PwC report: ‘Radio, a trusted old friend’

Entertainment & Media Outlook 2018-2022.

PricewaterhouseCoopers has released its industry forecasting report Australian Entertainment & Media Outlook 2018-2022.

The 17th annual report into consumer and advertising spending covers entertainment and media trends including TV, consumer magazines, music and interactive games. 

Of radio, the report says ‘The resilient radio industry will find growth over the forecast period via new products and distribution channels such as podcasts, streaming, on-demand and Digital Radio Plus (DAB+).’ 

The radio advertising market is forecast to rise at a CAGR of 4.1%, and PwC’s outlook cites on-air talent and the reliability of radio as integral to its success. 

‘Consistent content and good talent still draw loyal audiences on radio’s mainstream channels, and as the digital mediums grow, so too will opportunities for radio to offer advertisers more ways to target their audiences.’

‘Well publicised trust issues have taken some of the shine from social media, underlining the importance of reliable channels like radio as part of a diverse advertising strategy.’

PwC expects more ‘platform agnostic aggregated audiences to be marketed to media buyers and direct advertisers in the future, and also that digital only audiences will be better monetised.’

Nova Entertainment CEO Cathy O’Connor said, ‘the revenue [for digital] is building, the premium is building and the audience is building. We are in discussion about further implementation of dynamic advertising in the future.’

As demand for podcasts in Australia continues to grow, PwC anticipates steady growth in advertising revenue as marketers discover the benefits, with podcasting advertising revenue forecast to rise at a CAGR of 85.9%. 

SCA’s Grant Tothill said, ‘Original, domestic podcasts are getting an enormous amount of traction. If we look at total downloads across our [PodcastOne] network, Australian content would make 95 percent of listening.’