Laden
Nova declined to comment.
Research shows that radio continued to improve its performance through 2022, according to industry research.
According to data from Milton Data and published by Commercial Radio Australia, advertising revenue for major radio stations increased 8.8% in the June 2022 period. The total amount was $191 Million.
Advertising revenue for fiscal year ending June 30, 2022 rose 9.3% to $686million, an increase of 9.3% over the previous year.
In August, results from ASX-listed radio operators also showed continued growth.
Southern Cross Media anticipates radio revenue growth up to 7 percent in the September quarter. There is more momentum in metro radio and digital audio revenue growth expected to be around 30 percent.
UBS media analyst Tom Biddle said that radio revenue for the first quarter was at a comparable pace to that reported in HT&E. However, he cautioned that industry advertising numbers are still below pre-COVID levels.
“While the metro radio advertising market grew 9.3 percent in fiscal year 2022 to $686 million, this was approximately 10 percent below pre-COVID levels (calendar year 2019),” he said.
“We continue to see the upside to our two-to-five-year forecast if the radio advertising market can return to pre-COVID levels during this time frame, with the caveat that some of that upside can be offset by cost inflation.”
UBS reported that SMI’s August advertising booking data revealed that SMI’s radio segment had remained flat year-over–year, with only 0.3 percent growth. Metro radio reservations rose by 6.1%, while regional radio reservations dropped 5.6%.
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Originally published at Brisbane News Station
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