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RAB: Radio Revenue Down 5 Percent In First Half
NEW YORK -- August 21, 2008: For the first half of 2008, radio revenue overall came in at $9.8 billion, down 5 percent from the same period in 2007, the RAB reports. Within that, local was down 6 percent, to $6.9 billion, national fell 11 percent, to $1.4 billion, and local and national combined for a 7 percent drop, to $8.4 billion. Network radio revenue came in at $567 million, up 3 percent, while off-air rose by 12 percent, to $889 million in the first half of the year.
Strong categories in the first half were insurance companies, up 22 percent, to $346.8 million; department/discount stores and shopping centers, up 10 percent, to $256.9 million; and professional services, up 18 percent, to $223.6 million. Among the down categories were automotive, financial services, home furnishings, and home improvement stores.
The RAB notes that off-air revenue activity for radio surged at the end of last year and has been increasing at a compound annual growth rate of 12.3 percent over the past two years. Off-air is expected to approach $2 billion by the end of this year -- nearly a full year ahead of the RAB's earlier timeline.
"Radio's off-air platforms are realizing prosperity similar to that of other alternative forms of advertising," said RAB President/CEO Jeff Haley. "The industry’s investment in new technology and digital distribution channels has extended Radio to the Internet, mobile phones, navigation systems, and more. Combined with an enhanced on-air product and on-site experiential marketing, the result is a 360-degree experience for consumers with multiple touch point opportunities for advertisers."
Off-air represents 9 percent of total radio revenue, comprised mostly of online activity and "experiential marketing partnerships."
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