U.S. radio revenue is on the rise, up considerably from this time last year. That revelation according to PwC’s annual Global Entertainment and Media Outlook.
Inside Radio released the results of the report which said radio revenue will reach $21.9 billion, up more than $700 million from last year. The increase is due in large part to the slow transition out of the pandemic and the fact that people are getting back to work.
“Listening time was helped during the pandemic by radio news broadcasts, as people followed the changing situation day by day,” the report said. “Working from home also helped to boost radio consumption, though in-car listening was negatively affected because fewer people commuted to work.”
The Outlook confirms that satellite radio is competing for a large share of the proverbial revenue pie.
PwC said satellite radio revenue climbed as much as 3.4% to more than $6 billion. That includes a forecasted 15.5% increase in satellite radio advertising revenue, which analysts estimate will total $219 million this year.
“In the U.S., AM/FM radio is still the most popular audio source in vehicles, and in-car listening will be a main battleground for radio players globally,” the report added.
