Audio's Comeback Complete: Industry Numbers Show Unprecedented Growth

Australia's audio industry is experiencing unprecedented growth, with industry leaders pointing to surging audience numbers and revenue as evidence the medium has completed a remarkable resurgence.

The booming sector was the focus of a panel discussion at Cannes in Cairns this week, where leading broadcasters and platform executives discussed what's driving the expansion.

Radio presenter Carrie Bickmore, whose career spans both radio and television, provided stark testimony to the medium's appeal.

"When I first moved into television, there was genuine concern that radio was dying," Bickmore said. "But that narrative has proven wrong. Listeners' appetite for connection through audio has never wavered, and now the numbers prove it—audience figures are surging."

The growth encompasses far more than traditional radio. Seb Rennie, chief commercial officer at LiSTNR Commercial, confirmed that streaming services and podcasting platforms are expanding rapidly, a pattern visible across every major developed market.

"Both audience and revenue metrics are rising," Rennie told the panel. "This reflects a global shift in how people consume content."

Yet Rennie also identified a significant gap in the industry's development. Despite strong audience engagement and revenue growth, investment capital has not flowed into the sector at proportional rates.

"What's puzzling is that investment hasn't matched the opportunity," he noted. Rennie attributed this disconnect to the audio industry's unique asset: the intimate relationship between on-air talent and listeners. That relationship drives loyalty but hasn't yet attracted venture funding at expected levels.

Podcasting's trajectory illustrates the broader pattern. Abbie Chatfield, one of Australia's most prominent podcast creators, launched her show in early 2020, just as pandemic lockdowns transformed media habits. She recalled that the timing aligned perfectly with a sudden surge in demand for audio content.

"The market was primed for it," Chatfield explained. "People were confined to their homes and hungry for entertainment and connection delivered through audio."

The liveliness of radio formats also provides competitive advantages that other media struggle to match. Comedian and broadcaster Tommy Little, who co-hosts with Bickmore on SCA's Hit Network, noted that live radio's immediacy creates spontaneous moments—unscripted, authentic exchanges that listeners find compelling and that can't be replicated in edited formats.

As audience consumption continues climbing and revenue metrics improve, industry observers expect investment to follow, potentially unlocking the sector's full growth potential. The data presented at Cannes in Cairns suggests audio's comeback from earlier predictions of decline is now firmly entrenched.