Radio ad revenue keeps winning streak in October, adding 7% YoY
The retail sector stood strong in commercial radio advertising spend in October, while the government spent significantly less compared to the peak of the pandemic last year, according to the latest figures from the industry body Commercial Radio & Audio.
Ad revenue for metropolitan commercial radio stations grew by 7% to $62.91 million in October compared to $59.06 million a year ago, marking the 20th successive month of year-on-year (YoY) growth.
The categories leading the spend include insurance, home furnishings and electrical retailers, travel, sport, and education.
Sydney and Melbourne kept their growth trend as the two markets account for nearly two-thirds of total revenue. Melbourne increased by 22.3% to $21.53 million, and Sydney increased by 5% to $18.76 million.
The other three metro markets showed a slight dip in revenue with Brisbane stations declining by 5.7% to $9.16 million, Adelaide down by 3.8% to $5.38 million, and Perth down by 2.5% to $8.06 million.
CRA chief executive officer Ford Ennals said: “Overall commercial radio revenues continue to deliver solid year-on-year growth and the market had bounced back strongly, with further scope to complete a full recovery to pre-pandemic levels.”
“The commercial radio industry is continuing to evolve and digital audio is one of the fastest growing media markets, offering unique opportunities for advertisers as we lead into the Christmas shopping season,” he added.
The ad revenue reported today follows an 18% increase in the month of September and weekly commercial radio audiences hitting a record high of 12.14 million.
The revenue figures were compiled by media data analytics company, Milton Data and include agency and direct ad revenue.
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Darcy Song was a reporter at Mumbrella, covering media owners, adtech and social platforms. She left in October 2023.
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