Digital audio advertising soars as podcast listener patterns mimic those of radio
Commercial Radio & Audio (CRA) has welcomed a PwC report that shows a 23.6% yearly leap in podcast and streaming audio advertising expenditure, with spend now in excess of $290 million.
The $290 million in ad spend is split between $185 million for streaming radio, and $105 million for podcasts, and represents 4.7% of total general display ad spending for the year.
According to the Australian Internet Advertising Revenue Report (IARR), compiled by PwC and released on Monday by IAB Australia, online audio advertising is the fastest growth category, with the latest June quarter seeing $78.9 million total, compared to the previous peak of 477.8 million during the December 2023 quarter.
Expenditure on podcast advertising increased by 32% in the June quarter, compared to the March quarter.
Interestingly, podcast listenership peaks between 7am and 9am, with another lesser spike between 4-6pm, mirroring radio – or, indeed, the daily commutes, while Thursday is the most popular listening day.
Lizzie Young, CRA CEO said: “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.
“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.”
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