audio Report” December 2018; Jan-Feb 2019: The Infinite Dial, 2019, Triton Digital and Edison Research; Edison Research, “Share of Ear,” Q2 2019; Edison Research, “Share of Ear,” Q3 2019 Among smart speaker owners, Amazon Alexa ownership is 3x greater than Google Home

Google Home and Alexa ownership shares total more than 100% as 5% of those with a smart speaker own both. Among smart speaker owners

3x 79%

26%

Google Home Amazon Alexa

How to read: Among smart speaker owners, 79% own an Amazon Alexa.

Source: Edison Research, Share of Ear Q4 2018, Q1-Q3 2019 27 Smart speaker owners have a broad age profile; 35-54 is the top demo

Owns a smart speaker Total U.S. population

Gen Z 11% 8% 13-17 Millennials 31% 26% 18-34 Gen X 38% 32% 35-54 Boomers 21% 34% 55+

How to read: 31% of smart speaker owners are 18-34 Millennials. 26% of the total U.S. population falls in that age demographic. Compared to the total U.S. population, smart speaker owners are 38% more likely to be in the Gen Z (13-17) demo.

Source: Edison Research, Share of Ear Q4 2018, Q1-Q3 2019 28 Persons 35+ smart speaker ownership has doubled

% of smart speaker ownership by demo

Percent difference Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 (Q1 2018 vs. Q3 2019)

Persons 13-34 19% 22% 22% 25% 24% 31% 34% +79%

Persons 35-54 15% 18% 20% 24% 25% 31% 33% +120%

Persons 55+ 8% 10% 13% 13% 14% 17% 17% +113%

How to read: In Q3 2019, 33% of persons 35-54 own a speaker.

Source: Edison Research, “Share of Ear,” Q1 2018 – Q3 2019. Persons 13+ 29 AM/FM radio use is strong among smart speaker owners

Similar daily time spent Identical daily reach (hours:minutes)

Daily time spent with AM/FM radio daily AM/FM radio among reach among smart speaker owners: 1:33 smart speaker owners: 67%

Daily time spent with AM/FM radio daily AM/FM radio among reach among total 13+ U.S. total 13+ U.S. consumers: 1:39 consumers: 68%

Source: Edison Research, Share of Ear Q4 2018, Q1-Q3 2019 30 AM/FM radio is #1 in smart speaker share of time spent

Share of listening on the smart speaker device among persons 13+

AM/FM radio 24% Amazon Music 15% Pandora 12% Other streaming audio 10% AM/FM radio share Owned music 10% of listening on the Podcasts Spotify 9% smart speaker is represent a small share of SiriusXM 8% smart speakers time spent Podcasts 5% 60% bigger than Audiobooks 5% Amazon Music Music videos on YouTube 2%

How to read: Among persons 13+, 24% of listening on the smart speaker in Q3 2019 is to AM/FM radio.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 31 AM/FM radio and SiriusXM smart speaker shares grow

Share of listening on the smart speaker device among persons 13+

Category Q1 2018 Q3 2019 Percent difference (Q1 2018 vs. Q3 2019) AM/FM radio 20% 24% +20% Amazon Music 20% 15% -25% Pandora 18% 12% -33% Owned music 15% 10% -33% Spotify 7% 9% +29% SiriusXM 1% 8% +700% Podcasts 6% 5% -17% Audiobooks 3% 5% +67% YouTube 4% 2% -50%

Source: Edison Research, “Share of Ear,” Q1 2018 vs. Q3 2019. Persons 13+ 32 At home listening represents the dominant location of listening for smart speakers; at work is small, but inching up

Smart speaker audio time spent by location

Location Q1 2018 Q3 2019 Percent difference (Q1 2018 vs. Q3 2019)

Home 92% 87% -5%

Work 6% 10% +60%

Other 2% 3% +35%

How to read: In Q3 2019, 87% of all time spent with smart speakers occurs at home.

Source: Edison Research, “Share of Ear,” Q1 2018 vs. Q3 2019. Persons 13+ 33 Mornings and middays surpass afternoons and evenings as top smart speaker listening dayparts % of time spent listening on smart speakers by time of day

Daypart Q1 2018 Q3 2019 Percent difference (Q1 2018 vs. Q3 2019)

Morning: 6am-10am 19% 28% +50%

Midday: 10am-3pm 19% 25% +28%

Afternoon: 3pm-7pm 32% 21% -35%

Evening: 7pm-12am 22% 19% -17%

Overnight: 12am-6am 8% 8% 0%

How to read: In Q3 2019, 28% of all time spent with smart speakers occurs during 6am – 10am.

