Traditional Radio Advertising Market To Rise At Modest Growth With CAGR And Revenue Till 2028|Grand View Research, IncPosted by Mrudula Karmarkar on December 1st, 2022 The global traditional radio advertising market size is expected to reach USD 28.5 billion by 2028, registering a CAGR of 1.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing popularity of traditional radio across the globe is accelerating the market growth. Moreover, the growing acceptance of traditional radio advertising among various industries in recent years to offer information about their company and products is expected to accelerate the market growth. Furthermore, the rising effectiveness of traditional radio advertising in developing countries due to growing number of audiences is up surging the market growth over the upcoming years. Moreover, traditional radio advertising is rapidly gaining popularity owing to having more engagement of customers, and rising brand awareness are accelerating the market growth. Furthermore, a lockdown situation has been observed during the COVID 19 pandemic, and it showed a negative impact on the traditional radio advertising market due to many advertisers slashed marketing budgets or paused advertising spending during this period. Moreover, the increasing spending on radio advertising after the ease of several restrictions is expected to boost the market growth over the forecast period. The satellite radio advertising segment is expected to register the highest CAGR of 2.4% from 2022 to 2028. The increasing adoption of radio advertising for brand awareness and promotion of the various products through the satellite network has significantly accelerated the growth of this segment. Additionally, rising investment in traditional radio advertising by the various advertisers due to the high engagement of customers in the satellite radio advertising segment is driving the market growth. The media & entertainment segment is expected to expand at a higher CAGR of 3.4% from 2022 to 2028. The increasing spending on radio advertising by various media & entertainment companies in recent years for various promotion is expected to boost the market growth over the forecast period. Moreover, the rising popularity of traditional radio advertising among the all-age group is expected to accelerate the market growth. North America dominated the market with a revenue share of over 35% in 2021. The growing popularity of traditional radio in commercial and passenger vehicles for listing music is accelerating the market growth in this region. Furthermore, the increasing investments associated with radio advertising are expected to drive the market growth in this region. Additionally, increasing demand for terrestrial radio in the U.S. is boosting the market growth over the forecast period. Radio is an efficient and portable advertising medium that appeals to a broader audience across the globe, which may accelerate market growth. Moreover, radio provides wide demographic coverage to a varied audience via a number of programs such as media & entertainment, news, employment, and education, which in turn is expected to propel the market growth. Furthermore, increasing spending on traditional radio advertising by various industries owing to the cost-effectiveness is accelerating market growth over the last few years. Additionally, the growing urbanization and rising infrastructure development across the globe are anticipated to propel market growth in the forecast period. To Request Sample Copy of this report, click the link: Traditional radio advertising is gaining popularity in the advertising world because it creates brand awareness among the people and also compliments the brand’s advertising campaigns on other channels, which has been projected to accelerate the market growth. However, newer advertising platforms like the internet and digital media are gaining traction in recent years is a major restraint for the market growth. Traditional Radio Advertising Report Highlights
Moreover, many villages across the globe are still facing a lack of electricity and thus, radio signifies an influential medium of advertising in rural markets. However, the increasing smartphone penetration rate across the globe and the availability of affordable internet have led to a rise in the number of online radio audiences, which is restraining the growth of the traditional radio advertising market. Additionally, strict government regulation regarding broadcasting advertising is further hindering market growth. The COVID-19 epidemic has negatively affected the traditional radio advertising business. In response to the pandemic, governments around the world implemented several measures to try to contain the virus, such as quarantines, shutdowns, travel bans and restrictions, and work-from-home orders. Moreover, the pandemic and subsequent slow economy impacted several core radio advertisers such as promoting community events, retail, and entrainment. These categories cut back on their marketing budgets, accelerating declines in advertising. However, the easing of several restrictions and rising investment in advertising in emerging economies are projected to drive market growth during the forecast period. The satellite radio advertising segment is expected to expand at the fastest CAGR of 2.4% from 2022 to 2028. The increasing preference for radio for listing music in commercial vehicles like trucks, and passenger vehicles like cars by the people is the major driving factor for the market growth over the last few years. Furthermore, the rising adoption of satellite radio advertising for branding and spreading awareness regarding products is expected to accelerate market growth over the forecast period. List of Key Players in Traditional Radio Advertising Market
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