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Radio Advertising Spending Declines for the 10th Quarter in a Row
Radio advertising revenue is still on a big decline, being down by 16% during the third quarter.
By: Britain O'Connor
Radio advertising has been declining since early 2007, when the most recent month of year-to-year growth was recorded.
But the latest report shows some areas of improvement when compared to last year. And, generally speaking, the comparisons are getting better. Last year radio advertising saw a massive decline in the third quarter, when the economic crisis peaked during the fall, and dropped by about 9%.
Radio advertising has now seen 10 straight quarters of year-to-year declines.
Overall, third quarter revenue came in at $4.15 billion, with local advertising revenue down by 19%, to $2.8 billion.
National spots declined by 17%, to $639 million, and network dropped by 11%, to $253 million. Even off-air, which was well off last year, decreased by 11%, to $335 million.
Digital was the only category to increase, being up by 14% to $126 million.
The Cash for Clunkers campaign gave automotive sales leads a bit of an increase. The auto industry had its best quarter of the year as manufacturers increased their spending to support the federal rebate program.
General Motors' spending went up by 101% over last year, while Kia increased by 145%, and Volvo increased by 26%. Hyundai also went up, increasing by 65%.
Yet still, the auto industry's spending remained down from 2008 and has fallen from the top category to the third category.
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BOC Partners is a traditional media and online advertising agency located at 1030 South Ave West, Westfield, NJ that has been around for 25 years. Visit us at http://blog.bocpartners.com, http://bocpartners.wordpress.com, or http://www.bocpartners.com.