Digital audio advertising spend in Australia reached $68.1 million in the June quarter, a 14 per cent jump over the same period a year ago, and up 31 per cent from the 2023 March quarter’s $51.9 million, according to IAB Australia’s Online Advertising Expenditure Report (OAER) prepared by PwC.
Podcast advertising surged by 24 per cent to $27.5 million in the June quarter and rose 39 per cent from $19.8 in the 2023 March quarter. Streaming audio spend grew over 8 per cent to $41 million for the June quarter.
Figures were revealed in the IAB online advertising report, which includes quarterly audio spending data released in a collaboration between IAB Australia and Commercial Radio & Audio.
Total audio for the 2023 financial year was $235.6 million, representing 4.3 per cent of total general display advertising for the period. Audio’s share of general display advertising rose from 4.2 per cent to 4.8 per cent from the March to June quarters.
“Radio streaming in Australia is going from strength to strength. Around 18 million Australians, or 81 per cent 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 podcasts consumers globally, with monthly Australian podcast listening at 43 per cent 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.” Ford said.