Source: Edison Research, “Share of Ear,” Q1 2018 vs. Q3 2019. Persons 13+ 34 Smart speaker listening is higher during mornings, evenings and overnight versus overall audio % of time spent listening by time of day

Any audio On smart speaker

+12% 30% 28% 25% 25% +19% 23% 21% 19% 16% +33% 8% 6%

6am-10am 10am-3pm 3pm-7pm 7pm-midnight Midnight-6am

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 35 Music stations: smart speaker usage peaks in mornings

Cumulus Radio Station Group streaming average active sessions occurring via smart speakers, top 5 PPM music smart speaker stations

Smart speaker - average active sessions, top 5 PPM music smart speaker stations, Monday-Friday

12000

10000

8000

6000

4000

2000

0

Source: Triton Digital Webcast Metrics, average active sessions by hour, 2/11/19 through 2/15/19 Top 5 PPM Cumulus Radio Station Group music smart speaker stations: KRBE-FM/Houston, KPLX-FM/Dallas, KSCS- 36 FM/Dallas, WWWQ-FM/Atlanta, KQRS-FM/Minneapolis Music stations: peak smart speaker usage matches Nielsen on-air in home listening

Smart speaker average active sessions vs. on air in home audience by time of day

Smart speaker - average active sessions, top 5 PPM music smart speaker stations, Monday-Friday Nielsen - over the air in home audience per Nielsen, top 5 PPM music smart speaker stations 12000 45000 40000 10000 35000 8000 30000 25000 6000 20000 4000 15000 10000 2000 5000 0 0

Source: Over the air audience: Nielsen Audio, January 2019, station home Metro Survey Area, hour by hour Average Quarter Hour Persons, Persons 18+, M-F 12m- 12m, In Home Listening. Smart speaker data: Triton Digital Webcast Metrics, average active sessions by hour, 2/11/19 through 2/15/19. Top 5 PPM Cumulus Radio 37 Station Group music smart speaker stations: KRBE-FM/Houston, KPLX-FM/Dallas, KSCS-FM/Dallas, WWWQ-FM/Atlanta, KQRS-FM/Minneapolis Spoken word stations: smart speaker usage peaks in early afternoon

Smart speaker average active sessions by time of day

Smart speaker - average active sessions, top 5 spoken word smart speaker stations, Monday-Friday

30000

25000

20000

15000

10000

5000

0

Source: Triton Digital Webcast Metrics, average active sessions by hour, 2/11/19 through 2/15/19. Top 5 PPM Cumulus Radio Station Group spoken word smart speaker 38 stations: WMAL-FM/Washington, KTCK-AM/Dallas, WBAP-AM/Dallas, WJR-AM/Detroit, and WABC-AM/New York Spoken word stations: midday smart speaker surge complements Nielsen on-air in home listening

Smart speaker average active sessions vs. on air in home audience by time of day

Smart speaker - average active sessions, top 5 spoken word smart speaker stations, Monday-Friday

30000 Nielsen - over the air in home audience per Nielsen, top 5 PPM spoken word smart speaker stations 60000

25000 50000

20000 40000

15000 30000

10000 20000

5000 10000

0 0

Source: Over the air audience: Nielsen Audio, January 2019, station home Metro Survey Area, hour by hour Average Quarter Hour Persons, Persons 18+, M-F 12m-12m, In Home Listening. Smart speaker data: Triton Digital Webcast Metrics, average active sessions by hour, 2/11/19 through 2/15/19. Top 5 PPM Cumulus Radio Station Group 39 spoken word smart speaker stations: WMAL-FM/Washington, KTCK-AM/Dallas, WBAP-AM/Dallas, WJR-AM/Detroit, and WABC-AM/New York Smart speaker ownership over-indexes in top 50 markets

% of adults 18+ who currently own a smart speaker by DMA market size

% of U.S. smart DMA market size % of total U.S. population Index speaker owners

DMA markets 1-10 31% 37% 118

DMA markets 11-25 20% 21% 106

DMA markets 26-50 18% 19% 103

DMA markets 51+ 32% 23% 72

How to read: 37% of all U.S. adults 18+ who currently own a smart speaker live in the top 10 U.S. DMA markets compared to 31% for the total U.S. Residents of the top 10 DMA markets are 18% more likely to own a smart speaker.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019) 40 Items/services household currently has (HHLD): Smart speaker (Amazon Echo, etc.) Smart speakers are more likely to be found in homes in the top 15 DMA markets

