Research just released by Media Monitors details exactly how ugly its been over the past six weeks. Between April 13 and April 19, Department Store spending on radio is down 98%, Casinos and Hotels are off 89% and Telecom declined 78%.
On our daily Coronavirus update radio CEO’s have been reporting revenue drops anywhere between 40% and 70%. As a result many radio employees have either been let go, furloughed or had their pay cut.
Some broadcasters have received money from the government’s Payroll Protection Program to help keep employees working. The NAB has been working Senators and Congressman to make sure any additional government funding gets in the hands of radio station owners as they continue to serve their communities and raise money needed for local food banks and other organizations during this crisis.
Here’s a look at the full chart from Media Monitors and how much spending has dropped since the government closed businesses and told people to stay home.
