Inside Radio has an interesting article on BIA’s Mid-Year local advertising report. According to the article BIA noted:
“There are a lot of positives in terms of what’s going on with radio over the air,” BIA VP Forecasting and Analysis Nicole Ovadia says, noting that its forecast places it fifth among the biggest-spending media in 2024, at an estimated $10.7 billion, or 6.2% of total local spend. The 2.4% increase in compound annual growth rate from 2020’s $9.7 billion, is, she says, “nothing to sneeze at. That shows health.”
As for the verticals driving that local ad spend, political, of course, dominates AM/FM radio for 2024 at $561.2 million, followed by investment and retirement advice ($428.3 million), quick-serve restaurants/fast food ($400.4 million), commercial banking ($363.8 million), and supermarkets/grocery stores ($350.1 million).
The article is worth reading.
You can see BIA’s analysis as reported by Inside Radio here.