Australia Advertising Expenditure Forecast 2024

Total ad spending remains 32% above pre-pandemic levels despite FY24 declines, with OOH leading growth at 8.8% CAGR.

David Kennedy · Venture Insights17 October 2024Period: FY24-FY298 min read

3.7%↑

Total Advertising Expenditure CAGR (FY24-29)

8.8%↑

Out-of-Home (OOH) Advertising CAGR (FY24-29)

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Abstract

This report forecasts total Australian advertising expenditure from FY24 to FY29, predicting a 3.7% compound annual growth rate (CAGR) to reach $26.2 billion. While FY24 saw a decline in spending, the market remains 32% higher than pre-pandemic FY19 levels. Growth is heavily bifurcated by sector, with Out-of-Home (OOH) and Digital platforms outperforming traditional broadcast and print media, which face structural shifts despite a stabilizing outlook.

Key Takeaways

Total Australian advertising spend is forecast to reach $26.2 billion by FY29, representing a 3.7% CAGR.
Out-of-Home (OOH) is the fastest-growing sector at 8.8% CAGR, driven by digitalization and programmatic sales.
Digital advertising remains the largest segment, projected to grow 4.3% CAGR to $18.5 billion by FY29.

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Frequently Asked Questions

The market is entering a sustained expansion phase with a forecast 3.7% CAGR through FY29, reaching a total value of $26.2 billion. Despite a recent dip in FY24, the market has already reset to a higher baseline, currently sitting 32% above pre-pandemic FY19 levels.

Digital remains the dominant destination for capital, projected to reach $18.5 billion by FY29 with a 4.3% CAGR. However, Out-of-Home is the most aggressive growth vertical, expanding at 8.8% annually due to rapid digitalization and programmatic adoption.

Traditional broadcast TV revenue is contracting at a 3.0% CAGR, necessitating a rapid shift toward BVOD, which is growing at 18.2%. Similarly, print media faces a structural decline of 2.9% CAGR, while cinema remains stagnant with a -0.2% growth outlook.

The total radio sector will achieve a 2.8% CAGR through FY29, avoiding the decline seen in other traditional formats. This stability is driven by online audio, which is forecast to grow at 8.9% annually, offsetting flatter performance in linear radio.

Australia Advertising Expenditure Forecast 2024

Abstract

Key Takeaways

Frequently Asked Questions

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