The latest IAB Australia Internet Advertising Revenue Report prepared by PwC Australia has shown that online advertising expenditure increased 12.1 % year-on-year (YOY), with a boost for this quarter, Q3, ended 30th September 2024 from strong Olympics related activity. Online audio advertising revenue grew by 16.2% YOY, reaching $79 million for the quarter.
Total advertising expenditure was $4.2bn. The video market had a 19.5% increase year on year, classified expenditure up 13.8%, search advertising by 9.8% to reach $1.8bn and display advertising increased by just 2.5%.
The IARR Report said podcast audio advertising expenditure was the fastest-growing format, climbing 26.5% YOY and totalling $31.4 million for Q3 2024. Podcasts now account for 40% of total online audio ad spend. Streaming also earned $47.6 million in Q3 and accounts for 60% of online audio advertising.
Lizzie Young, Chief Executive Officer of Commercial Radio and Audio (CRA), said:
“Online audio has cemented itself as a dominant force in digital advertising, and these results reflect its value for brands seeking to connect with local audiences. We know that where audience attention goes, advertising investment follows. As shown in the latest GfK survey, more than a quarter (27%) of commercial radio listeners now listen via streaming.
The continued rise in online audio advertising shows how advertisers are responding to the rising demand for accessible, personalised content seeing audio as the answer to standing out and being heard.”