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The global radio advertising market reached a value of US$ 38.1 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 44.3 Billion by 2026, at a CAGR of 2.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on the industry.
Radio advertising represents one of the oldest forms of advertising across the globe. It broadcasts audio content to a vast audience and is relatively cheaper as compared to television advertising as no expenses are incurred in making complex and eye-catchy visuals. Despite the advent of newer advertising platforms like the internet, radio still holds a considerable share in the market on account of reasons such as its portability. Moreover, as it acts as an influential route of publicity, it is widely preferred by both big and small companies worldwide.
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Radio is an efficient and portable advertising medium that appeals to a broader audience. As a result, leading brands and advertisers rely on radio commercials to communicate with their target audience. It is also utilized by governing authorities of numerous countries and international organizations for mass outreach programs. Apart from this, due to the availability of radio stations in most parts of the world, radio acts as a sole source of information and entertainment for people residing in remote and rural regions. Moreover, individuals worldwide prefer listening to the radio while driving, exercising, playing video games, and performing daily chores. This, in confluence with the development of in-car media apps that support radio, is creating lucrative growth opportunities for advertisers. Furthermore, radio channels are employing innovative solutions, such as radio automation software, which is integrated with pre-recorded audio content, such as songs, commercials, and interviews. This software also assists in operating multiple stations or channels, which is anticipated to create a favorable market outlook.
IMARC Group provides an analysis of the key trends in each sub-segment of the global radio advertising market, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on type and region.
Breakup by Type:
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Breakup by Key Regions:
At present, North America enjoys the leading position in the market on account of the presence of the key broadcasting companies in the United States.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are WPP plc, Omnicom Group Inc., Publicis Groupe S.A., The Interpublic Group of Companies, Inc., and Dentsu International Group.
The outbreak of the coronavirus disease (COVID-19) has positively influenced the market growth as radio advertisements are widely being used for news about governmental awareness initiatives and regulatory developments, as well as sharing helpful advice to listeners regarding resisting the virus.
The global radio advertising market is expected to exhibit moderate growth during the next five years.
The global radio advertising market reached a value of US$ 38.1 in 2020.
Radio represents a powerful advertising medium as it offers a wide demographic coverage due to its appeal to a varied audience via news, education, music, and entertainment. This is a major factor bolstering the market growth.
One of the significant market trends is the increasing penetration of smartphones and internet facilities, which has led to a rise in online radio audiences.
Based on the type, the market has been categorized into traditional radio, terrestrial radio broadcast, terrestrial radio online and satellite radio advertising.
Region-wise, North America represents the largest market for radio advertising. Other major markets include Asia Pacific, Europe, Middle East and Africa, and Latin America.
The leading players are WPP PLC, Omnicom Group Inc., Publicis Groupe, The Interpublic Group of Companies, Inc. and Dentsu Inc.
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