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.
Thanks, Gee Kaye
You’re probably the only one who would have spotted that enormous error. Is the newspaper or magazine industry or, (ha-ha) Yellow Pages projecting a 300 million dollar increase this year?
Radio is doing quite well in these turbulent times.
14.5 billion – 14.2 billion = 300,000.
Really? You might want to re-do that math.
An increase of 300,000,000 actually sounds pretty good.