Total digital audio market expands 18% year-on-year, as CRA members capture greater market share with 30% YOY growth
Commercial Radio & Audio (CRA) has welcomed the latest data from IAB Australia, which shows total digital audio advertising revenue reached $313 million in CY24, growing by 18% year-on-year (YOY), and reaching $90 million in the December quarter of 2024.
According to Milton Data, CRA members reported 30% YOY growth in total digital audio revenue1, outpacing the broader IAB total digital audio market, which grew 18% YOY.
The Australian Internet Advertising Revenue Report (IARR), compiled by PwC, confirms podcast advertising expenditure as the fastest-growing reported format for the second consecutive quarter. Podcast ad spend grew 24.3% YOY, totaling $33.6 million in Q4 2024, reflecting increasing advertiser confidence.
“It’s pleasing to see CRA members driving digital audio growth and capturing a larger share of the market. This momentum highlights a shift in market dynamics towards premium locally produced content, demonstrating the growth of digital distribution reaching audiences on their terms, and the opportunity for advertisers to leverage scale and engagement that is efficient and effective” said Lizzie Young, Chief Executive Officer, CRA.
The growth in podcast advertising reflects strong audience engagement, with 11 million Australians tuning into podcasts monthly2. Notably, 56% of 25–54-year-olds listen to podcasts at least once a month2, presenting an exceptional opportunity for brands in this unique on demand environment.
The IAB data also showed that streaming audio advertising experienced double-digit growth YOY, maintaining steady progress and generating $56 million in Q4 2024. Additionally, as a subset of this format, online radio streaming also continues to make strides, with 42% of 25–54-year-olds listening to online radio streaming in the last month – a figure that has almost doubled since 20213.
The full IAB Australia IARR report can be found here.
Sources:
(1): Milton Data
(2): Edison research, The Infinite Dial Australia 2024, Listened to a podcast in the last month, All People 10+ unless otherwise stated
(3): Edison Research, The Infinite Dial Australia 2024, Listened to AM/FM/DAB+ radio stations online in the last month, P25-54