Ad revenue for Australian metropolitan commercial radio stations grew by 7% to AU$62.91 million in October compared to $59.06 million a year ago, according to industry body Commercial Radio & Audio.
This result makes it the 20th successive month of year-on-year growth and reflects strong ad spending across insurance, home furnishings and electrical retailers, travel, sport and education categories.
Commercial radio ad revenue growth was largely through the strength of the Melbourne and Sydney markets, which accounted for nearly two-thirds of total revenue. Melbourne increased by 22.3% to $21.53 million, and Sydney by 5% to $18.76 million.
However, the other three metro markets showed small revenue decreases, with Brisbane stations declining by 5.7% to $9.16 million, Adelaide down by 3.8% to $5.38 million, and Perth down by 2.5% to $8.06 million.
The retail sector is holding up well, but government spend on commercial radio advertising is softer compared to the high levels during the peak of the pandemic last year.
CRA chief executive officer Ford Ennals said, “Overall commercial radio revenues continue to deliver solid year-on-year growth. The market has bounced back strongly, with further scope to complete a full recovery to pre-pandemic levels. The commercial radio industry is continuing to evolve, and digital audio is one of the fastest growing media markets, offering unique opportunities for advertisers as we lead into the Christmas shopping season.”
The ad revenue reported today follows an 18% increase in the month of September and weekly commercial radio audiences hitting a record high of 12.14 million.
Media data analytics company Milton Data compiled the revenue figures, which include agency and direct ad revenue.