Commercial Radio Australia (CRA) has breathed a sigh of relief with figures released by Deloitte suggesting that radio advertising revenue increased in the first quarter of 2010.
The industry has recorded growth of nearly 8% for the first quarter of 2010 following an increase of over 15% for the month of March, according to the Deloitte figures.
Advertising revenue in the five metropolitan markets show growth of 7.71% compared to the same time frame last year, to a total of $151.1 million.
The strongest growth for the March quarter was in Sydney, up 11.23% to $47.5 million, followed by Perth, up 10.62% to $20.77 million, Brisbane up 5.5% to $24.2 million, Melbourne up 5.44% to $44.3 million and Adelaide up 3.45% to $14.2 million.
“The strong start to 2010 is great news for the industry and reflects improved economic conditions and also the resilience of radio in attracting advertising dollars when marketing budgets are tight,” said chief executive officer of the CRA, Joan Warner.
Warner explained the growth and take-up of digital radio would also provide new opportunities for increased advertising, an area currently being explored by the industry.