*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Radio, besides providing entertainment to listeners, represents one of the oldest advertising media which is relatively cheaper as compared to television and at the same time, delivers a vast audience to the advertisers. As a result, it has become an influential as well as a cost-effective route of advertisement for big and small companies alike. According to the report by IMARC Group, titled “Global Radio Advertising Market Report & Forecast 2019-2024”, the revenues of the global radio advertising market experienced a steep decline in 2008 and 2009 due to the global financial crisis. From 2011 onwards, however, revenues have continuously increased. During 2011-2018, the market has grown at a CAGR of 1.3%, reaching a value of US$ 33.1 Billion in 2018.
Although newer advertising platforms such as internet and other digital media are gaining traction in the advertising market, radio still represents a powerful advertising medium due to many reasons. The portability of radio makes it a favourable source of entertainment and news. Secondly, radio offers a wide demographic coverage as it appeals to varied segments of audience via a number of programmes such as news, education, music and entertainment, employment, etc. Moreover, as many villages all across the globe still lack electricity penetration, radio continues to be their major source of information and entertainment and as a result, radio signifies an influential medium of advertising for rural markets. Nowadays, the increasing penetration of smart phones and internet facilities have led to a rise in the number of online radio audience which is also driving the growth of the global radio advertising market.
The report has segmented the global radio advertising market on the basis of types: Traditional Radio Advertising, Terrestrial Radio Broadcast Advertising, Terrestrial Radio Online Advertising and Satellite Radio Advertising. The report has also segmented the market on the basis of industry, listing the key industries which are actively using radio advertising. Market share analysis of key regions and markets have also been provided in the report. North America currently represents the largest market for radio advertising. Other major markets include Asia Pacific, EMEA (Europe, Middle East & Africa) and Latin America. On a competitive front, the report has analysed the key players currently operating in the global radio advertising market.
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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