Radio Advertising Global Market Sees Growth Rate Of 7% Through 2022
27 Jan, 2022
The global radio market is expected to grow from $18.34 billion in 2021 to $19.58 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The growth in the radio advertising market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The radio advertising market is expected to reach $23.43 billion in 2026 at a CAGR of 4.6%.
What is the Global 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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What drives the Global Radio Advertising Market?
Cost-effective routes of advertisement for big and small companies are 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 advertisement are predicted to fuel the demand for the radio advertising market.
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https://www.thebusinessresearchcompany.com/report/radio-advertising-global-market-reportGlobal Radio Advertising Market Segments
The global radio advertising market is segmented:
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 Enterprise Size: Large Enterprise, Small and Medium Enterprise
By Geography: The regions covered in the radio advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Radio Advertising Global Market Report 2022provides market size and growth forecasts for the global radio advertising market, global radio advertising market share, radio advertising market segments and geographies, radio advertising market competitive landscape including 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.
Global Radio Advertising Industry Playersinclude Sirius XM Radio Inc., iHeartMedia Inc., Entercom Communications Corp., Cumulus Media Inc., National Public Radio Inc., Strategic Media Inc., The Radio Agency, Jacob Tyler, Sid Lee and Citizen Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.