Commercial Radio & Audio has welcomed new data from IAB Australia, revealing a 16.2% year-on-year growth in online audio advertising revenue, which reached AU$79 million in the September quarter of 2024.
The Australian Internet Advertising Revenue Report (IARR), compiled by PwC, highlighted podcast audio advertising as the fastest-growing format. In Q3 2024, its revenue increased 26.5% year-on-year to AU$31.4 million. Podcasts now represent 40% of total online audio ad spending.
Streaming audio also grew, generating AU$47.6 million in Q3 2024, accounting for 60% of online audio ad revenue.
“Online audio has cemented itself as a dominant force in digital advertising, and these results reflect its value for brands seeking to connect with local audiences,” said Lizzie Young, chief executive officer of CRA.
“We know that where audience attention goes, advertising investment follows. As shown in the latest GfK survey, more than a quarter (27%) of commercial radio listeners now listen via streaming,” she added.
“The continued rise in online audio advertising shows how advertisers are responding to the rising demand for accessible, personalized content, seeing audio as the answer to standing out and being heard.”
The full IAB Australia IARR report is available here.
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