Radio reach growing as both broadcast and online expand

Radio advertising revenue is forecast to grow at a 2.8% CAGR over five years, outperforming FTA TV growth.

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

Last updated 6 May 2026

40%↑

Australian online radio reach (May 2024)

2.8%↑

Forecast radio advertising revenue CAGR (Next 5 years)

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Abstract

This report analyses the resurgence of the Australian radio industry, which saw significant reach growth in FY24 driven by a surge in online radio app uptake. Online radio reach rose from 31% to 40% in just 12 months, paralleling growth patterns seen in FTA TV. With radio advertising revenue forecast to grow at a 2.8% CAGR over the next five years, the sector is successfully transitioning to a hybrid broadcast-digital model to capture younger demographics.

Key Takeaways

Radio reach in Australia has surpassed pandemic-era peaks, driven by a 9-percentage point jump in online listening reach to 40% in FY24.
Advertising revenue for the radio sector is projected to grow at a 2.8% CAGR over the next five years, outpacing FTA TV forecasts.
The sector generated $1.15 billion in ad revenue in FY24, maintaining its position as a major media channel despite digital competition.

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Frequently Asked Questions

Radio is outperforming traditional television growth benchmarks, with advertising revenue projected to grow at a 2.8% CAGR over the next five years. The sector generated $1.15 billion in revenue in FY24, maintaining its position as a primary media channel through a successful hybrid broadcast-digital transition.

The transition is accelerating rapidly, with online radio reach increasing from 31% to 40% in the last 12 months alone. Digital streams and podcasts now contribute 11% of total industry revenue, nearly matching the 13% revenue share held by Broadcaster Video on Demand (BVOD) in the television sector.

Online radio penetration has reached a critical mass of over 50% among the 18-44 demographic. This shift is driven by listeners using radio apps as direct alternatives to paid subscription music and podcasting services, enabling improved programmable ad targeting for this cohort.

As of May 2024, online radio reach stands at 40% of the Australian population. This 9-percentage point jump in a single year indicates that the medium has surpassed its pandemic-era peaks and is successfully scaling its digital footprint.

Abstract

Key Takeaways

Radio reach in Australia has surpassed pandemic-era peaks, driven by a 9-percentage point jump in online listening reach to 40% in FY24.

Advertising revenue for the radio sector is projected to grow at a 2.8% CAGR over the next five years, outpacing FTA TV forecasts.

The sector generated $1.15 billion in ad revenue in FY24, maintaining its position as a major media channel despite digital competition.

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