According to a press release by Commercial Radio Australia, advertising market conditions have continued to improve for commercial radio stations in 2021, with a positive result in March. The improvement helped metropolitan advertising revenue reach AU$153,418 million (about €99,030 million) in the March quarter, a 3.76% decline compared to the same period a year ago.
Victoria, the largest radio market, recorded only a 0.12% year-on-year fall in revenue to AU$52,157 million (about €33,667 million) for the March quarter, according to the figures compiled by Deloitte and released by CRA.
NSW metro radio stations reported a 5.06% fall in ad revenue to $44,963 million, while Queensland was 9.10% lower to $23,017 million. Western Australia was relatively steady at down 0.34% to $19,752 million, while South Australia was 7.87% lower to $13,529 million, noted the release.
“The figures are moving in the right direction and we’re hopeful momentum will build through the year as small business confidence grows and we see them coming back into the market and utilizing the reach of radio,” said CRA chief executive officer Joan Warner.
The Deloitte figures report revenue received by metropolitan commercial radio stations in the five major capital city markets and include agency and direct ad revenue.
For the nine months of the financial year to date, metropolitan ad revenue was down 14.48% to $452,345 million.
The peak industry body recently announced the appointment of Jo Dick to the new role of chief commercial officer to focus on commercial strategy and developing revenue opportunities in the expanding audio landscape.
The industry sees further opportunities to grow revenue through digital audio, podcasting and the rollout of the industry ad buying platform RadioMATRIX, says Commercial Radio Australia. This will enable media agencies to plan and buy broadcast, live streaming and podcast advertising in one place.