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Australia’s online audio advertising market increased by 21% year on year in 2023 to AU$265.8 million, according to new figures released by IAB Australia and Commercial Radio & Audio, with podcast ad expenditure reaching AU$99.1 million.
The Australian Online Advertising Expenditure Report, compiled by PwC, also showed streaming ad revenue was AU$166.7 million for 2023. Digital audio accounted for 4.6% of total general display ad spending, up from 4% the year before.
CRA CEO Ford Ennals welcomed the results, which show that the digital audio ad market is experiencing growth at a quickening pace. “We are seeing digital audio revenue grow at an accelerating rate — faster than any other reported media market in Australia — and the last quarter of 2023 was exceptionally strong,” said Ennals.
Expenditure increased to AU$77.8 million from AU$68 million the previous quarter, and Q4 2023 was up by 38.4% compared to Q4 2022. Ennals added, “We know Australia’s digital audio sector audiences are continuing to grow, and it is clear advertisers are following the listeners. This is an excellent result that is even more pleasing considering the challenging conditions,” he said.
Australians downloaded 90.3 million podcasts in January, according to the latest Australian Podcast Ranker, which was a 33% increase on January 2023.
IAB Australia members can download the OAER report here.
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