New data, compiled by Deloitte and released by industry body Commercial Radio Australia, shows a rebound in radio advertising.
According to the data, commercial radio advertising revenue for metropolitan stations jumped by 72.6 per cent in the month of May to reach $59.605 million from $34.534 million a year ago.
The rise reflects a strong rebound for radio from the depths of the COVID-19 slump, as advertisers returned to the market.
“It’s enormously encouraging to see advertisers returning to radio in full force after a challenging 12 months,” said Joan Warner, chief executive officer of CRA (pictured).
“The industry is seeing robust activity from national advertisers and we anticipate the recovery in the SME market will continue to build in the coming months and into the busy Christmas season.
“Most major advertiser categories have recovered well and it is expected that with the new fiscal year, a fresh investment cycle is highly likely.”
The results follow a 51.9 per cent year-on-year increase in ad revenue in the month of April to $51.636 million.
The metropolitan revenue figures compiled by Deloitte report on revenue received by metropolitan commercial radio stations in the five major capital city markets and include agency and direct ad revenue.
In the month of May, Victoria, the largest radio market, was up by 74.5 per cent to $20.028 million compared to the same period a year ago, while NSW stations enjoyed a 71.2 per cent increase to $17.685 million.
Queensland stations rose 77.6 per cent to $8.965 million, WA was up 73.2 per cent to $7.470 million and South Australia climbed 62.1 per cent to $5.457 million.
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