Data released by Commercial Radio and Audio (CRA) has shown that radio is holding “relatively steady” despite a challenging market, with metro ad revenue down 5.8% in the first quarter of 2024 compared to Q1 2023.
The total broadcast radio ad revenue for the first quarter across the five major metropolitan markets was $146.75 million, compared to $155.83 million in Q1 2023.
Jo Dick, chief commercial officer of CRA, said that while the media market has been tough for some time now, she is pleased that radio is still remaining “relatively steady.”
“Radio remains the best return on investment when budgets are tight and that is why we are still faring well compared to other media.
“We remain positive about the year ahead, as agencies will continue to rely on radio to get the most from their investment, as the reliable, effective, and affordable choice.”
She added that it was “pleasing” to see spending in categories such as automotive and government returning, and that CRA expects to see this trend continue as the country heads towards an election period.
Dick is currently caretaking the CRA CEO role whilst the Board undertakes a search for a new CEO.
Last month, Ford Ennals, announced his resignation effective immediately. The departure of Ennals came on the day of a board meeting for the radio industry organisation.
Before taking the CRA job, Ennals was the founding CEO of Digital UK and was later CEO of Digital Radio UK.
The metropolitan radio broadcast ad revenue results exclude digital audio streaming and podcast revenue, however digital revenue continues to show strong growth.
According to the OAER report compiled by PwC and released by IAB Australia, Australia’s online audio advertising market increased by 21% year on year to $265.8 million in 2023.
“Last year digital audio and podcasting were among the fastest growing areas of the digital advertising ecosystem, and we are seeing this trend continuing into 2024,” said Dick.
The quarterly broadcast radio ad revenue figures were compiled by Milton Data for CRA.
See Also: Commercial Radio & Audio (CRA) searching for new CEO after Ford Enalls quits