Podcast ad revenue nearly cracks the $100 million mark

Audio advertising in Australia continues to grow year on year with podcast ad expenditure up to $99.1 million according to new figures released by IAB Australia and Commercial Radio & Audio (CRA).

All online audio advertising was up 21% to $265.8 million in 2023. Streaming ad revenue was $166.7 million for 2023 in an Australian Online Advertising Expenditure Report (OAER) compiled by PwC. Digital audio accounted for 4.6% of total general display ad spending, up 0.6% from the year before.

CRA CEO Ford Ennals said:

“We are seeing digital audio revenue grow at an accelerating rate – faster than any other reported media market in Australia – and the last quarter of 2023 was exceptionally strong. We know Australia’s digital audio sector audiences are continuing to grow, and it is clear advertisers are following the listeners. This is an excellent result that is even more pleasing considering the challenging conditions.

“Radio’s digital audio revenue is growing in line with the market, and we are helping broadcasters leverage this growth with enhanced digital audio measurement tools such as Radio 360 and Podcast Audience Profiles.”

Expenditure increased nearly $10 million to $77.8 million from the previous quarter, and Q4 2023 was up by 38.4% compared to Q4 2022.

The full IAB Australia OAER report can be found here.

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