Commercial radio metropolitan ad revenue for the third quarter of 2023 showed a stable performance in a challenging media market, according to figures released by industry body Commercial Radio & Audio.
Ad revenue for Q3 2023 across Australia’s five major metropolitan markets totaled AU$165.553 million, down 0.9% from AU$167.114 million in Q3 2022.
Ford Ennals, CEO of CRA, welcomed the sustained support for radio advertising, particularly at a time when economic pressures are having an impact on the broader ad market. “The figures from Q3 2023 highlight the strength and resilience of radio as both an effective and affordable ad medium,” Ennals said.
“The media market is tough right now, with less government spending than in previous quarters, and many ad mediums are experiencing significant declines – but despite the challenges, radio advertising remained stable, helped by increases in spending in the automotive, travel, and financial services categories.
“This shows that when the going gets tough, advertisers direct their expenditure to the tried-and-tested media where they can get exceptional value and returns,” he said.
Brisbane stations reported a 7.3% jump in revenue compared to the same quarter last year. Ad revenue rose 0.9% in Adelaide and 3.2% in Perth. However, ad revenue was down 3.5% in Sydney and 4.3% in Melbourne compared to Q3 2022.
“We have seen very pleasing growth in metro markets like Brisbane, Perth and Adelaide and overall, these figures are a strong result for the Australian commercial radio industry,” Ennals said.
The metropolitan advertising revenue numbers exclude digital audio revenue from radio streaming and podcasts, but the digital audio market continues to experience significant growth.