That’s according to BIA Chief Economist Mark Fratrik who says, according to the firm’s U.S. Local Advertising Forecast Report, local radio advertising revenue in 2022 will hit $12.7 billion, $11 billion from over the air and $1.7 billion from digital. How does that compare to 2021?
While these 2021 numbers will be updated next week, back in May, Fratrik projected that 2021 total local radio revenues would reach $11.7 billion, with $1 billion coming directly from online revenues; a 9.7 percent increase over 2020.
By 2026 BIA is projecting that radio’s digital revenue should reach $2.4 billion, while OTA goes up and down with the even political years and ends at $11.7 in 2026, basically flat from 2021.
Fratrik says radio isn’t faring as well as local broadcast TV, and it doesn’t get the same bump as TV in political years. “But it is getting close to its pre-pandemic levels as people continue to return to work commutes and traveling by car.”
BIA is also forecasting that local television revenue in 2022 will rise to $19.3 billion in OTA advertising, and $1.7 billion in digital.
At Forecast 2022 in New York City on November 16th, Fratrik will be part of a panel with Beasley Media Group CEO Caroline Beasley and Broadcast Attorney Frank Montero called: Cross-Ownership and the FCC — What Now?