Coady Diemar's Chris Ensley: Terrestrial radio’s reach has remained relatively flat over the years. For example, in 2001 radio reached 95% of the U.S. 12+ population, and today it reaches 93%. However, over the same time frame the U.S. population has grown, and as a result, so too has radio’s weekly reach, as we show in the chart below. Arbitron recently estimated that radio reaches 241 million Americans over the age of 12 each week, and based on our estimates, we believe that reflects approximately 16 million incremental listeners relative to 2001, when we estimate the industry reached 225 million weekly listeners.
TV viewing trends (the broadcast networks) typically experienced ratings declines in the mid-to high single digit range, but had made up for that through pricing increases. In the chart below, we look at time spent listening to terrestrial radio and note that in the first half of the last decade, time spent listening declines were very modest, roughly 1.2%-1.3% per year.