IAB Report sees double digit audio advertising growth

The latest IAB Australia Online Advertising Expenditure Report (OAER), prepared by PwC Australia, has shown double digit YoY growth in audio and video advertising expenditure, despite a 4.2% softening in spend from the preceding quarter.

Total advertising expenditure for the quarter which ended March 31, 2024 reached $3.746bn, a 9.3% YoY increase, with travel and finance, retail, automotive and health & beauty the top five industry categories.

Gai Le Roy CEO of IAB Australia said:

“Search, social video and audio have been the star performers, helping bolster the traditionally slower first quarter results. The report suggests that many marketers are focused on short term sales targets with the continued economic downturn and lack of consumer confidence. However, it is encouraging to see continued investment in digital advertising, and we encourage marketers, where possible, to ensure that they are diversifying their investment to take advantage of the media multiplier effect.”

General display advertising reported a 14.8% increase driven by social, audio and video. Video advertising expenditure increasing 21% to reach $944.9m. Audio expenditure increasing 26% to $65.6m.

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