?? The demise of radio has been predicted for years dating back to the creation of TV, however, PricewaterhouseCoopers remains upbeat about the industry?s prospects and forecasts radio revenue will increase 8% to $19.8 billion in 2012 and continue to grow by an average 4.1% over the next five years, according to Inside Radio (LINK).
?? PwC believes auto advertising will be the biggest driver for the industry?s bottom line.
?? ?Radio is still an important medium, reaching over 93% of people aged 12 years or older in a typical week in the U.S., a higher penetration than television, newspapers, or the internet,? the firm says in its annual Global Entertainment and Media Outlook.
?? PwC estimates digital revenue will make up 4% of total radio billings by 2016, when internet radio revenue will total $802 million ? an increase from $465 million in 2011.
??? U.S. advertising is expected to increase at a 5.9% clip between 2011 and 2016, enhanced by Olympic and political advertising.
??? Internet advertising is expected to increase by an average 16% growth rate. PwC predicts newspaper advertising (-0.2%)
will be the only category to decline.
?? In a related story, young people and ethnic groups exhibited the largest year-over-year gains in radio listening, according to Arbitron?s June 2012 RADAR 113 National Radio Listening Report.
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