Index, adults 18+ who currently own a smart speaker by DMA market size

DMA rank Top 15 DMA markets Index 1 New York 119 2 Los Angeles 98 3 Chicago 117 4 Philadelphia 106 5 Dallas-Ft. Worth 112 6 Washington, DC 135 7 Houston 139 8 San Francisco-Oakland-San Jose 133 9 Boston 117 10 Atlanta 130 11 Tampa-St. Petersburg 104 12 Phoenix 101 13 Seattle-Tacoma 114 14 Detroit 88 15 Minneapolis-St. Paul 105 How to read: Compared to the general U.S. population, residents of the New York DMA are 19% more likely to own a smart speaker.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019) 41 Items/services household currently has (HHLD): Smart speaker (Amazon Echo, etc.) Top DMAs ranked by smart speaker ownership index: Coastal markets lead

Ranked by smart speaker ownership index

Index of adults 18+ who currently own a smart speaker, Index of adults 18+ who currently own a smart speaker, top 10 highest indexing markets top 11-20 highest indexing markets

DMA market Index DMA market Index Houston 139 Boston 117 San Diego 137 Chicago 117 Washington, DC 135 Baltimore 115 San Francisco-Oakland-San Jose 133 Denver 115 Cincinnati 131 Providence-New Bedford 115 Atlanta 130 Seattle-Tacoma 114 Orlando-Daytona Beach-Melbourne 124 Dallas-Ft. Worth 112 Charlotte 123 Richmond-Petersburg 111 New York 119 Las Vegas 109 Austin 117 Salt Lake City 108

How to read: Compared to the general U.S. population, residents of the Houston DMA are 39% more likely to own a smart speaker.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019) 42 Items/services household currently has (HHLD): Smart speaker (Amazon Echo, etc.) Smart speaker ownership profile is upscale and educated

% of adults 18+ who currently own a smart speaker by qualitative category

% of total U.S. % of U.S. smart speaker Category Index population owners Men 49% 55% 122 Women 51% 45% 88 Employed full-time 46% 63% 137 White collar occupation 40% 59% 148 Management, business, financial or 43% 159 professional/related occupation 27% Household income = $75,000+ 40% 63% 158 Household income = $100,000+ 26% 46% 177 College graduate+ 28% 41% 146 Post graduate degree 10% 15% 150

How to read: 40% of the total U.S. is employed in a white collar occupation, while 59% of all U.S. adults 18+ who own a smart speaker are employed in white collar occupations. Smart speaker owners are 48% more likely to be employed in white collar occupations.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Current (Jul 2018 - May 2019) 43 Items/services household currently has (HHLD): Smart speaker (Amazon Echo, etc.) New NCAA March Madness on Google

New, Westwood One and Google teamed up to bring NCAA March Madness coverage on Google Assistant devices 21M followers Westwood One’s exclusive live NCAA March Madness programming was directly integrated into smart devices with the Google Assistant. All sponsor media passed through on the Google Assistant platform.

As part of our partnership, Westwood One and Google also teamed up on a robust marketing and tune-in campaign which included social, on-air, and the Westwood One Podcast Network.

44 Introducing the Smart Speaker pre roll on Westwood One/Cumulus

ELEVATING PARTNERSHIP 45 Hey Alexa! Hey Google!

From Amazon Alexa to Google Home, smart speakers are the latest technology on the minds of marketers. Whether being used as a source of music, entertainment, or information, there is no ignoring their prevalence in American homes today!

Westwood One/Cumulus is deeply embedded within the expanding audio landscape having our prominent Sports platform and more than 415 of our Radio stations accessible through smart speakers!

46 When listeners engage with Alexa or Google and our Stations promote Smart Speaker tune-in, your brand can be paramount!

This Branded Audio Entitlement will be prominently featured in our Smart Speaker tune- in promos and at the launch of our Sports and Music content with a pre roll as our highly coveted listeners opt-in to access our content.

