According to the current report from the Radio Advertising Bureau, consistent with Q1 and first-half performance, Radio advertising posted moderate 1% growth through the first three quarters of 2012. Digital spending was up 7% for the period, followed by a 2% gain in Off-Air; Spot was flat. Third quarter revenue remained flat but Digital continues to represent a bright spot, up 8%. Erica Farber, RAB President and CEO, says “While on-air advertising represents the core of Radio’s revenue stream... advertisers are taking advantage of expanding digital opportunities offered by stations... more marketers are tapping into the multi-platform aspects of Radio to reach... active and highly engaged audiences... “ Revenue Comparisons - 2012 vs. 2011 (In Million Dollars) Revenue $Q3 '12 % Chg $YTD '12 % Chg Spot 3,648 Flat 10,455 Flat Digital 205 8% 561 7% Off-Air 388 Flat 1,117 2% Grand Total 4,241 Flat 12,133 1% Source: Miller, Kaplan, Arase & Co./RAB, November 2012 Growth in spending by domestic and import autos, national grocery, clothing and big box retailers helped fuel revenue for the quarter. Radio also received an influx of dollars based on hotly contested political races, up six-fold over 2011’s Q3 pre-primary race spending. Farber continued, noting that “... Radio’s Q3 and year to date results reflect the American economic picture... categories that are rebounding... have made Radio a greater part of their marketing plans...” While the third quarter spending was flat compared to the same time period last year, several key categories increased their Spot Radio spending over Q3 2011 levels to help sustain the quarter. These include: