With all the financial headwinds of 2023, one of the first big forecasts for 2024 has good – but not great – news for radio. According to the latest predictions by Borrell Associates, radio is facing a projected 2.3% decline next year, improving from a 2.8% decline.
Borrell projects the US local advertising market is projected to grow by 4.4% in 2024, reaching $157.1 billion, according to a recent forecast by Borrell Associates. While the emphasis remains on digital formats, traditional media is showing signs of stabilization.
“I wouldn’t exactly call it a return to traditional media, but there does seem to be renewed interest in it. That may be because local businesses are gaining more marketing experience and see the possibilities beyond simple, inexpensive digital campaigns,” said Borrell Associates’ chief researcher Corey Elliott.
Radio companies may be able to rely on digital life rafts to make up the difference, according to Borrell. Digital audio is predicted to be among the fastest-growing media channels next year, with a 7.7% increase. Digital ad formats are set to increase by 6% in local ad expenditures in 2024.
In the forecast, radio fares better than many other form of traditional media, outperforming cable TV, newspaper, and telemarketing. The medium still vastly lags behind digital video’s projected 9.3% growth and local broadcast TV’s 9% raise.
