BIA Advisory Services projects local radio will hit $13.6 billion in revenue during the 2024 fiscal year, which it believes proves that radio is still one of the top advertising mediums available.
Radio revenue is expected to grow by 1.8% in 2024, largely due to the influx of political advertising dollars in the lead-up to the presidential election.
BIA Advisory Services Vice President of Forecasting and Analysis Nicole Ovadia said in a story authored for the Radio Advertising Bureau.
“As consumer habits adapt and digital integration becomes the norm, key industries are reshaping their advertising strategies, yet amidst these changes local radio stands strong as a resilient and potent force in the media mix — the fifth-largest media when you examine the total local advertising marketplace,” she said.
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 radio advertising landscape is in the midst of a dynamic transformation, but within this evolution lies a world of untapped potential,” Ovadia continued. “With radio’s evolution continuing, tapping into opportunities available with radio can advance the revenue and sales opportunities for the industry as well as advertisers. Radio’s value is proven and tangible, and it’s up to us to use innovative solutions to deliver content and increase engagement with listeners in local markets to navigate the ever-evolving landscape.”
