Continuing with our weekly series displaying BIA’s Radio Share of Wallet analysis, let’s now look at BIA’s estimates for markets 21 to 30 for 2021.
BIA’s new 2021 U.S. Local Ad Forecast estimates that revenue across all media will reach $137.5 billion and that radio’s share will grow to 9.2 percent. As you look at the estimates for these markets you will note that Riverside-San Bernardino, CA; San Antonio, TX; Salt Lake City-Ogden-Provo, UT and Portlan, OR are expected to be well above the national average. On the downside, Baltimore, MD is well below the national average.
BIA maintains that radio operators should not only focus on direct radio competition, but on the full ad pie. To grow your revenue share in this challenging marketplace, focus on taking share away from other traditional media and continuing to grow your online revenue.
Additionally, a question to consider is how can radio sell successfully against the Google-Facebook duopoly in 2021? With the right strategy to do this, they would address the larger market opportunity rather than just selling against other radio stations and potentially tap into a steeper revenue growth curve.