47 *Opportunities subject to availability at time of order. Smart speakers and podcast listeners

48 Podcast listeners are more likely to be smart speaker owners…

% of persons who own a smart speaker

Podcast listeners 40% Podcast listeners are 33% more likely to own a Total U.S. 30% smart speaker than the average consumer

How to read: 40% of podcast listeners own a smart speaker.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 49 …yet, smart speaker owners spend little time listening to podcasts on a smart speaker

Share of audio time spent among total U.S. and smart speaker owners

Smart speaker Smart speaker Category Total U.S owners advantage AM/FM radio 43.0% 35.3% -18% SiriusXM 8.8% 11.5% +31% Owned music 12.1% 12.0% -1% Smart speaker Music videos on YouTube 10.2% 10.5% +3% owners spend Spotify 6.0% 6.2% +3% more time with Pandora 5.0% 4.8% -4% Amazon Music versus overall Podcasts 3.8% 4.8% +26% Music channels on TV 3.4% 3.3% -3% Amazon Music 1.3% 3.0% +131% Apple Music 1.1% 1.6% +45%

How to read: Among smart speaker owners, 3.0% of their audio time spent is with Amazon Music, +131% more than the average American.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ 50 Marketer sentiment

51 More marketers and agencies have discussed podcasts, spending consideration plateaus % yes September 2015 41% Have you and your colleagues July 2016 58% discussed podcast advertising for May 2017 68% potential media investment? May 2018 70% May 2019 75%

% “definitely would consider”

How likely are you to consider Sept. 2015 18% advertising in podcasts in the next July 2016 28% May 2017 37% 6 months? May 2017 May 2018 43% May 20192018 42%

Source: Advertiser Perceptions, September 2015, July 2016 & May 2017 | September 2015 study of 310 marketers and agencies | July 2016 study of 284 marketers and agencies | May 2017 study of 316 marketers and agencies | May 2018 study of 300 marketers and agencies | May 2019 study of 302 52 marketers and agencies Marketer/agency use of podcast surges; spending intention cools

% yes September 2015 15% July 2016 21% Do you currently advertise in podcasts? May 2017 29% May 2018 32% May 2019 39%

% “definitely will advertise” Sept.Sept. 20152015 10% How likely are you to actually July 2016 21% advertise in podcasts in the July 2016 May 2017 27% coming 6 months? May 2017 May 2018 38% MayMay 20182019 34%

Source: Advertiser Perceptions, September 2015, July 2016 & May 2017 | September 2015 study of 310 marketers and agencies | July 2016 study of 284 marketers and agencies | May 2017 study of 316 marketers and agencies | May 2018 study of 300 marketers and agencies | May 2019 study of 302 53 marketers and agencies Podcast funding continues to be primarily sourced from general digital budgets

Q. You noted that you will be spending on podcasts in the next 6 months, where will the budget be coming from?

June 2018 December 2018

General digital budgets 40% (search/display/video/etc.) 62%

Incremental budget 32% 45%

Mobile app budgets 21% 39%

Pure play digital radio budgets 29% 34%

Terrestrial radio budgets 29% 34%

Outdoor/out of home budgets 19% 25%

Source: Advertiser Perceptions, June 2018 study of 317 marketers and agencies| December 2018 study of 305 54 marketers and agencies Marketers and agencies using smart speaker applications increased twofold

Q: Which of the following describes your utilization of voice-activated marketing opportunities/smart- speaker skills (e.g. Amazon Alexa, Google Home) for your [brands/clients]?

January 2018 March 2019

Have discussed with colleagues 52% the possibility of using 49%

18% +100% Have already begun using 36%

31% Have not discussed using 15%

Source: Advertiser Perceptions, January 2018 study of 302 marketers and agencies| March 2019 study of 301 55 marketers and agencies Brand and agency intention to use voice-activated applications grows 69%

Q. How likely are you to consider voice-activated marketing opportunities and initiatives in the next 6 months? Q. How likely are you to actually use voice-activation marketing opportunities and initiatives in the next 6 months? Base: Not utilizing voice-activated opportunities

January 2018 March 2019

+26% 23% Consideration 29%

13% +69% Intention 22%

Source: Advertiser Perceptions, January 2018 study of 302 marketers and agencies| March 2019 study of 301 56 marketers and agencies Key takeaways

• Podcast listening and smart speaker usage is on the rise and shows no signs of slowing down. • Podcast listening is driven by Millennials and Generation Z, while smart speaker ownership reflects a broader demographic. • Podcast listeners and smart speaker owners are a desirable group for advertisers. • Smart speaker owners are spending little time listening to podcasts. • Smart speaker users spend more time with audio than the average American. • Podcast advertising is surging, while marketer/agency spending consideration and intention moderate.

