RAB: Radio Down 5% In Q1
May 23, 2008 at 5:24 AM (PT)
Radio revenues were down 5% in the first quarter of 2008, reports the RAB, with a grand total of $4.498 billion. Local revenues were off 6% in Q1, to $3.186 billion. National was down by 11%, to $649 million. Local and national combined for a 7% drop, to $3.836 billion.
Network radio continues to grow, with revenues up by 7% in Q1, to $274 million, and off-air revenue up 15%, at $388 million.
Several industries increased their Radio investment in Q1, becoming the new growth leaders for the medium. The influx of these dollars, combined with the steady escalation of advertiser spending in the Network and Off-Air sectors, helped Radio curtail the effects of today’s unstable economy.
"Radio has always served a wide variety of advertising categories," said RAB Pres./CEO JEFF HALEY. "We are encouraged that first quarter has brought new and returning advertisers to radio. Agressive pursuit of brand-extension opportunities, new programming formats, and interactive on-demand experiences maintains radio's relevance and provides advertisers a recession-resistant outlet to engage their consumers."
The leading growth category in the quarter was insurance, spending $170 million in Q1 '08, up by 24%. GEICO remained the top insurance spender, based on MILLER KAPLAN data.
See the full RAB report here.