According to the latest figures released by industry body Commercial Radio and Audio, Australian commercial radio metropolitan monthly ad revenue in February was broadly in line with the previous year. Sydney and Perth markets were up, and total monthly metropolitan ad revenue was down 0.7% year on year.
Quoting the Standard Media Index, CRA says radio advertising continued to outperform the broader ad market.
Monthly ad revenue across Australia’s five major metropolitan markets totaled AU$51,268 million in February, compared to $51,638 million a year ago.
“The green shoots of confidence in radio advertising are supported by February’s numbers with monthly ad revenue returning to where we were in 2021 and on par with the 2022 February revenue in four out of five markets,” said Ford Ennals, CEO of CRA.
“We see solid demand for radio advertising, led by increases in spend for the supermarket, automotive and travel categories, which more than offset the reduction in government spending versus last year. The trend is a return to confidence in the radio ad market,” Ennals said.
Sydney stations reported an increase of 0.4% year on year to $15,215 million. Perth stations were up 0.5% to $6,615 million. Melbourne stations were slightly down 0.6% to $17,322 million. Brisbane stations were down 0.2% to $7,828 million. Adelaide stations’ monthly revenue was down 7.2% to $4,288 million compared to the same time last year.
The metropolitan radio advertising revenue numbers exclude radio station digital audio revenue from radio streaming and podcasts. The digital audio market continues to grow, with the combined digital streaming and podcast market now accounting for $221,2 million of revenue in 2022, according to figures announced for the first time in an industry collaboration between CRA and IAB Australia.
“Digital audio is one of the most significant growth markets in Australian media. PwC has confirmed that it expects to see strong digital audio advertising growth in 2023 as more and more businesses and agencies invest in these highly targeted and effective mediums.” Ennals added.
The February monthly ad revenue figures included agency and direct ad revenue. Media data analytics company Milton Data compiled the data.