Online audio – digital’s fastest growing reported revenue channel: CRA

Commercial Radio & Audio (CRA) has welcomed figures that show podcast and streaming audio advertising expenditure increased 23.6% year on year in FY24, to $290 million.

Total online audio advertising is the fastest growing display category, according to the Australian Internet Advertising Revenue Report (IARR), compiled by PwC and released today by IAB Australia.

The report also shows strong quarterly growth, with the total of $78.9 million for the June quarter 2024 surpassing the December quarter 2023 peak of $77.8 million.

Lizzie Young, CRA Chief Executive Officer (pictured above), says the results are particularly pleasing off the back of GfK Survey 5 data, which showed commercial radio share had reached its highest level since 2014.

“Commercial radio continues to grow its audiences, and one of the reasons is audio is everywhere – whether listeners are tuning into broadcast radio, DAB, or a podcast, audio is in their cars, at home, and with them via their phone.”

“Advertisers are increasingly investing in online audio because it delivers both audience trust and accessibility.”

The total Australian online audio advertising market in FY24 was $290 million ($185 million streaming and $105 million podcast), representing 4.7% of total general display ad spending for the year.

“We expect to see more advertisers investing in podcasts, as their popularity continues to increase, as we saw in our first Australian Podcast Bi-Annual Report, released last week.”

The report showed average monthly podcast listeners up increased almost 9% in the first half of 2024 compared to last year.