Radio will command the fifth-largest share of all platforms when it comes to advertising dollars spent during 2024, according to the latest webinar from BIA Advisory Services.
While radio continues to be outperformed by traditional and connected television as well as digital advertising, the amount of money spent against broadcast and streaming radio will top $10.7 billion during the year, or around 6 percent of all local advertising spend, BIA analysts predict.
More money will be spent on political advertising against radio than any other sector in 2024, BIA concluded, with around $561.2 million committed to spending against local AM and FM commercial radio broadcasters. Investment and retirement advice comes in second with $428.3 million committed, while fast food and quick service restaurants are in fourth place at just over $400 million, BIA says.
Overall, local advertising revenue will top $173 billion during the year, fueled by spending against broadcast and cable television, traditional radio and direct mail, with most of that coming from an uptick in political ad spend ahead of the November election.
The amount of ad spend will be nearly even between traditional and digital media, BIA projects, with 51 percent spend against traditional media and slightly more than 49 percent against digital platforms.
Though radio continues to hold the biggest reach among consumers in the United States compared to other mediums, BIA says it would be a missed opportunity for radio stations to not embrace the trend of consumers moving away from broadcast and cable TV toward connected TV platforms like streaming services.
Some radio stations — largely sports outlets — already simulcast their locally-produced programs on platforms like YouTube, Facebook and Twitch, but there are still plenty of opportunities for local radio stations to reach consumers across streaming TV platforms and capture some of the ad dollars that are shifting to those products.
“When you combine the two, you’re actually hitting your audience wherever they might be, and you’re hitting different audiences,” Jimshade Chaudhari, the CEO of Marketron, said on the BIA webinar. “There might be a little bit of overlap, but when you’re trying to drive awareness across the board, if you couple CTV and [over-the-top] with radio’s reach, you’ll do a great job of making sure that you’re hitting your audience across the board.”
To see the webinar, click or tap here (registration required).
