According to the latest report by IMARC Group titled, “Global Radio Advertising Market Report & Forecast 2018-2023’’ the global radio advertising market was valued at US$ 33.2 Billion in 2017, growing at a CAGR of 2.2% during 2010-2017. Radio advertising represents one of the cheapest modes of advertising as only audio content is broadcasted with no expense involved in creating complex and eye-catching advertisements, thereby, bringing down the overall cost. Apart from this, even in the middle of tough competition from other modes of media advertising, radio advertising still bears potential to keep a firm hold in the market. Considering these factors, the radio advertising market is expected to reach a value of US$ 37.4 Billion by 2023.
The report analyses some factors which have been contributory in promoting the radio advertising market. Radio generally covers only a specific radius of an area, often regions where literacy rate is low or people understand only the regional vernacular. In this scenario, radio advertisers can design the ad-content according to their needs, thereby generating a consumer-base in these far-off regions. Apart from this, listening to radio on smart phones is also emerging as a widespread tendency in the urban regions. According to a study, nearly eighty percent of listening takes place during multi-tasking such as while driving, exercising, performing daily chores, playing video-games, etc. This provides remarkable opportunities to radio advertisers to grasp the attention of potential consumers which visual media does not offer.
The report has assessed the market on the basis of service type. Some of the segments evaluated in the report include radio advertising; terrestrial radio broadcast advertising, terrestrial radio online advertising and satellite radio advertising. Apart from this, the report also covers the key industries which are actively using radio advertising. Furthermore, an evaluation on the key regions in the market is given, which include North America, Asia-Pacific, Latin America and Europe, Middle East & Africa (EMEA). Amongst these, North America represents the largest market of radio advertising. The details of the key players operating in the market are also provided.
This report provides a deep insight into the global radio advertising industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, Porter’s five forces analysis, radio advertising pricing models, margins in radio advertising, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the radio advertising industry in any manner.
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