Australia’s Digital Audio Advertising Boom
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.
The amount of advertising for podcasts jumped by 24 percent to $27.5 million during the June quarter and climbed 39 percent in the March quarter from $19.8 in the March quarter of 2023. The spending on streaming audio ads increased by 8 percent to reach $41 million in June.
The figures were released by the IAB online advertising report that includes quarterly audio expenditure data that was released as part of a collaboration that was forged between IAB Australia and Commercial Radio & Audio.
Total audio revenue for the financial year 2023 totaled $235.6 million, which is 4.3 percent of general display advertising during the entire time. The proportion of audio in general display advertising grew from 4.2 percent to 4.8 percent in March and June.
“Radio streaming Australia is growing from upwards. Nearly 18 million Australians (81 percent of the people aged 12+ listen to audio on the internet every month, fueled by the boom in podcast and radio listening. Radio’s constant resilience and increasing popularity,” Ford Ennals, chief executive officer of CRA, stated.
“The result is that the digital audio industry is experiencing double-digit increase in revenue.”
The stream of advertisements to digital audio is aided by the emergence of more information about the ever-growing amount of listeners, such as the people they listen to, how they listen, and their listening habits. The Radio360 measurement of audience, which was launched in June 2023 by CRA along with GfK at the end of June 2023, gives more detailed information for all platforms of radio listening across Australia’s five main metropolitan markets.
In 2023, the Infinite Dial Australia study revealed Australia is the nation with the highest number of listeners to podcasts in the world and has the highest average monthly Australian podcast listeners, comprising 43 percent of Australians aged 10+ who listen every month.
“Digital audio is an excellent advertising possibility, as well as it is a shining media star. In a difficult advertising market, digital audio is growing rapidly in the sense that advertisers are following audiences to podcasting and streaming radio.” Ford said.