The Australian Internet Advertising Revenue Report (IARR), compiled by PwC, reports podcast audio advertising expenditure as the fastest-growing format, climbing 26.5% YOY and totalling $31.4 million for Q3 2024. Podcasts now account for 40% of total online audio ad spend.
Streaming also saw an uptick YOY, earning $47.6 million in Q3 2024, further emphasising the sector’s rising audience and influence, accounting for 60% of online audio advertising.
“Online audio has cemented itself as a dominant force in digital advertising, and these results reflect its value for brands seeking to connect with local audiences,” said Lizzie Young, Chief Executive Officer, CRA.
“We know that where audience attention goes, advertising investment follows. As shown in the latest GfK survey, more than a quarter (27%) of commercial radio listeners now listen via streaming*.
“The continued rise in online audio advertising shows how advertisers are responding to the rising demand for accessible, personalised content seeing audio as the answer to standing out and being heard,” Ms. Young added.
The full IAB Australia IARR report can be found here.
*Source: GfK Radio360 Ratings, SMBAP S7 2024, All people 10+, Mon-Sun 12mn-12mn, Cume (000’s), unless otherwise stated. All numbers refer to commercial radio results unless otherwise stated.