Digital audio advertising spend in Australia grew 13% to $51.9 million in the March quarter compared to the same thrre months last year according to IAB Australia’s Online Advertising Expenditure Report (OAER) prepared by PwC.
Podcast advertising surged by 20.7% to $19.8 million in the quarter, while streaming audio spend grew 8.8% to $32.1 million.
This is the first release of quarterly spend data resulting from collaboration between IAB Australia and Commercial Radio & Audio (CRA). Figures released in February showed ad spend on digital audio totalled $221.2 million in calendar year 2022.
Ford Ennals, chief executive officer of CRA, said digital audio has not only been resilient but is showing strong sustained growth in a tough advertising market.
“Advertisers are following audiences into podcasts and streaming. With the latest Infinite Dial research confirming Australia is the leading podcast market in the world, we expect online audio to attract an increasing share of ad spend," said Ennals.
“Radio streaming audiences are also growing strongly and the changes we are making to radio audience measurement to better understand streaming listeners are designed to tap into the digital revenue opportunity.”
The IAB online advertising report showed digital audio accounted for only 4.2% of total general display advertising expenditure in the March quarter.
The radio industry will soon launch its new Radio 360 audience measurement system, aimed at providing more granular data across all platforms of listening.
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