There’s good news and bad news in the radio ad market for major metro Australia in 2023 according to a report from industry association Commercial Radio & Audio.
On the favorable side, ad revenue for streaming is growing at a very solid pace of 27% for year over year. However it still was not enough to bridge the gap in overall radio industry ad revenue loss compared with 2022.
According to the report, “Broadcast radio ad revenue for 2023 across the five major metropolitan markets was AU$673,252 million, compared to AU$701,402 million in 2022.” That’s a 4% downturn.
CRA CEO Ford Ennals said, ‘‘Overall commercial radio ad revenue remains broadly stable despite a challenging market, with sustained strong broadcast radio revenue and record levels of growth in digital audio revenue in 2023.”
He added, “Radio remains the medium where agencies can get value for money when budgets are tight. We expect to see investment to continue at similar levels this year, as agencies and their clients recognize radio’s capacity to deliver.”
The data was compiled by media market analytics company Milton Data.
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