Radio Broadcasting in Australia - Industry Market Research Report

Switching Over: Competition from Audio Streaming Services is Disrupting Radio Broadcasters' Revenue

The COVID-19 pandemic has hit companies in the Radio Broadcasting industry hard. Volatile consumer sentiment and weak economic conditions have muted demand from advertisers, which is the industry's primary source of revenue. Rising competition from alternative media platforms, like audio streaming services, has increasingly diverted listeners from radio broadcasts. The rising prevalence and accessibility of smartphones and tablets have boosted the popularity of podcasts and audio streaming platforms like Spotify and Apple Music. These platforms' increased popularity has intensified competition for radio broadcasters, placing downward pressure on advertising returns. Revenue is forecast to drop at an average of 3.4% per year over the five years through 2023-24, to an estimated $1.6 billion. This trend includes a projected slump of 1.1% in 2023-24 as rising interest rates and inflationary pressures hurt advertising expenditure. Industry companies broadcast audio signals over the air using radio waves to transmit programming. The industry includes commercial, community and public radio broadcasters. Firms that broadcast content exclusively on the internet are excluded from the industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.