Commercial radio ad revenue down for 2023: ‘Clearly there are pressures on the broader ad market’
Australian broadcast radio advertising revenue dropped 4% in 2023, as digital audio streaming and podcasting enjoyed a record year.
Broadcast radio ad revenue for 2023 across the five major metropolitan markets was $673.252 million, compared to $701.402 million in 2022. These figures exclude digital audio streaming and podcast revenue, which leapt by 27%.
During the last quarter of 2023, advertising revenue dropped 6% compared to the final three months of 2022, at $173.915 million, compared to $185.062 million.
Commercial Radio & Audio chief Ford Ennals said commercial radio ad revenue remains “broadly stable despite a challenging market, with sustained strong broadcast radio revenue and record levels of growth in digital audio revenue in 2023”.
“Radio is consistently out-performing other media, and our annual broadcast ad revenue was actually up 1.1% from 2021, but clearly there are pressures on the broader ad market,” Ennals said, noting that advertising in travel and automotive sectors is “encouraging”.
“We are positive about radio’s performance for the year ahead. Radio remains the medium where agencies can get value for money when budgets are tight.
“We expect to see investment to continue at similar levels this year, as agencies and their clients recognise radio’s capacity to deliver.”
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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