Local radio revenue is projected to see a respectable 2024, as the Radio Advertising Bureau (RAB) projects nearly $14 billion will be spent in the calendar year.
The RAB — in conjunction with BIA Advisory Services — projects $13.6 billion between both over-the-air and digital radio advertising in the U.S. ad marketplace. That projection puts radio as the fifth largest advertising space in the overall advertising world, with U.S. local advertising forecasted to reach $174 billion in total spending.
The key drivers of growth for the 2024 projections are supermarkets, commercial banking, quick service restaurants, and investment/retirement advice, according to the RAB.
“As the radio advertising landscape continues to shift, prominent opportunities are emerging amidst the changes,” said RAB President and CEO Mike Hulvey.
“Local radio stations are rising to the challenge, producing compelling, original content and embracing digital integration,” added BIA Advisory Services Vice President of Forecasting and Analysis Nicole Ovadia. “These shifts present fresh opportunities for advertisers to forge meaningful connections with radio listeners.”
Those same projections from BIA and the Radio Advertising Bureau show a total of $12.9 billion in the radio industry for 2025.
