Despite delivering measurable returns across thousands of campaigns, radio remains one of the most under-credited channels in modern marketing attribution. Now, Audacy is calling for industry-wide reform in how audio is represented in marketing mix models.
The broadcaster’s call comes amid a wave of studies aimed at combating misperceptions around AM/FM.
Citing evidence from Nielsen’s 2025 CMO survey, Audacy SVP Research & Insights Ray Borelli says the models marketers rely on to allocate budget often exclude or distort radio data due to outdated structures and lack of campaign-level granularity.
As previously analyzed by Katz Radio Group, CMOs placed radio last in perceived return on investment. But when modeled using real campaign outcomes, AM/FM surged to second place, just behind social media. Similarly, a 2024 Nielsen analysis of more than 2,800 campaigns found that radio consistently ranks among the highest in actual ROI.
One major blind spot comes from how MMMs ingest and interpret data. Audacy says models often rely on media plans instead of as-run schedules, use national-level assumptions for local campaigns, and fail to register lower-volume buys, all of which artificially depress audio’s value in the model output.
This mirrors another concern from Futuri Media, who say that as marketers increasingly rely on large language model AI tools like ChatGPT, Gemini, and Grok to shape media mix models, radio is being systematically excluded due to a lack of structured, AI-readable performance data. This bias stems from AI systems prioritizing channels with abundant, measurable data like YouTube and connected TV, while overlooking underrepresented formats like AM/FM.
To address these gaps, Audacy is working with the RAB and IAB to standardize radio data inputs and feed real-time, campaign-level data directly into modeling systems. The company is also partnering with brands on “test and learn” campaigns and retroactive audits to quantify missed value.
Audacy’s long-term goal is to integrate time-stamped, always-on audio data into advertiser models, closing what it calls a “perception gap” that’s costing marketers efficiency and growth. And if recent trends are any indication, it’s a gap worth closing. A meta-analysis by TransUnion (formerly Neustar) estimated national advertisers are leaving $6 billion in unrealized value on the table annually by under-investing in audio.
