Radio advertising revenue for metropolitan markets improved in the March quarter, but is still down by almost 15% for the current financial year according to the latest figures from Deloitte.
As Australia continues to keep the pandemic under control, advertising market conditions have continued to improve for commercial radio stations in 2021, with a positive result in the month of March helping metropolitan advertising revenue reach $153.418 million in the March quarter, a 3.76% decline compared to the same period a year ago.
Victoria, the largest radio market, recorded only a 0.12% year-on-year fall in revenue to $52.157 million for the March quarter, according to the figures compiled by Deloitte and released by Commercial Radio Australia.
NSW metro radio stations reported a 5.06% fall in ad revenue to $44.963 million, while Queensland was 9.10% lower to $23.017 million. Western Australia was relatively steady at down 0.34% to $19.752 million, while South Australia was 7.87% lower to $13.529 million.
CRA chief executive officer Joan Warner, says, “The figures are moving in the right direction and we’re hopeful momentum will build through the year as small business confidence grows and we see them coming back into the market and utilising the reach of radio.”
The Deloitte figures report revenue received by metropolitan commercial radio stations in the five major capital city markets and include agency and direct ad revenue.
For the nine months of the financial year to date, metropolitan ad revenue was down 14.48% to $452.345 million.
Last month CRA announced the appointment of Jo Dick to the new role of chief commercial officer to focus on commercial strategy and developing revenue opportunities in the expanding audio landscape.
The industry sees further opportunities to grow revenue through digital audio, podcasting and the rollout of the industry ad buying platform RadioMATRIX, which will enable media agencies to plan and buy broadcast, live streaming and podcast advertising in one place.