March 2023 metro ad revenue slightly lower than last year

Data released today by Commercial Radio and Audio shows ad revenue is still tracking slightly below 2022 figures, with March metro ad revenue down 2% compared to the same month last year. 

First-quarter metropolitan ad revenue is down 1.6% compared to 2022.

“Australians have been hit with increased interest rates and tightening purse strings. This, and the significant reduction in government advertising spending, has resulted in a tough advertising market for most. Commercial radio has not been immune to this,” said CRA CEO,” Ford Ennals.

“Radio advertising continues to offer bang-for-buck, with figures for direct spending by networks remaining resilient and overall spending tracking roughly in-line over the past three years. This has included strong investment in radio in March by advertisers in the auto and supermarket/convenience store segments.”

Monthly ad revenue across Australia’s five major metropolitan markets totalled $62.7 million in March, compared to $64 million a year ago. 

First quarter 2023 revenue was $155.8 million, compared to 2022’s $158.3 million. Quarterly metro ad revenue is up 1.6% from 2021’s $153.4 million. 

The Perth and Sydney markets were most resilient year on year, with Perth’s monthly revenue up 2.3% YOY and Sydney’s up 0.4% for the first quarter. 

The major metro markets showed:

• Perth stations are up 2.3% to $7.9 million
• Sydney stations decreased 0.2% to $19.6 million
• Melbourne stations are down 3.2% to $20.6 million
• Brisbane stations are down 4% to $9.2 million
• Adelaide stations fell 6.4% to $5.2 million

The metropolitan radio advertising revenue numbers exclude radio station digital audio revenue from radio streaming and podcasts. 

The digital audio market is healthy and growing, with the combined digital streaming and podcast market now accounting for $221 million of revenue in 2022, according to figures announced by an industry collaboration between CRA and IAB Australia.