The Radio Advertising Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Radio Advertising Global Market Report 2024, The radio advertising market size has grown strongly in recent years. It will grow from $24.82 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to mass media dominance, local market targeting, cost-effective advertising, audio content consumption habits, brand recognition through jingles.
The radio advertising market size is expected to see strong growth in the next few years. It will grow to $33.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to targeted advertising solutions, integration with digital platforms, podcast and on-demand audio opportunities, cross-platform advertising strategies, measurable roi and analytics. Major trends in the forecast period include sponsorship and endorsements, adapting to changing consumer behavior, innovative ad formats, regulatory compliance, brand safety and contextual advertising.
The demand for cost-effective advertising routes for big and small companies is expected to drive the demand for the radio advertising market. Although newer advertising platforms such as the internet and other digital media are gaining traction in the advertising market, radio still represents a powerful advertising medium due to its high cost-effectiveness. For smaller markets, companies spend about $900 a week for a 30-second ad schedule and around $8,000 a week in bigger markets such as Sydney. On average, companies pay around $20 to reach 1,000 listeners during peak times of the day and close to $10 or $15 during off-peak hours. Therefore, the cost-effective routes of advertising are predicted to fuel the demand for the growth of the radio advertising market.
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The radio advertising market covered in this report is segmented –
1) By Type: Traditional Radio Advertising, Terrestrial Radio Broadcast Advertising, Terrestrial Radio Online Advertising, Satellite Radio Advertising
2) By Enterprise Size: Large Enterprise, Small and Medium Enterprise
3) By Industry Application: BFSI, Consumer Goods and Retail, Government and Public Sector, IT and Telecom, Healthcare, Media and Entertainment
Major companies operating in the radio advertising market are focused on developing strategic partnerships to drive revenues in the market. Strategic partnerships in the radio advertising industry can enhance reach and revenue by collaborating with complementary media outlets or technology companies to access wider audiences and innovative ad placement solutions. For instance, in June 2023, Triton Digital LLC, a US-based digital audio technology and advertising company, partnered with Basis Technologies, a US-based cloud-based software company, to enable marketers to buy advertising across all audio segments This partnership aims to streamline and consolidate the process of purchasing audio ads, making it easier for agencies and brands to reach their target audiences while ensuring the content is free from plagiarism.
The radio advertising market report table of contents includes:
1. Executive Summary
2. Radio Advertising Market Characteristics
3. Radio Advertising Market Trends And Strategies
4. Radio Advertising Market – Macro Economic Scenario
5. Global Radio Advertising Market Size and Growth
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31. Radio Advertising Market Other Major And Innovative Companies
32. Global Radio Advertising Market Competitive Benchmarking
33. Global Radio Advertising Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Radio Advertising Market
35. Radio Advertising Market Future Outlook and Potential Analysis
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