Commercial Radio & Audio (CRA) has welcomed figures that show podcast and streaming online 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.
See also: Internet ad spend rises 9.7% to reach $15.6 billion: IAB
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), said in a statement the results were 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,” said Young.
“The FY24 results from IAB are incredibly strong, with total online audio ad spending up 23.6% on FY23, making it the fastest growing display category.
“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.
“The IARR report also shows expenditure on podcast advertising increased by a massive 32% in the June Quarter compared to the March Quarter,” added Young.
Data from Australian Podcast Bi-Annual Report. See the report here.
“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.
Commenting on the report today, Gai Le Roy, CEO of IAB Australia, said: “The results for financial year 2024 show that marketers continue to increase their investment in reaching audiences across a range of digital advertising environments.
“While video and audio formats continue to grow the overall market, there is still a strong skew towards driving short-term sales results with strong investments in search and social.”
