New York Market Radio Broadcasters Association Publishes Its Q3 State Of the Market Report
December 16, 2015 at 3:04 AM (PT)
NEW YORK MARKET RADIO ASSOCIATION (NYMRAD) has released the 3rd Quarter State of the NEW YORK Market Report. The analysis of the NEW YORK marketplace is designed to help advertisers understand Radio's impact on consumers and its role in the local advertising landscape. The report assesses the New York area economy, including business drivers, and provides up-to-date consumer research on music consumption, radio usage, and more.
"In third quarter, retailers effectively used radio leading up to the holiday shopping season," said Exec. Dir. DEBORAH BEAGAN. "Radio has always done a terrific job of reaching people on the go, and is a huge benefit for influencing consumers closest to their point of purchase."
Regarding Music Consumption, the report notes, "Music has a tremendous hold on the American zeitgeist. More than nine in ten Americans (91%) listen to music. Radio also helps Americans stay abreast of current music trends: Nearly two-thirds (61%) say they find new music on AM/FM or satellite radio, a 7% increase from last year. Additionally, fully 3 out of 4 Americans listen to music online weekly."
Radio Usage On Mobile Apps
Smartphone ownership is positively correlated with online radio usage. Smartphone ownership increased from 61% in 2014 to 71% this year, while radio usage increased from 47% to 53% in the same time period. 44% of Americans listen to music on a smartphone in a typical week. Six of the top 25 mobile apps are in the entertainment/music categories. Radio represents 15% of time spent on mobile apps.
Research on the department store, mass merchandiser, home improvement, and fast food sectors found that exposure to radio ad campaigns increased sales, number of buyers, and dollars spent. For department stores alone, sales increased by 10%, the number of buyers increased by 3%, and dollars spent per customer increased by 6%. Hispanics respond extraordinarily well to radio advertising in comparison to the general market. The impact of radio advertising increased the amount Hispanic shoppers spent by 49% in home improvement, 43% in department stores, and 23% in fast food (versus 4%, 10%, and 6% respectively for the average American).
The report also found Radio advertising is an important element in food retailers’ marketing mix. 93% of food retailers use radio as a media ad vehicle, trailing only printed circulars, and shelf tags and signs (each 100%) as predominant media choices. Choosing radio is significant, considering that 71% of large and small wholesale and retail food operations say there are more media ad vehicles than there were three years ago.
Read the full report here.