Contributor: Bo Bandy, SVP of marketing, GM Digital, Marketron
The 11th annual RAB-Borrell digital benchmarking report for radio didn’t disappoint with its insights for the industry. Of those, the projection for radio digital advertising hitting $2 billion in 2023 certainly deserves attention. The revenue generated by this segment is impressive. In 2022,19% of total ad revenue was from digital advertising sales. So, what does this new growth mean for radio?
The refrain in many circles is that nobody listens to radio anymore. With so many channels providing audio content, broadcast radio is no longer the only option. However, it still dominates ad-supported listening time, holding 75% of audiences, while Pandora’s and Spotify’s ad-supported options receive 10%, according to the Edison Research “Share of Ear” Q2 2022.
That’s a great data point for radio ad sellers but not the only one that can attract local advertisers. Research also suggests that radio listeners have higher purchase intent. It’s a point to make when re-engaging customers or talking to new ones who need more understanding of the power of radio.
Radio can help brands and businesses grow in a number of ways. Whether the goal is to drive awareness, traffic, or sales, radio can be a key player in a brand’s media plan. In fact, according to a 2020 iHeartMedia survey, radio is the No. 1 trusted medium in the U.S., with 75 percent of respondents saying they trust radio for the information and entertainment it delivers.
Through a Radio Works series of online, members-only events, the Radio Advertising Bureau (RAB) has taken a deep dive into more than 18 categories of business, including healthcare, automotive, retail, and restaurants, among others. While each category is unique, one thing remains consistent across the board: radio can be an effective way to drive business and brand growth.
Author: Victor Texcucano, Content Coordinator, RAB
The world of technology advances every day, and it sure is getting interesting. We now have 8K smart televisions with more than 33 million pixels, smart home speakers that let you hear local, national and global news with a mere voice command and even internet-connected thermostats that can be controlled from smartphone applications. Today’s technology is truly transforming our living spaces into smarter, more helpful environments.
An online search for Gen Z will deliver results in the billions regarding various topics and industries. If you are wondering why, it is because they are about to become the largest and most important consumer target. They may also be the most complex.