If BIA’s latest projections for 2019 come true, radio’s overall revenue will increase by $300,000. Back in April BIA estimated radio’s 2018 revenue was $14.2 billion, and according to an update to its 2019 Local Advertising Forecast, BIA is forecasting radio revenue to come in at $14.5 billion this year.
Total ad revenue will come in at $148.8 billion, according to BIA, and radio, at $14.5 billion will grab less than 10 percent of that total. The slight increase for radio is coming from additional digital revenue, while over-the-air revenue continues to slip.
Traditional media will grab 60 percent of the overall spend, $89.2B, with digital ad revenue at 40 percent with $59.5 billion. However, BIA says the future of online/digital advertising revenue is progressively increasing and traditional advertising revenues will see a decrease in the 2018-2023 period.
According to the forecast, the top five media (revenue and share of market) in order of largest to smallest contribution in local advertising for 2019:
- Direct Mail: $37.2 billion (25 percent share)
- Local Video: $29.5 billion (19.9 percent share) (*Includes local Over-the-Air (OTA)
- Mobile: $21.8 billion (14.6 percent share)
- Desktop/Laptop/Tablet (Online/Interactive): $20.2 billion (13.6 percent share)
- Local Radio: $14.5 billion (9.8 percent share)
BIA’s previous revenue numbers have radio with $13.87 billion in 2017 and $14.2 billion in 2018.
The Radio Advertising Bureau stopped reporting radio’s annual revenue figures several years ago.