Radio ad revenue has enjoyed a respectable rise from 2021 to 2022.
Total local radio over-the-air and digital revenue for 2022 topped $13.6 billion in 2022, an uptick of 7.4% from $12.6 billion in 2021. Over-the-air advertising grew 2.2% to $11 billion, up from $10.7 billion in 2021. Digital income rose 35% to $2.6 billion.
That's according to BIA Advisory Services, which just released its Investing in Radio Market Report for 2023.
Ovadia forecasts the 2022 revenue hike will be harder to achieve this year, since there is no major political spending. However, 2024 political advertising is expected to begin earlier in the cycle, potentially bleeding into late Q4 of 2023.
While Washington, DC all-news station WTOP-FM maintained its longtime leading spot with $69 million in advertising revenue, other all-news stations struggled.
Compared to last year’s list, Chicago's all-news station WBBM (AM) dropped to the No. 9 position and all-news station WCBS (AM) in New York dropped to the No. 11. New to the list is WSB (AM) news/talk in Atlanta, with $31.6 million in 2022 revenues.
Radio sales transactions had a different fate.