Global Radio Advertising Market Poised for Growth Through 2033

As the radio industry feels the continued economic strain and election uncertainty, global revenue projections suggest encouraging growth in the long run. A new Research and Markets study forecasts steady expansion for the next decade of global radio advertising.

A new Research and Markets study reveals that while the global radio advertising market has grown at a modest annual rate of 0.87% since 2018, reaching $26.03 billion in 2023, growth is expected to accelerate to 2.66% annually through 2028, reaching $29.69 billion. The market is then projected to grow at 2.19% annually, reaching $33.09 billion by 2033.

This growth has been driven by a rising number of listeners, increased digital radio adoption, and infrastructure expansion. However, challenges such as reduced radio ad spending and strict government regulations have impeded growth in some regions.

In 2023, terrestrial radio remained dominant, making up 67.29% of the market, or $17.51 billion. Going forward, online terrestrial radio advertising is expected to be the fastest-growing segment, with an anticipated annual growth rate of 13.52% from 2023 to 2028. By industry, media and entertainment advertising on radio is expected to grow the fastest, at 3.04% annually.

North America led the global radio advertising market in 2023, accounting for $11.4 billion or 43.82% of total revenue. Among competitors, Cumulus Media led with a 2.28% market share, followed by iHeartMedia at 2.24% and Hubbard Broadcasting at 2.23%. Other prominent US companies in the report include Cox Media Group, National Public Radio, TelevisaUnivision, Townsquare Media, and Urban One, with Canadian representation from Bell Media, Pattison Media, Rogers Sports & Media, and Harvard Media.

Looking at the short term, BIA Advisory Services released its 2025 US Local Advertising Forecast in August, projecting $171 billion in total local media revenues. This represents a 5.5% increase in non-political advertising from 2024 but includes a 1.3% dip overall due to anticipated declines in political ad spending.

Radio’s share is expected to decline slightly, with over-the-air projected to fall by 1.6% to $10.0 billion, capturing 5% of total ad spend. Digital is forecast to grow by 4.2% to $2.9 billion, giving radio a combined 6.6% share of local ad revenue.

For 2025, BIA predicts digital advertising will surpass traditional media, representing 52% of local ad spending. Media segments like CTV/OTT, Out-of-Home, and TV Digital are poised for growth, with digital’s targeted capabilities in high demand. Key verticals expected to drive OTA radio spending include Restaurants (+9.5%), Real Estate (+6.7%), and Retail (+5.5%).

With reporting by Adam R. Jacobson