Global Radio Advertising Market Trends And Strategies Of Major Players In The Radio Advertising Market 2020
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The global radio advertising market is expected to decline from $19.6 billion in 2019 to $19 billion in 2020 at a compound annual growth rate (CAGR) of -3.07%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $20.5 billion in 2023 at a CAGR of 2.55%. Cost-effective routes of advertisement for big and small companies are expected to drive the demand for the radio advertising market.
The radio advertising market consists of the sales of advertising services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities on the radio. Only goods and services traded between entities or sold to end consumers are included.
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The Global Radio Advertising Market is further segmented based on type, industry application and geography.
By Type: Traditional Radio Advertising, Terrestrial Radio Broadcast Advertising, Terrestrial Radio Online Advertising, Satellite Radio Advertising.
By Industry Application: BFSI, Consumer Goods and Retail, Government and Public Sector, IT and Telecom, Healthcare, Media and Entertainment.
By Geography: The global radio advertising market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American radio advertising market was for the largest region in the global radio advertising market in 2019.
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Trends In The Radio Advertising Market
The launch of digital radio is gaining popularity in the radio advertising market. Digital radio gives users greater spectral efficiency. In digital modulation methods, more complex transmitters and receivers are used, due to which more information could be transmitted in comparison to traditional analog modulation schemes.
Radio Advertising Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides radio advertising market overviews, analyzes and forecasts market size and growth for the global radio advertising market, radio advertising market share, radio advertising market players, radio advertising market segments and geographies, radio advertising market’s leading competitors’ revenues, profiles and market shares. The radio advertising market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.