According to the advertising research firm, radio ad sales were up just under 1% in Q2, mostly thanks to network radio, which was up 6%. Local continues to be a problem for radio.
MAGNA’s latest research states that radio has finally stabilized after 20 consecutive quarters in the red (between 2013 and mid-2018) as “iHeartMedia and Cumulus emerged from chapter 11 bankruptcy re-organization.”
MAGNA is also reporting that overall digital ad sales jumped 12% in the quarter to $1.5 billion and +2.4% for the first half of the year to $7.8 billion, after stagnating in both 2017 and 2018. Digital Media was again the big winner, up 19% in the first half of the year with search up 16% and social media up 31%.
Overall the U.S. ad market grew by 8% in the first half of 2019 to $107 billion. As a result MAGNA has increased its full year forecast from plus 5.1% to plus 6.3%.
MAGNA is projecting yet another record year in political advertising in 2020. The research firm says almost $6 billion will be spent next year which would make 2020 the 11th consecutive year of political ad spend growth.