Digital audio advertising spend in Australia reached AU$68.1 million in the June quarter, a 14% jump over the same period a year ago, and up 31% from the 2023 March quarter’s AU$51.9 million, according to the Online Advertising Expenditure Report commissioned by IAB Australia in collaboration with Commercial Radio & Audio and prepared by PwC.
Podcast advertising surged by 24% to AU$27.5 million in the June quarter and rose 39% from AU$19.8 in the 2023 March quarter. Streaming audio spend grew over 8% to AU$41 million for the June quarter.
According to the report, total audio for the 2023 financial year was AU$235.6 million, representing 4.3% of total general display advertising. Audio’s share of general display advertising rose from 4.2% to 4.8% from the March to June quarters.
“Radio streaming in Australia is going from strength to strength. Around 18 million Australians, or 81% percent of the total population aged 12+, listen to digital audio monthly, led by booming digital radio and podcast listening and underpinned by radio’s continued resilience and popularity,” Ford Ennals, CEO of CRA, said. “The knock-on is that the digital audio sector is experiencing double-digit revenue growth.”
The flow of advertising into digital audio is supported by increased insights into the growing number of listeners, including who they are, how they listen and their listening habits. The Radio360 audience measuring system introduced by CRA and GfK in June 2023 provides more granular data across all platforms of radio listening in Australia’s five major metro markets.
The 2023 Infinite Dial Australia study revealed Australia has the most voracious podcast consumers globally, with monthly Australian podcast listening at 43% of Australians aged 10+ listening monthly.
“Digital audio is an advertising opportunity and a media shining star. In a tough advertising market, digital audio is thriving, as advertisers follow audiences into podcasting and radio streaming,” Ennals said.