Radio ad revenue is down, but digital audio ad revenue is up in 2023
Commercial Radio and Audio (CRA) has published its quarterly and annual advertising revenue figures, with each down by a tiny sum for radio broadcasting but significant increases for podcasts and digital audio.
Revenue from advertising on radio broadcasts decreased by 4% in 2023 to $673.252 million. This compares to $701.402 million in 2022 across five metropolitan markets. However, this is an increase of 1.1 percentage points over 2021.
Ford Ennals, CEO of CRA Ford Ennals, CEO of CRA
Overall, commercial radio ad revenue remains stable despite an uncertain market, sustained high broadcast radio revenues, and record-high levels of growth in the digital audio industry in 2023. The growth in advertising spending in the automotive and travel sectors is encouraging, and we are optimistic about radio’s future performance in the coming year.
Radio is still the medium through which agencies can maximise the value of money, even when budgets are tight. We expect the investment to continue at the same levels in the coming year, as both agencies and their customers recognise radio’s potential to provide.
“Revenue from advertising for metropolitan radio broadcasts. Figures don’t include streaming audio digitally and podcast revenues up 27 percent in 2023. Also, it was up 31% in the quarter ending in 2023’s fourth when compared with the same timeframe in the year prior. In contrast, broadcast radio ad revenue ad revenue decreased to 6% during the fourth quarter across five metropolitan markets.
Milton Data, a company that analyzes media data, collected the annual and quarterly advertising revenue for broadcast radio.
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