For those of you, who like numbers, we have some new statistics published by Radiocentre regarding audio marketing.
Advertising Association/Warc Expenditure Report expects that general spendings on advertising in the UK will grow 18,2% this year giving a market size of £27.8bn. It would be an even bigger annual growth than the one in 1988 15,9%, which will make it the largest annual growth on record.
We expect radio to perform above average, with an increase of 18.6% (an increase of 22.5% growth in digital revenues). That’s great news for our industry considering how tough the first quarter of this year was. The last AA/Warc forecast in April showed an expected growth rate for radio of 12,9%. That means the entire advertising market will be almost 10% larger this year than in 2019.
Radiocentre’s Client Director Lucy Barrett said “Radio is continuing to exceed expectations and we are seeing a bounce-back that could see the medium exceed 2019’s revenue. Throughout the pandemic radio has been a proven source of escapism and joy, as well as a trusted point of information for millions of listeners, which is why existing advertisers have retained spend and also why we have welcomed new advertisers who have been able to reach large, high-value audiences on a trusted platform”.
We highly recommend the original article.