Australia's online audio advertising market has seen a significant surge, with a 21% year-on-year increase in 2023, reaching a total of $265.8 million. The Australian Online Advertising Expenditure Report (OAER), compiled by PwC, revealed that podcast ad expenditure alone reached $99.1 million in 2023.

Streaming ad revenue was reported at $166.7 million for the same year. Digital audio accounted for 4.6% of total general display ad spending, marking an increase from 4% the previous year. The expenditure increased to $77.8 million from $68 million in the previous quarter, and Q4 2023 saw a 38.4% increase compared to Q4 2022.

Australians downloaded 90.3 million podcasts in January, a 33% increase on January 2023. The report was released by IAB Australia and Commercial Radio & Audio (CRA), the peak industry body representing the interests of commercial radio broadcasters throughout Australia.

Ford Ennals, CEO of CRA, said: "We are seeing digital audio revenue grow at an accelerating rate – faster than any other reported media market in Australia – and the last quarter of 2023 was exceptionally strong. We know Australia’s digital audio sector audiences are continuing to grow, and it is clear advertisers are following the listeners. This is an excellent result that is even more pleasing considering the challenging conditions."

Ennals also highlighted the role of radio in this growth. "Radio’s digital audio revenue is growing in line with the market, and we are helping broadcasters leverage this growth with enhanced digital audio measurement tools such as Radio 360 and Podcast Audience Profiles," he said.