Radio advertising revenues decline has slowed to 3.8%, from a 7% drop in September.

“The radio ad market remains soft despite a better performance in the month of October and reports of improving financial conditions across the board in recent weeks,” said CEO of Commercial Radio Australia, Joan Warner.

According to findings from a report compiled by Deloitte, the new figures bring October revenues to $57.39 million. Spread across the the the metropolitan markets Perth fell by approximately 2% to $7.47 million, Sydney by 4.17% to $17.59 million, Brisbane by 4.9% to $9.05 million, Adelaide by 3.03% to $5.4 million and Melbourne by 3.8% to $17.8 million

For the first quarter of this financial year revenue is down 5.17% to $212.7 million.

“The industry will continue to work hard to promote radio as a cost effective and efficient advertising medium and is meeting later this month to further discuss strategy to help promote radio in these challenging trading times,” said Warner.