Metro ad revenue has increased in the second quarter of 2024, according to new figures released by CRA. For the first time the figures include both Broadcast Radio and Digital Audio ad revenue.
Total metro ad revenue (broadcast plus digital) in Q2/2024 was up 2.6% to $200.7 million, compared to the same time last year.
Metro broadcast revenue was up 0.1% to $178.172 million.
Digital audio revenue increased by 27.1% to $22.5 million.
The results are “extremely positive after a challenging start to 2024” according to CRA’s chief commercial officer Jo Dick:
“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. 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 quarterly broadcast radio ad revenue figures were compiled by media data analytics company Milton Data for Commercial Radio Australia.
CRA has previously only released metro ad revenue figures for Broadcast Radio, not Digital Audio. CRA digital audio ad revenue figures are included in the Australian Online Advertising Expenditure Report (OAER), compiled by PwC and released by IAB Australia.
In other advertising indicators, GUIDELINE SMI’s May overall ad spend figures indicate the total advertising market is continuing to stabilize in Australia, with total ad spend back 5.3% year-on-year and with the market “delivering its strongest level of forward pacings this year.”
Guideline SMI’s APAC Managing Director Jane Ractliffe says the measurement company’s forward bookings data indicates more of the market may soon turn back to growth because future bookings are now at the highest level seen this year.
Ractliffe says higher demand in regional TV and radio “continues this year’s ongoing trend of building demand within regional media, with regional radio ad spend up 9.7% and regional press bookings up 29% in May.”
Key Product Categories showing growth in May were: Government (+13% YOY), Retail (+5.7%) and Automotive Brands (+6.7%).