Commercial Radio & Audio (CRA) have welcomed figures showing that podcast and streaming audio advertising expenditure increased by nearly 24% year on year, in FY24, to $290 million. Total online audio advertising is the fastest growing display category, according to the Australian Internet Advertising Revenue Report (IARR), compiled by PwC and released by IAB Australia.

The report also shows a strong quarterly growth, with the total of $78.9 million for the June Quarter 2024 ahead of the December Quarter 2023 peak of $77.8 million and expenditure on podcast advertising increasing 32% in the June Quarter compared to the March Quarter.

Lizzie Young, CRA Chief Executive Officer, said the results were particularly pleasing after GfK Survey 5 data which showed commercial radio share had reached its highest level since 2014:

“Commercial radio continues to grow its audiences, and one of the reasons is audio is everywhere – whether listeners are tuning into broadcast radio, DAB, or a podcast, audio is in their cars, at home, and with them via their phone. The FY24 results from IAB are incredibly strong, with total online audio ad spending up 23.6% on FY23. Advertisers are increasingly investing in online audio because it delivers both audience trust and accessibility.”

The total Australian online audio advertising market in FY24 was $290 million ($185 million streaming and $105 million podcast), 4.7% of total general display ad spending for the year.