Radio ad spend has softened amid economic jitters
Metropolitan commercial radio stations bagged $685 million in revenue in the latest financial year, industry figures show.
While the 2022-23 figure was the same as the financial year before, Commercial Radio & Audio boss Ford Ennals said spend had weakened.
“Radio had a strong start to the financial year but the market has been softer in the second half in line with conditions in the broader macroeconomic environment,” Ennals said.
“Growth in broadcast revenue ended flat with the previous year, but we are continuing to see very strong growth in digital audio advertising, which is not yet included in these figures.”
Sydney was the strongest market of the year with revenue totalling $205.46 million, up 2% year-on-year, followed by Melbourne on $227.33 million, up 1%.
Brisbane and Adelaide both saw a 2% decline in spend, bringing in $104.35 million and $60.43 million respectively. Revenue in Perth dipped 3% to $88.38 million in the year.
CRA is set to include digital audio ad revenue figures in revenue reporting from the September quarter onwards.
Ennals said podcasts and digital streaming are “areas of opportunity” for the sector. The recently launched Radio 360 measurement model shows streaming reaches 3.3 million listeners each week.
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