“Radio continues to be a viable and vital channel for advertisers, as it has been for the past 100 years.”
That’s how Marketron, the radio industry ad sales software maker, opens a just-released 2024 outlook for radio revenue in the U.S. In short, Marketron believes that “the outlook is bright for the most part, with radio’s resiliency shining through” — even as one major publicly traded radio station owner is a debtor-in-possession and another is rapidly paring down debt with property and non-broadcast-unit divestments.
To bolster its pro-radio arguments, Marketron declares that AM/FM broadcasting (and its associated audio streams) “remains a pillar that engages and reaches a majority of the population across demographics and geography.”
It shares that, based on present data, 91% of people 18 and older listen to radio monthly. “This devoted listening equates to 10.9 hours weekly,” Marketron notes. “It continues to be the leader in ad-supported audio and the preferential choice for in-car listening.”
With that, Marketron seeks to break down the stereotypes some marketers have about the medium, thus pushing ad budgets to other consumer touchpoints. “Radio has much to provide its advertisers and fans, yet many misconceptions exist about its value as an advertising vehicle,” Marketron says. “It’s easy for this fallacy to permeate a world where some think digital listening and watching are the only media worth discussing. Digital may get the headlines, but it’s hard to beat radio’s reach and ability to engage and drive buyer intent.”
Marketron also uses many of the Radio Advertising Bureau and NAB statements seen of late regarding Radio’s resiliency, in particular its reach and sales lift capabilities.
What does all this mean for the 2024 radio revenue outlook?
“The short answer is that it will be an interesting year with plenty of opportunity,” Marketron concludes, based on data from multiple sources regarding projections for 2024 radio revenue.
TO VIEW THE MARKETRON 2024 OUTLOOK AND KEY TAKEWAYS PLEASE CLICK HERE.
