Summary
Major players in the traditional radio advertising market are Gumas, Sirius XM Radio Inc., iHeartMedia Inc., Entercom Communications Corp., National Public Radio Inc., Strategic Media Inc., The Radio Agency, Jacob Tyler, Pandora Media Inc., Liberty Media Corporation., Townsquare Media Inc., Urban One Inc., Grass Valley, Kiosk, and Cisco Systems Inc.
The global traditional radio advertising market is expected to grow from $25.55 billion in 2022 to $26.11 billion in 2023 at a compound annual growth rate (CAGR) of 2.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The traditional radio advertising market is expected to grow to $28.33 billion in 2027 at a CAGR of 2.1%.
The traditional radio advertising market includes revenues earned by entities by providing live reads, sponsorships, produced spots, and jingles for promotion on radio channels.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Traditional radio advertising is the practice of paying for commercial time on well-known radio stations to advertise goods and services. Traditional radio advertisements can be used to target certain demographics, run more frequently, evoke strong feelings, and generate demand.
North America was the largest region in the traditional radio advertising market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the traditional radio advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of traditional radio advertising are terrestrial radio broadcast advertising and satellite radio advertising.Terrestrial radio refers to the broadcasting and/or rebroadcasting of radio programs by a network of terrestrial radio stations, whether they are digital or analogue.
They are employed in enterprises of various sizes including large enterprises and small and medium enterprises for use in industry verticals such as automotive, financial services, media and entertainment, fast-moving consumer goods (FMCG), retail, real estate, education, and others.
Growing urbanization is expected to boost the growth of the traditional radio advertising market going forward.Urbanization is the process by which cities grow and a growing section of the population relocates there to live.
As urban populations grow, residents will look for places to spend their money on durable things like homes and furnishings as well as discretionary purchases like clothing and technology.Major companies use radio advertising to appeal to the changing tastes of these new groups of people which boosts the traditional radio advertising market.
For instance, in 2020, according to the World Cities Report by UN-Habitat, a Kenya-based United Nations program working towards an urban future, globally, 56.2% of the population lived in urban areas in 2020, which is expected to rise to 62.5% by 2035. Therefore, growing urbanization is driving the growth of the traditional radio advertising market.
Growing advancements in radio technology have emerged as the key trend gaining popularity in the traditional radio advertising market.The market is witnessing the advancement in radio technology which aids in better traditional radio advertising.
For instance, in 2020, Ericsson, a Sweden-based provider of information and communication technology (ICT) to service providers, launched antenna-integrated radio (AIR).A unique feature of antenna-integrated Radio (AIR) is its ability to help mobile operators construct mid-band 5G networks more quickly and widely without increasing the size of their sites.
Existing sites don’t require any more physical space.The new solutions enable communications service providers to roll out mid-band 5G more quickly and broadly when combined with massive MIMO.
This advancement may help in providing better radio advertising solutions.
In June 2022, Rezolve Ltd., a UK-based mobile commerce technology, acquired ANY Lifestyle Marketing GmbH, for an undisclosed amount. With the acquisition of ANY Lifestyle Marketing GmbH, Rezolve will be able to change radio advertising by including mobile device interaction. ANY Lifestyle Marketing GmbH is a Germany-based company that specializes in the marketing of radio advertising, ads, posters, and other related services.
The countries covered in the traditional radio advertising market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The traditional radio advertising market research report is one of a series of new reports that provides traditional radio advertising market statistics, including traditional radio advertising industry global market size, regional shares, competitors with a traditional radio advertising market share, detailed traditional radio advertising market segments, market trends and opportunities, and any further data you may need to thrive in the traditional radio advertising industry. This traditional radio advertising market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
