The latest report by IMARC Group, titled “Global Radio Advertising Market Report & Forecast 2022-2027,” finds that the global radio advertising market size reached US$ 35.3 Billion in 2021. Radio advertising involves broadcasting audio content to promote products or services during radio commercials or programs. It is an efficient and portable advertising medium that provides extensive demographic coverage to a broader audience through various programs, such as media and entertainment, news, employment, and education. Compared to television advertising, it is cheaper as no expenses are incurred in producing complex and visually appealing advertisements that lower the overall costs. As a result, radio advertising is gaining immense popularity among businesses to reach a vast audience and create brand awareness due to its cost-effectiveness and portability.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Radio Advertising Market Trends:
The improving radio accessibility owing to the increasing penetration of the internet and smartphones represents the primary factor driving the market growth. Besides this, the surging popularity of radio as the sole source of information and entertainment for individuals in remote and rural regions is another major growth-inducing factor. Additionally, since radio commercials appeal to a broader audience, brands and advertisers are rapidly shifting toward radio advertising to communicate with their target audiences. In line with this, the rising usage of radio advertising by international organizations and governing agencies of various countries for mass outreach programs has augmented product demand. Furthermore, there has been a significant shift among individuals toward listening to the radio while multi-tasking, including driving, exercising, playing video games, and performing daily chores. Along with this, the launch of in-car media apps that support radio is positively influencing market growth. Besides this, recent technological advancements, such as the introduction of radio automation software that allows broadcasters to upload and store pre-recorded audio content, such as songs, commercials, and interviews, and assists in operating multiple stations or channels, have propelled the market growth. Other factors, including the expanding online radio audiences, widespread availability of radio stations worldwide, increasing spending on radio ads, rapid urbanization, and improving infrastructure, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 46.7 Billion by 2027, growing at a CAGR of 4.7% during 2022-2027.
- Based on the type, the market has been classified into traditional radio, terrestrial radio broadcast, terrestrial radio online, and satellite radio advertising.
- On a geographical front, the market has been divided into North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being WPP plc, Omnicom Group Inc., Publicis Groupe S.A., The Interpublic Group of Companies, Inc., and Dentsu International Group.
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