Tuesday, November 12, 2013

Local Radio Is Getting Close To Billing As Much As Newspaper

At least we're growing.  And, clearly, they are not.

The local radio market is growing, albeit at a more moderate pace than it once did, by expanding its offerings to off-air platforms, providing a wider range of listener experiences and advertiser opportunities, according to the firm's new state-of-the-industry report. "Local Radio Stations Profiles and Trends for 2014 and Beyond" provides a comprehensive view of the industry based on the long-term research and analysis conducted by BIA/Kelsey for its clients and the industry. 

According to the new BIA/Kelsey report, the five biggest local advertising categories for radio are: retail (18.0 percent of total radio industry revenue), financial/Insurance (17.0 percent), restaurants (14.5 percent), automotive (14.0 percent) and technology (10.0 percent). BIA/Kelsey says local radio generates over 10 percent of its advertising from these five different groups of advertisers. And, the report says local radio receives 14.3 percent of all advertising spent by finance and insurance companies and 12.1 percent of all advertising spending by restaurants.

Perhaps we should wait for RAB to issue their quarterly radio revenue trend report later this month  (here's the latest one), but I think it's safe to say this:  focusing on national business growth or online development won't make up for a lack of a solid local sales presence.

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