Metro ad revenue has increased in the second quarter of 2024, according to new figures released by Commercial Radio & Audio (CRA) which for the first time include both Broadcast Radio and Digital Audio ad revenue.
Total metro ad revenue (broadcast plus digital) in Q2 2024 was up 2.6% to $200.7 million, compared to the same time last year.
Jo Dick, CRA’s chief commercial officer, said the results were extremely positive after a challenging start to 2024.
“Market conditions are tough right now – but radio is once again showing that it is resilient, reliable, and the best bang-for-buck when advertising budgets are tight.
“The data also shows us that for the first six months of 2024 total radio ad revenue, including both broadcast and digital, remains steady, up 0.2% on the first half of 2023,” said Dick.
The quarterly broadcast radio ad revenue figures were compiled by media data analytics company Milton Data for CRA.
CRA has previously only released metro ad revenue figures for Broadcast Radio, not Digital Audio. CRA digital audio ad revenue figures are included in the Australian Online Advertising Expenditure Report (OAER), compiled by PwC and released by IAB Australia.
The increase comes as CRA welcomed the report in June which recommends that the federal government conduct a cost-benefit analysis examining the impacts of removing the current caps on licence fees for the broadcast of sound recordings on radio.
Commercial Radio & Audio chair Ciaran Davis said it is good news for the 260 radio stations across Australia that CRA represents.
“This Bill would have had dire consequences for our industry,” he said.
“Commercial radio provides an essential service to communities across Australia, delivering local content, news and information in a challenging economic and regulatory environment.
“CRA expects that the cap debate can now be put to rest, to allow radio to sustain itself as a critical part of Australia’s media landscape and cultural identity.”
See also: PPCA and CRA welcome committee report suggesting removing radio caps warrants investigation