With local economies starting to rebound across the country, advertisers and local businesses are getting back in the game, hoping to bring back the customers and the revenue they lost during the forced lockdown. The team at BIA is hosting an important webinar tomorrow to examine which categories are depending on radio to make that happen.
BIA will analyze the opportunities for radio sellers looking for effective vertical selling strategies as we evolve through this pandemic marketplace.
In this chart you can see data from several of the 95 business verticals and sub-verticals tracked in BIA’s local market intelligence platform, BIA ADVantage. It shows that the Auto vertical will spend $1.5 billion and the Finance/Insurance vertical will spend another $2.0 billion in Radio this year.
For local sellers, this means that if accounts and prospects in these verticals paused spending due to the pandemic, now is the time to go back to these buyers to update their plans.
BIA estimates U.S. local radio advertising will be $12.8 billion in 2020, comprised of $11.4 billion for over-the-air revenue and $1.4 billion for digital revenue. Although this estimate is lower than earlier expectations, there are bright spots for the industry and opportunities for a strong rebound from the effects of this pandemic