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Radio Station Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Radio Station Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071526
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the radio station market are Entercom Communications, Cumulus Media, CBS, iHeartMedia, Beasley Broadcast Group, Cox Radio, Townsquare Media, SFX Broadcasting, Bell Media and Emmis Communications.

The global radio station market is expected to grow from $44.74 billion in 2020 to $47.61 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $43.07 billion in 2025 at a CAGR of -2%.

The radio station market consists of sales of radio broadcasting services and the products related to radio broadcasting.Radio broadcasting services are typically a radio waves or audio signals that are transmitted from servers to larger audience all over the world.

Radio waves can be transmitted in the form of AM (Amplitude Modulation) or FM (Frequency Modulation) and analog/digital technology is used for broadcasting the programs over a radio network.

The growth in the event advisements in radio broadcasting is driving the radio station market.Radio is one of the oldest media which is very helpful for advisements and is cheaper than television.

Radio is a very strong and cost-effective influential medium for reaching many audiences.Many companies are still using radio advertising as their marketing strategy.

Companies usually pay radio broadcasters to promote their products or services like television ads.There are various types of radio advertisements such as live read, Jingle ad, testimonial, personal ad, sponsored to reach out to a vast audience.

The advertisement segment in radio station is one of the fastest-growing segments in radio broadcasting because the radio is the main source of all demographic news and also for entertainment. Rural markets are more responsible for the growth of radio advertising because radio acts as a powerful medium of advertising for rural markets.

Curated and personalized music over the radio is the latest trend in the radio market.A curated and personalized music option helps the listeners to choose the various personalized radio stations.

Radio companies and online audio streaming companies are updating their apps to enhance the listener experience by adding personalized radio channels.For instance, Spotify, one of the largest online audio streaming companies, added artist radio feature which helps the audience to feature the personalized radio stations.

Personalized radio stations can be covered with endless tracks from different artists. The personalized and curated music options helped radio companies to continuously engage the audience by recommending personalized content and also many companies took this strategy as a competitive advantage.

Regulations on the radio spectrum are hampering the radio market.Radio spectrum is a radio frequency that is used to transmit the radio waves from transmitters to the user within the radio station coverage area.

For each radio station, certain frequencies are allotted to transmit the radio waves.The Office of Engineering and Technology (OET) department in the Federal Communications Commission (FCC) maintains the FCC’s allotted frequencies to radio stations.

Currently, in the US the range of 9 kHz and 275 GHz frequencies allotted for radio stations to transmit the radio waves and audio signals.These radio frequencies are designated for terrestrial/space radiocommunication services and radio astronomy service under specified conditions quoted by FCC.

There are federal rules and regulations on each radio broadcasting company, one cannot use more than allotted frequency range to cover the larger area. If the radio broadcasting services need to cover the larger area, they need to apply to FCC for the new radio station, which makes it all the more difficult for radio station to telecast on broader bandwidth thereby restraining the market.

In September 2018, Hubbard Broadcasting, Inc. is an American television and radio broadcasting corporation based in St. Paul, Minnesota operating over 50 radio stations has been a pioneer in radio since 1925 acquired six radio stations from Alpha Media LLC for $88 million. The Alpha Media LLC transferred its six radio stations WRMF-FM, WIRK-FM, WMEN-AM, WFTL-AM, WEAT-FM, and WMBX-FM in West Palm Beach (Florida) to Hubbard Radio. The acquisition benefits Hubbard radio to increase its radio stations and market share which helps to increase its audience from West Palm Beach. West Palm Beach is the third-largest market for Alpha Media LLC.

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