Commercial Radio & Audio (CRA) has welcomed the latest data from IAB Australia, showing total digital audio advertising revenue reached $313 million in CY24, growing by 18% year-on-year (YOY), and reaching $90 million in the December quarter of 2024.

According to Milton Data, CRA members reported 30% YOY growth in total digital audio revenue1, outpacing the broader IAB total digital audio market, which grew 18% YOY.

CRA says The Australian Internet Advertising Revenue Report (IARR), compiled by PwC, confirms podcast advertising expenditure as the fastest-growing reported format for the second consecutive quarter.

CRA Chief Executive Officer Lizzie Young says “It’s pleasing to see CRA members driving digital audio growth and capturing a larger share of the market. This momentum highlights a shift in market dynamics towards premium locally produced content, demonstrating the growth of digital distribution reaching audiences on their terms, and the opportunity for advertisers to leverage scale and engagement that is efficient and effective.”

The IAB data also showed that streaming audio advertising experienced double-digit growth YOY, maintaining steady progress and generating $56 million in Q4 2024.

Additionally, as a subset of this format, CRA notes online radio streaming continues to make strides, with 42% of 25–54-year-olds listening to online radio streaming in the last month.

The full IAB Australia IARR report can be found here.