Digital audio ad spend up 14% as podcast expenditure continues to grow: CRA

Digital audio advertising spend in Australia reached $68.1 million in the June quarter, a 14% jump over the same period a year ago, and up 31% from the 2023 March quarter’s $51.9 million.

That’s according to IAB Australia’s Online Advertising Expenditure Report (OAER) prepared by PwC.

Podcast advertising surged by 24% to $27.5 million in the June quarter and rose 39% from $19.8 in the 2023 March quarter. Streaming audio spend grew over 8% to $41 million for the June quarter.

Industry body CRA says the 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% of total general display advertising for the period. Audio’s share of general display advertising rose from 4.2% to 4.8% from the March to June quarters.

CRA Chief Executive Ford Ennals says “Radio streaming in Australia is going from strength to strength. Around 18 million Australians, or 81% 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.”

“The knock-on is that the digital audio sector is experiencing double digit revenue growth.”

CRA says 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% of Australians aged 10+ listening monthly.

“In a tough advertising market digital audio is thriving, as advertisers follow audiences into podcasting and radio streaming,” says Mr Ennals.