Hmm, why is it that Blue Apron, Audible, Casper, Dollar Shave Club etc. are so common on podcasts for ads? Conversion rates are especially good for those kinds of businesses?
The Exponent podcast did an episode on this. The short answer is they all share a high LTV and can succeed with podcast ads on a direct response basis. So despite the outrageous CPMs some podcasts charge these days, they can still find it profitable.