New data from IAB Australia shows that total digital audio advertising revenue reached $313 million in CY24 – a rise of 18% year-on-year – with the December quarter contributing $90 million.
Milton Data reports that Commercial Radio & Audio (CRA) members experienced a 30% year-on-year increase in digital audio revenue, outpacing the broader IAB market’s 18% growth.
Source: IAB Australia.
According to the Australian Internet Advertising Revenue Report (IARR) compiled by PwC, podcast advertising expenditure is the fastest-growing reported format for the second consecutive quarter.
In Q4 2024, podcast ad spend grew 24.3% year-on-year, totalling $33.6 million, reflecting a notable increase in advertiser confidence.
Strong audience engagement is behind he growth in podcast advertising, with data showing that 11 million Australians tune into podcasts every month. Among key demographics, 56% of 25–54-year-olds listen to podcasts at least once a month.
Source: IAB Australia.
CRA chief executive officer, Lizzie Young, said: “It’s pleasing to see CRA members driving digital audio growth and capturing a larger share of the market. This momentum highlights a shift in market dynamics towards premium locally produced content, demonstrating the growth of digital distribution reaching audiences on their terms, and the opportunity for advertisers to leverage scale and engagement that is efficient and effective”
The IAB data also showed that streaming audio advertising achieved double-digit year-on-year growth, generating $56 million in Q4 2024.
Within this sector, online radio streaming continues to gain traction. Data reveals that 42% of 25–54-year-olds listened to online radio in the past month – a figure that has nearly doubled since 2021.
The full IAB Australia IARR report can be found here.