A new report from Borrell Associates and the Radio Advertising Bureau shows digital advertising revenue from radio companies grew 6.8% in 2023, topping $1.9 billion.
That nearly $2 billion figure represented 21% of total advertising revenue for the radio industry, with the average market collecting $2 million in digital revenue. Projections from Borrell Associates push digital ad revenues past the $2 billion mark in 2024, with the industry seeing double-digit growth in the sector.
“What’s most impressive is that radio came out fighting for digital dollars when the pandemic hit and hasn’t let up for a second,” said Gordon Borrell, CEO of Borrell Associates. “The fact that they’ve stolen market share from competing media for the past four years is remarkable. They’re not quite owning the digital space yet, but they are well on their way.”
“While broadcast continues to be the core of radio’s revenue, greater interest in digital by advertisers creates an opportunity for radio to super-serve its local clients,” added RAB President and CEO Erica Farber, according to InsideRadio. “Comprehensive understanding of digital services and acumen can create both professional and revenue opportunities for radio marketing professionals.”
