Insights Into The Radio Advertising Market’s Growth Opportunities Through 2023-2032 – Includes Radio Advertising Market Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The demand for cost-effective advertising routes for big and small companies are expected to drive innovation in radio advertising manufacturing, thus driving the market during the forecast period.
The global radio advertising market is expected to grow from $23.22 billion in 2022 to $24.84 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The global radio advertising market size is expected to grow to $31.37 billion in 2027 at a CAGR of 6.0%.
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Global Radio Advertising Market Segments Include:
- 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 market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global radio advertising market in 2021.
Major Market Players in the radio advertising market include Sirius XM Radio Inc., iHeartMedia Inc., Entercom Communications Corp., Cumulus Media Inc., National Public Radio Inc., Strategic Media Inc.
The launch of digital radio is gaining popularity in the radio advertising market. Digital radio gives users greater spectral efficiency. According to data from Radio Joint Audience Research Limited (RAJAR) published in October 2021, digital listening in the United Kingdom has increased to 65.8 percent of total radio listening. DAB has surpassed AM/FM as the most popular radio listening platform, accounting for 43 percent of total listening versus 34.2 percent for AM/FM. Moreover, if digital modulation methods that require more complex transmitters and receivers are used, more information could be transmitted in comparison to traditional analogue modulation schemes.
The Radio Advertising Global Market Report 2023 provides a radio advertising market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The radio advertising market forecast analyzes radio advertising market size, radio advertising market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Radio advertising works by allowing advertisers to purchase airtime on various radio stations to air commercials or spots about their products or services. It allows advertisers an inexpensive way to get their voice heard again and again. The ability to stir emotions and create demand. It can also immediacy, driving shoppers to a specific store, brand or to take a specific action.
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