Metro ad revenue for radio is down 5.8% to $146.754 million in the first quarter of 2024 compared to the same three months last year, according to figures released by Commercial Radio & Audio (CRA).
CRA chief commercial officer Jo Dick said that the media market has been tough for some time now.
"We are pleased that radio is still remaining relatively steady,” she said.
“Radio remains the best return on investment when budgets are tight and that is why we are still faring well compared to other media.
"We remain positive about the year ahead, as agencies will continue to rely on radio to get the most from their investment, as the reliable, effective, and affordable choice."
Dick said that it's also "pleasing" to see spending in categories such as Automotive and Government returning, and CRA expects to see this continue, heading towards an election period.
Metropolitan radio broadcast advertising revenue results exclude digital audio streaming and podcast revenue.
According to the OAER report compiled by PwC and released by IAB Australia, Australia’s online audio advertising market increased by 21% year on year to $265.8 million in 2023.
Dick said that last year digital audio and podcasting were among the fastest growing areas of the digital advertising ecosystem, and CRA sees this trend continuing into 2024.
The quarterly broadcast radio ad revenue figures were compiled by media data analytics company Milton Data for CRA.
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