ThinkTV, the marketing and research group representing the television industry in Australia, has recently released the Total TV advertising revenue figures for the six and 12 months ending on June 30, 2024. The data reveals some interesting trends in the market, with Total TV revenue experiencing a decrease of 8.1 per cent for the 12 months to June 2024. However, there was a significant increase in revenue for Broadcaster Video on Demand (BVOD), which saw a growth of 12.7 per cent during the same period.
The Total TV advertising market, which includes metropolitan free-to-air, regional free-to-air, and BVOD platforms, recorded a combined revenue of $3.3 billion for the year ending June 2024. This figure represents an 8.1 per cent decrease compared to the previous year. In the June half, free-to-air advertising revenue amounted to $1.5 billion, showing a 7 per cent decline compared to the same period in 2023.
One of the standout performers in the market was BVOD, with advertising investment in platforms such as 7plus, 9Now, and 10 Play increasing significantly. BVOD revenue saw a substantial growth of 12.9 per cent to reach $212 million for the six months ending on June 30, 2024. For the entire financial year, BVOD revenue totaled $441 million, marking a 12.7 per cent increase year-on-year.
Kim Portrate, the CEO of ThinkTV, commented on the industry’s performance, stating that despite facing challenging conditions, the Australian television industry has shown remarkable resilience. She highlighted the industry’s ability to adapt and innovate to meet the needs of advertisers and viewers, ensuring that brands remain prominent within the content Australians consume.
Portrate emphasized the value that advertisers place on premium, brand-appropriate content, particularly when supported by the ability to target audiences using privacy-compliant first-party data solutions. She expressed confidence that this trend would drive ongoing investment and innovation in the television industry as more brands adopt a Total TV strategy to maximize their business results.
The performance by sector data provided by ThinkTV further illustrates the shifts in advertising revenue within the television market. Commercial free-to-air advertising saw a decrease of 7.05 per cent for the six months ending June 2024 and 8.1 per cent for the entire year. Metro free-to-air and regional free-to-air advertising also experienced declines, while BVOD revenue continued to grow steadily.
In conclusion, the latest Total TV advertising revenue figures released by ThinkTV offer valuable insights into the evolving landscape of the Australian television industry. Despite facing challenges, the industry has demonstrated resilience and adaptability, with BVOD emerging as a key growth driver. As advertisers increasingly recognize the value of premium content and targeted audience solutions, the television industry is poised for continued innovation and investment in the Total TV strategy.