Traditional radio advertising is expected to rest at $987 million, and streaming at $773 million by 2023, according to PwC.
This brings the total of advertising spend on radio in Australia to $1.76 billion.
PwC’s annual Australian Entertainment & Media Outlook report shows that while terrestrial radio will flatline in the future, growing just 1.7% from 2014-2023, streaming jump 17% over the same period.
“Unlike many other sectors where the traditional broadcast mediums have suffered cannibalisation at the hands of new digital distribution methods, the terrestrial radio industry has shown that a strong traditional, and growing digital revenue stream can coexist,” the report states.
“The audio sector is being bolstered by two factors: increased supply due to the ability to access streamed audio content via hardware technology like smart speakers and voice assistants in the home, and the data and analytics that streaming services offer advertisers.”
The report also notes that events and live performances will increase in the radio sector, as networks seek loyalty and brand differentiation with audiences.
PwC’s figures on the radio market
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