57 Thank You

The intellectual property included in this presentation is property of CUMULUS MEDIA, including Westwood One, and may not be used without permission. Any details are subject to change. 2020 CUMULUS MEDIA, Inc. Appendix

59 Podcasting resonates across political party lines

Daily share of time spent: Democrats Daily reach: Podcast listener reach is and Independents spend more time similar by party affiliation with podcasts

Independent 12% Independent 4%

Republican 10% Republican 4%

Democrat 10% Democrat 3%

How to read: 12% of Independents listen to podcasts in a typical day. Among Independents, podcasting generates a 4% share of total audio time spent.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 18+ 60 Podcasting reaches 1 out of 5 voters monthly; lower reach among Republicans

Among persons 18+

Monthly podcast reach

Registered voters 19%

Democrat 20%

Independents 19%

Republican 13%

Always vote in presidential election 20%

Always vote in statewide election 20%

Always vote in local election 19%

How to read: 19% of registered voters watched/listened/downloaded podcasts in the last 30 days on any device.

Source: Scarborough USA+ (Current 6 Months Only) 2019 Release 1 *Revised 09-17-2019* Total (Jul 2018 - May 2019). Persons 18+ 61 AM/FM radio streaming has higher morning tune-in; evening listening skews pure-play streaming

% of time spent listening by time of day

AM/FM radio streaming Ad-supported pure-play streaming Pandora One/Spotify Premium (no ads)

31% 29% 31% 31% 22% 22% 24% 21% 20% 19% 19%

11% 9% 6% 5%

6am-10am 10am-3pm 3pm-7pm 7pm-midnight Midnight-6am

How to read: 31% of all time spent with AM/FM radio streaming occurs during 6am – 10am.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ Ad-supported pure-play streaming includes: Pandora (free), Spotify (free), Apple Music, Amazon Music, Other platforms 62 Most streaming listening takes place at home

% of time spent listening by location

AM/FM radio streaming Ad-supported pure-play streaming Pandora One/Spotify Premium (no ads)

71% 65% 59%

19% 21% 6% 8% 4% 6% 17% 14% 10% Home Work Car Other

How to read: 71% of all time spent with AM/FM radio streaming occurs at home.

Source: Edison Research, “Share of Ear,” Q4 2018, Q1-Q3 2019. Persons 13+ Ad-supported pure-play streaming includes: Pandora (free), Spotify (free), Apple Music, Amazon Music, Other platforms 63 WESTWOOD ONE PODCASTS

NEWS & INSIGHTS LIFE & ENTERTAINMENT SPORTS BUSINESS, MONEY & TECH

• The Ben Shapiro Show • As Me with Sinéad • The Pat McAfee Show 2.0 • Wealth, Power, and Influence • The Michael Knowles Show • Straight Talk with Ross Mathews • Talk Is Jericho • Think About This • The Andrew Klavan Show • Mommies Tell All • Jim Rome Podcast • Curiosity • The Matt Walsh Show • Zach Sang: Just The Interviews • PFT PM • The Rubin Report • The Dennis Miller Option • RapSheet and Friends • The Dan Bongino Show • Whoop It Up with Vicki Gunvalson • The Savage Nation • Team Never Quit • The Jordan B. Peterson Podcast

BRAND INTEGRATION • Host Live Reads/Endorsements & Sponsorship Opportunities • Audio Ad Integrations Available • Social Media Channel Extension Available • 100% Original Content

CONTENT DISTRIBUTION An Array Lineup of Personalities Who Resonate.

Carly Waddell & Ben Shapiro Pat McAfee Chris Jericho Jim Rome Sinéad Burke Jade Roper Tolbert Ross Mathews

Podcast and Personality Opportunities For Your Brand: Custom Digital Storytelling Built Around Your Brand Personality Endorsements / In-Show Host Reads Social Media Amplification WESTWOOD ONE PODCAST NETWORK offers podcasters and content creators promotional support, production services, marketing, sales representation, research, creative services, and access to America’s largest audio network reaching a quarter of a billion people each month.

MASSIVE PROMOTIONAL POWER ONE-STOP SHOP FOR PODCAST ADVERTISERS 250 million 2 million+ Monthly Listeners Event Consumers 100% Share of Voice Radio & Streaming • Campaigns Personality Voiced Reads • 200+ 90 • Social Media Syndicated Shows & Digital & Mobile Pre-Mid-Post & Experiential Services Distribution Platforms Roll Ads Extensions • • 1.3 billion Custom Content and IAB v2 Compliant Press/Media Impressions Ad Development

Sources: 250 million source: Nielsen Audio Nationwide Fall 2018, Total US, 4 week reach, Persons 12+, Mon-Sun 12m-12m / 200+ shows source: WWO selling networks and shows as of June 2019 / 1.3 Billion Source: Dollinger Communications

Contact: [email protected] Phone: 310.840.4210