Radio reach growing as both broadcast and online expand

Radio advertising revenue is forecast to grow at a 2.8% CAGR over five years, driven by a surge in online app listening.

David Kennedy · Venture Insights31 October 2024Period: FY243 min read

2.8%↑

Forecast radio advertising revenue CAGR (5-year outlook)

40%↑

Australian online radio reach (FY24)

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Abstract

Venture Insights’ 2024 Consumer Media survey data shows that radio reach rose significantly in FY24, driven mainly by a surge in the uptake of online radio app listening. There is an analogy with FTA, which last week’s commentary showed has had a similar resurgence. This is good news for the radio industry, which is looking to online radio to accelerate revenue growth.

Key Takeaways

Radio reach has surpassed pandemic-era peaks, driven by a significant surge in online radio app listening.
Online radio reach grew from 31% to 40% in just 12 months, a statistically significant boost beyond the 3% margin of error.
The industry is forecast to achieve a 2.8% CAGR in advertising revenue over the next five years, outperforming FTA TV.

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Frequently Asked Questions

Radio is currently outperforming FTA TV with a projected 2.8% advertising revenue CAGR over the next five years. The sector remains a heavyweight in the Australian market, generating $1.15 billion in total advertising revenue during FY24.

The shift is accelerating rapidly, with online radio reach jumping from 31% to 40% in only 12 months. Online channels now account for 11% of total industry ad revenue, nearly matching the 13% revenue share that BVOD contributes to the FTA TV sector.

Digital radio penetration has now exceeded 50% for listeners aged 18-44. This high engagement level among younger cohorts provides a scalable platform for high-yield programmable advertising and data-driven targeting.

Radio reach growing as both broadcast and online expand

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