Radio revenue sees increase in Q2 2024
Australian commercial radio’s metro ad revenue has increased in Q2, 2024, according to new figures from Commercial Radio & Audio (CRA).
The report included both broadcast radio and digital radio ad revenue for the first time.
Describing radio as “resilient”, Q2 saw a 2.6% increase in total metro ad revenue, to $200.7 million.
Metro revenue broadcast was up only 0.1% on Q2 2023, however, digital audio revenue increased by 27.1%.
“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,” said Jo Dick, chief commercial officer at CRA.
“We are seeing incredibly strong growth for digital audio ad revenue, up 27.1% in Q2 2024 – which really highlights that one of radio’s greatest strengths is adapting with changing listening habits and embracing new technologies.
“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,” she said.
Last year, digital audio streaming and podcasting enjoyed a record year, however there was a 4% drop in total revenue. 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.
In Q1 2024, metro ad revenue was down 5.8% compared to the same time in 2023, attributable to the ongoing market challenges.
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