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    CRA releases annual and quarterly radio ad revenue numbers for 2023

    Commercial Radio and Audio (CRA) have released the annual and quarterly broadcast radio ad revenue numbers for Australia in 2023, with the industry body saying they show that radio is still performing consistently well in a tough media market.

    The figures were compiled by media data analytics company Milton Data.

    Annual broadcast radio ad revenue was down 4% last year. Broadcast radio ad revenue for 2023 across the five major metropolitan markets was $673.252 million, compared to $701.402 million in 2022.

    Ford Ennals, CEO of CRA, said that: ‘‘Overall commercial radio ad revenue remains broadly stable despite a challenging market, with sustained strong broadcast radio revenue and record levels of growth in digital audio revenue in 2023.”

    Metropolitan radio broadcast advertising revenue results exclude digital audio streaming and podcast revenue, which were up 27% for the year in 2023.

    “Radio is consistently out-performing other media, and our annual broadcast ad revenue was actually up 1.1% from 2021, but clearly there are pressures on the broader ad market,” Ennals said.

    “Ad spending in the travel and automotive sectors is encouraging and we are positive about radio’s performance for the year ahead.”

    Quarterly broadcast radio ad revenue ad revenue fell 6% in the fourth quarter across the five metro markets, with Q4 2023 broadcast revenue at $173.915 million, compared to Q4 2022’s $185.062 million. 

    Digital audio ad revenue was up 31% for Q4 2023, compared to the same period last year.

    “Radio remains the medium where agencies can get value for money when budgets are tight. We expect to see investment to continue at similar levels this year, as agencies and their clients recognise radio’s capacity to deliver,” Ennals said.

    Last year, Australia’s commercial radio celebrated a milestone 100-year anniversary. Ennals spoke to Mediaweek to mark the occasion, saying “People feel that maybe radio and audio assets are undervalued, and that there’s a lot of value there because we’re going to see growth.”

    See Also: Digital audio set for double digit growth as commercial radio celebrates 100 years

    The post CRA releases annual and quarterly radio ad revenue numbers for 2023 appeared first on Mediaweek.

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