Audio industry reports strong growth in streaming, podcasts

Australian audio industry leaders report strong growth in streaming and podcasting, though they caution that capital investment isn't matching the sector's rapid expansion.

During a panel discussion at Cannes in Cairns, a major conference for Australian media professionals, radio presenter Carrie Bickmore, comedian Tommy Little, and industry figures discussed the state of audio content in Australia. The conversation revealed a sector experiencing robust audience gains alongside funding constraints.

"Streaming and podcasting continues to increase," said Seb Rennie, chief commercial officer at LiSTNR Commercial, citing audience and revenue metrics across the industry. "This is a trend we are seeing in every major market."

Bickmore, who has worked across both radio and television, noted that despite long-standing predictions radio would decline, "audio numbers are through the roof." She credited the medium's ability to create direct listener connection. "The desire to be connected has never gone away," she said. "We can feel like the funnest part of someone's boring or crappy day."

Yet Rennie raised a critical concern about the market's structure. "Despite the success of podcasts, you are not seeing the investment levels come through," he said. "Which is a shame because of the relationship that hosts have with their audience."

The observation highlights a tension within the sector: audiences are growing, revenue is rising, but capital investment isn't proportional to expansion. Industry observers note that the strong listener-host relationships in audio create exceptionally loyal audiences and high engagement rates, yet funding hasn't followed suit.

Little, a veteran broadcaster, emphasised why the medium's live nature matters for audience connection. Because radio broadcasts in real time, "you can really get authentic moments before anyone has the chance to control the narrative," he noted, highlighting how immediacy creates genuine interaction.

Abbie Chatfield, a podcast host and television presenter, described how accessible podcast creation has become for independent creators. She launched her show just before pandemic lockdowns in 2020, which unexpectedly grew her audience, yet the infrastructure required to start a podcast was simpler than traditional media production.

The comments reflect broader industry trends: the podcast boom has lowered barriers to entry, streaming services are consolidating listener time, and audiences increasingly choose audio content for multitasking scenarios. Yet capital investments needed to scale production and distribution remain constrained, potentially limiting further growth.