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27 May 2022
Digital audio revenues rocket in Q1
Radio & audio planning & buyingUnited KingdomAdvertising expenditure & forecasts
UK digital publishing revenues are growing, with digital audio the star performer, up 500% in Q1 2022 compared to a year earlier.
That’s according to the latest Digital Publishers’ Revenue Index from the Association of Online Publishers and Deloitte which shows total annual digital revenue among its members grew 18% to reach £610.3m for the year to March 2022.
Why it matters
Admittedly the actual sums involved in digital audio remain small at just £4.2m for the quarter, but the direction of travel is clear. During pandemic lockdowns, many digital publishers launched radio offerings and podcasts to attract new audiences. “There are as many daily podcast listeners as there are online radio listeners, with one in ten UK adults under the age of 25 now having access to a paid-for podcast subscription,” notes Dan Ison, lead partner for telecommunications, media and entertainment at Deloitte.
Total digital publishing revenue in Q1 2022 was £151.6m, with 50% of respondents reporting positive growth.
Subscriptions were up 14.7% year on year in Q1 2022 to £38.2m – indicating that people are still prepared to pay quality journalism.
Display advertising remains the largest category reaching £66.4m in Q1, a 23.9% year-on-year increase.
Multi-platform revenue was up 21.7% while mobile devices and desktop saw revenue declines of 16.1% and 35.2% respectively in Q1 2022. This indicates advertising campaigns are being run across at least two different devices, reflecting the way consumers access content across platforms.
B2C revenue grew by 24.3%, driven by a significant expansion in sponsorship and digital audio; B2B revenue growth was more muted at 8.7%.
At a time when the cost-of-living crisis is squeezing household finances, many will be questioning the necessity of their media subscriptions.