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Home » Radio Industry Takes Big Hit in 2020 Due to Cuts in Ad Spending

Capitol Communicator reports the radio industry took a big hit in 2020 due to the pandemic and subsequent cutbacks in overall ad spending.

Radio Industry Takes Big Hit in 2020 Due to Cuts in Ad Spending

by | May 14, 2021

The radio industry took a big hit in 2020 due to the pandemic and subsequent cutbacks in overall ad spending. According to the first quarter edition of BIA Advisory Services’ 2021 Investing In Radio® Market Report over-the-air advertising revenues dropped to $9.7 billion, a 23.6 percent decline from $12.8 billion in 2019. Digital ad revenues at stations demonstrated their continued strength, though, posting only a slight decline to $939 million in revenues in 2020 versus $1 billion in 2019.
“Local radio stations have been feeling the impact of new competition for the past few years; unfortunately, the pandemic just exacerbated the problem and it will take some time to recover,” said Mark Fratrik, SVP and Chief Economist, BIA Advisory Services.
Fratrik forecasts 2021 total local radio revenues to reach $11.7 billion, with $1 billion coming directly from online revenues; a 9.7 percent increase over 2020.

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Capitol Communicator

Capitol Communicator is a unique online and offline resource for Mid-Atlantic advertising, marketing, public relations, digital and media communications professionals. The e-magazine, e-newsletters and events bring together communications professionals, fostering community and providing important information; news; trends; education; and opportunities for networking, career enhancement, business exchange and showcasing great work. Visit www.capitolcommunicator.com to learn more.

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