Online audio ad revenue growth remains rapid
Online audio ad revenue increased by 26.2% year on year to $65.5 million in the March quarter 2024, according to figures released by IAB Australia.
The Australian Online Advertising Expenditure Report (OAER), compiled by PwC, showed online audio advertising increased its share of overall display revenue by 0.4 percentage points in Q1 2024, compared to Q1 2023.
Commercial Radio & Audio (CRA) welcomed the figures as evidence that digital audio ad market was continuing to grow rapidly and was showing no signs of slowing.
“We know our digital audiences keep growing, as shown by the latest survey results from GfK with number of commercial radio listeners tuning in via streaming up to 3.28 million,” said CRA chief commercial officer Jo Dick
“The report from IAB shows that audience growth is translating into revenue growth, with advertisers investing in the medium that always delivers results for investment.”
“Year on year growth of 26.2% is a fantastic result and it is really encouraging for the radio and audio sector that total online audio advertising is the fastest growing general display category when compared to 2023 Q1 figures,” Ms Dick said.
Podcast ad revenue was $22.9 million for the March 2024 quarter, or 35% of total online audio spending, while streaming revenue was $42.6 million (65%).
The full IAB Australia OAER report can be found here.
The Australian Online Advertising Expenditure Report (OAER), compiled by PwC, showed online audio advertising increased its share of overall display revenue by 0.4 percentage points in Q1 2024, compared to Q1 2023.
Commercial Radio & Audio (CRA) welcomed the figures as evidence that digital audio ad market was continuing to grow rapidly and was showing no signs of slowing.
“We know our digital audiences keep growing, as shown by the latest survey results from GfK with number of commercial radio listeners tuning in via streaming up to 3.28 million,” said CRA chief commercial officer Jo Dick
“The report from IAB shows that audience growth is translating into revenue growth, with advertisers investing in the medium that always delivers results for investment.”
“Year on year growth of 26.2% is a fantastic result and it is really encouraging for the radio and audio sector that total online audio advertising is the fastest growing general display category when compared to 2023 Q1 figures,” Ms Dick said.
Podcast ad revenue was $22.9 million for the March 2024 quarter, or 35% of total online audio spending, while streaming revenue was $42.6 million (65%).
The full IAB Australia OAER report can be found here.