Commercial Radio & Audio reports that Australian metropolitan commercial radio stations recorded advertising revenue of AU$685.961 million for the financial year ending June 30, 2023. The industry body adds that the figures were steady with the previous year’s result of AU$685.995 million.
CRA CEO Ford Ennals said, “Radio had a strong start to the financial year, but the market has been softer in the second half in line with conditions in the broader macroeconomic environment. Growth in broadcast revenue ended flat with the previous year, but we are continuing to see very strong growth in digital audio advertising, which is not yet included in these figures.
“Podcasts and streaming remain areas of opportunity for the industry, particularly with the enhanced data capability under the new Radio 360 audience measurement system launched last month. This shows commercial radio has a weekly radio streaming audience of 3.3 million listeners and growing.”
CRA will begin to include digital audio ad revenue figures in its metro radio revenue reports from the September quarter.
For the last financial year, Sydney was the strongest performing market, with ad revenue increasing by 2% to AU$205.460 million, followed by Melbourne, which grew by 1% over the previous period to AU$227.335 million. Brisbane and Adelaide finished the year 2% lower to AU$104.352 million and AU$60.430 million, respectively. Perth declined by 3% to AU$88.384 million.
Media data analytics company Milton Data compiled the industry ad revenue figures, which include agency and direct ad revenue.