Sydney and Melbourne metro radio revenue dips in Q3 2023
The numbers detailing commercial radio metropolitan ad revenue in 2023’s third quarter (Q3) have been revealed this week, with Melbourne and Sydney taking a noticeable hit.
According to Commercial Radio & Audio (CRA) – the industry body for Australia’s commercial radio broadcasters – the overall ad revenue within the country’s five main cities was $165.553 million, a 0.9% dip compared to the $167.114 million of 2022’s Q3.
“The figures from Q3 2023 highlight the strength and resilience of radio as both an effective and affordable ad medium,” said Ford Ennals, CRA’s CEO.
“The media market is tough right now, with less Government spending than in previous quarters, and many ad mediums are experiencing significant declines – but despite the challenges, radio advertising remained stable, helped by increases in spending in the Automotive, Travel, and Financial Services categories.”
For Ennals, the numbers indicate that advertisers are interested in playing it safe when economic pressures continue to impact the industry and market.
“This shows that when the going gets tough, advertisers direct their expenditure to the tried-and-tested media where they can get exceptional value and returns,” Ennals emphasised.
Compared to last year’s Q3, Brisbane’s radio stations demonstrated a 7.3% increase in revenue, followed by Perth with 3.2%, and Adelaide with 0.9%.
On the other end of the spectrum, Sydney and Melbourne showed a sizable decrease in revenue amounting to 3.5% and 4.3%, respectively. But despite the hit, Ennals is optimistic about the state of Australia’s commercial radio landscape.
“We have seen very pleasing growth in metro markets like Brisbane, Perth and Adelaide and overall, these figures are a strong result for the Australian commercial radio industry,” said Ennals.
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Matthew is the editorial assistant at Mumbrella. He previously worked for a marketing agency that focused on managed service providers and IT.
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