RAB Revenue Figures: Another Down Quarter
November 21, 2008 at 4:16 PM (PT)
The RAB released its preliminary third quarter revenue figures late FRIDAY, and the news continued to be bad, with local revenue off 10% to $3.457 billion, national off 12% to $767 million, and combined local and national revenue off 11% to $4.224 billion. Network revenue fell 3% to $285 million, and "off-air" revenue rose 5% to $458 million, making the grand total $4.967 billion, off 9% year-to-year.
For the year to date, local revenue fell 8% to $10.435 billion and national was off 11% to $2.195 billion (combined off 9% to $12.63 billion). Network revenue rose 1% to $8.552 billion and "off-air" was up 9% to $1.347 billion, making the grand total off 7% to $14.829 billion.
Among advertising categories, growth came from insurance companies (up 16% for the quarter, 18% year-to-date), professional services (off 3% for the quarter but up 6% YTD), beverages, and restaurants.
Political spending helped radio in the quarter, with local and national revenue boosted by $20.6 million and network radio adding $6.2 million. Third quarter 2008 was up 20.5% in political spending over 2004.
RAB Pres./CEO JEFF HALEY bright-sided the news, saying, "Although Radio companies are not immune to the current economic downturn, Radio's flexibility across traditional and emerging platforms provides advertisers multiple channels for consumer engagement. By leveraging the strength of Radio’s on-air brands, advertisers can communicate with their customers in relevant environments."