• Mediaweek, Friday, August 22, 2008 9:30 AM

Radio's revenue story is bleak, yet some analysts say the industry is still in denial. Spot radio advertising dropped 7% in the first half of the year to $8.4 billion, per the Radio Advertising Bureau.

Factoring in a robust 12% rise in online ads to $889 million and a 3% climb for network radio, radio advertising is still down 5% at mid-year. (The RAB has forecast online activity to pass $2 billion in 2009.)

Jim Boyle, analyst with CL King & Associates, accuses the industry of sitting on its hands. "Radio does not appear ready to institute revolutionary changes in sales, programming, promotion or station clusters. There is a notable sense of denial about how harsh the prospects continue to be for radio."

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