US radio set for growth after tough few years
The US radio industry will see slight broadcast advertising revenue increases in 2010, after several years of negative revenue changes and a very difficult 2009, according to new research.
BIA/Kelsey’s Investing In Radio Market Report shows that 2009 finished with $13.7 billion in revenues for radio from broadcast and online sources, down 18.4% on 2008.
Industry revenues are predicted to hit $13.9 billion this year, an increase of 1.5%.
Mark Fratrik, BIA/Kelsey vice president, said: “While the poor economy held it down momentarily, radio is coming back to demonstrate that it is an important advertising vehicle, particularly in local media markets.
“The industry will continue to grow its online revenues in 2010 as increasingly more progressive radio groups recognize they are more than just over-the-air transmitters and begin to integrate cross-platform promotions with their broadcast and web operations.”
Carat recently forecast that global radio adspend will grow by 2.3% this year and 0.9% in 2011.