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Political advertising surrounding the 2024 election has been described as “unprecedented” for local radio and TV outlets. But new S&P data shows just how important the sector has been.
The S&P Global Market Intelligence’s Kagan Radio & TV Annual Outlook shows that broadcast radio and television advertising revenue will reach $36.19 billion in 2024. That figure is up 9.3% from $33.1 billion in 2023, with political advertising producing the lion’s share of the increase.
Political advertising isn’t the only reason for the uptick, however. Data shows that pharmaceuticals, telecom, and professional services continue to see advertising growth. However, automotive, retail, and travel/tourism dollars have not been as robust as in years past.
The local advertising market remains stronger for broadcast radio and TV than the national business. Major advertising brands and agencies are moving budgets away from broadcast radio in favor of digital and podcast advertising, too. According to the forecast, $11.24 billion will be spent on radio stations in 2024.
The terrestrial radio outlook shows that revenue is expected to decline by 3.7% in 2024. The total radio ad revenue forecast for the next five years show a decline to $10.08 billion in 2029, with more revenue being dedicated to digital ad growth.
