How large is your radio market both in terms of number of radio stations (public and private) and overall advertising revenue (in USD)?
According to the FCC, there are over 15,000 radio stations in the U.S. Over the air radio revenue is $8.1 billion for 2021.
Is your radio market growing in terms of new players in radio or audio starting up recently?
There aren’t new players in the market but there are new owners such as Apollo Global Management, which purchased Cox radio stations at the end of 2019.
Has your radio audience grown over the COVID pandemic, and how does it look now?
Radio is back up to pre-COVID levels. See Westwood One blog.
How has radio advertising revenue performed over the same period?
Pre-COVID OTA Radio Revenue was US$9.5B vs 2021 US$8.1B, so a decline.
What is the most important new opportunity that radio stations in your market are pursuing in terms of investment in capital and human resources?
Radio stations across the country are diversifying their offerings and services beyond broadcast.
They are investing in streaming and podcasting opportunities as well as digital services such as website creation, SEO/SEM, etc.
What seem to be the most challenging technological, programming, strategic and/or sales goals among radio owners in your market?
- Selling integrated broadcast + digital advertising
- Creating effective sales organizations matched to the current market environment
- Increasing radio’s share of ad spending relative to size of its audience
How advanced is your market in terms of the transition of FM radio operators into audio streaming, audio on demand and digital radio such as DRM or HD Radio?
Nearly every broadcast station has a website presence, streaming capabilities (via website and app) as well as a presence on radio aggregators such as TuneIn, iHeartMedia and others.
What regulatory body oversees radio in your country, and who is the best contact person?
The FCC [Federal Communications Commission] is the regulatory body for broadcast radio.
Are there other noteworthy radio industry organizations in your country? If so, who are they?
There is the National Association of Broadcasters (NAB). The contact there is April Carty-Sipp, EVP, Radio.
The National Association of Black-Owned Broadcasters (NABOB). Jim Winston is the president.
There are also various state associations across the county.
Sources:
Erica Farber, President and CEO, Radio Advertising Bureau
Rick Ducey, Managing Director BIA Advisory Services
