Radio’s Revenue Outlook: An Optimistic View for 2024

Since our audience is radio stations we always look for ways to share trends and information This year weamp8217ve created an animated infographic that provides a datadriven story regarding what to expect for radio revenue in 2024 Here are a few highlights to shareAdvertisers Continue to Have Misconceptions About Radioamp8217s Reach and ValueCorrecting these erroneous beliefs can be a challenge for any local media seller Luckily we have plenty of data and studies from groups like MFM the RAB and many others that dispel these Broadcast radio has the greatest reach of any audio type It ranks first in adsupported media outperforming streaming People from every generation and demographic are regular listeners Weamp8217re constantly working to deliver these insights so the industry can leverage them to clear up these misconceptionsMany Trends Impact Ad SpendEconomics consumer preferences and other trends impact radio ad spending just like any other tactic We do know that the economy had remarkable stability and growth in 2023 and economists predict continued inflation and GDP growth reductionsConsumer confidence has also been strong Many have felt the effects of inflation but they are still spending Adding context to the expert predictions is important because they focus on Wall Street amp160while radio operates more on Main Street Each market has its own challenges and economic uncertainty is and will always be an influencerAll these factors roll into projections and their impact will be mostly positiveThe Numbers What Will Stations Generate in 2024We reviewed a lot of data from the industry and presented three different projections from BIA Advisory Services SampampP Global Market Intelligence and Insider Intelligence They range from 567 billion to 1049 billion The variation is due to how the analysts define radio revenue methodology and data sources but they are all specific to spot dollarsFueling the upticks in revenue is the fact that companies plan to spend more money on media advertising overall in 2024 A study concluded that 57 of radio ad buyers will maintain budgets while 14 will increase them So who are the big spendersRadio Ad Spending Whoamp8217s InvestingThe conversation on 2024 radio ad revenue starts with this being a political year Hundreds of millions of dollars will flow into broadcast radio for the 2024 election Even though itamp8217s a national race year most buys will be at the local and state level for candidates including those for presidentPolitics isnamp8217t the only area that will see more spending We reviewed analyst predictions to pinpoint other industries that are a good bet for increased radio ad spendRetailReal estateAutomotiveFinancial servicesHealth careThe infographic offers insights and specifics on these industries and their radio spending projectionsRadio Is Resilient and Positioned to Drive Revenue in 2024You simply cannot count radio out amp8212 it has played a key role in the world for more than 100 years It informs inspires and connects Recent research has noted that radio outperforms video in terms of engagement and attentiveness It should be a piece of any advertising campaign perfectly complementing digital and OampampO We believe in the future of radio and its staying powerDive into the data and details by viewing the 2024 Radio Revenue Outlook infographicThis article was written by Todd Kalman Senior Vice President of Sales at Marketron He oversees revenue development and sales partnering with radio stations to help them grow with Marketronamp8217s technologyPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Radio’s Revenue Outlook: An Optimistic View for 2024

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