Australian online audio revenue up almost 24% in FY24

Commercial Radio & Audio has noted that podcast and streaming audio advertising expenditure in Australia rose 23.6% year-over-year in FY24, reaching AU$290 million.

According to the Australian Internet Advertising Revenue Report, compiled by PwC and released by IAB Australia, online audio advertising is the fastest-growing display category. The report also highlighted strong quarterly growth, with AU$78.9 million recorded for the June Quarter 2024, surpassing the December Quarter 2023 peak of AU$77.8 million.

CRA CEO Lizzie Young commented on the results in light of recent GfK Survey 5 data, which indicated commercial radio share had reached its highest level since 2014. “Commercial radio continues to grow its audiences, and one of the reasons is that audio is everywhere — whether listeners are tuning into broadcast radio, DAB or a podcast, audio is in their cars, at home and with them via their phone,” Young said.

“The FY24 results from IAB are incredibly strong, with total online audio ad spending up 23.6% on FY23, making it the fastest growing display category. Advertisers are increasingly investing in online audio because it delivers both audience trust and accessibility,” she added.

The total Australian online audio advertising market in FY24 was AU$290 million (AU$185 million from streaming and AU$105 million from podcasts), accounting for 4.7% of total general display ad spending for the year.

“The IARR also shows expenditure on podcast advertising increased by a massive 32% in the June quarter compared to the March quarter. We expect to see more advertisers investing in podcasts as their popularity continues to increase, as we saw in our first Australian Podcast Bi-Annual Report, released last week,” Young said. That report showed that average monthly podcast listeners increased by nearly 9% in the first half of 2024 compared to the previous year.

IAB Australia members can download the latest IARR here.