Radio Broadcasting Global Market Report 2024

The radio broadcasting market size has grown strongly in recent years. It will grow from $149.03 billion in 2023 to $158.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historical period can be attributed to audience demographics, content innovation, dynamics within the music industry, and a focus on localism and community engagement.

The radio broadcasting market size is expected to see strong growth in the next few years. It will grow to $195.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the podcasting boom, integration with mobile platforms, the emphasis on live events and experiences, regulatory adaptations, and the implementation of data analytics and personalization. Major trends in the forecast period include advances in advertising technology, digital transformation, technological advancements, integration with social media, and adaptation to voice-activated devices.

The growth of the radio broadcasting market is driven by the increasing number of radio listeners. Radio serves as an interactive platform for music and information, delivering news and events from around the world. For instance, according to Nielsen Media Research, in 2021, 88% of Americans, approximately 293 million individuals, listened to terrestrial (AM/FM) radio on a weekly basis. Similarly, All India Radio streams, the national public radio broadcaster of India, experienced a rise in listenership from 17 million in February 2022 to 19 million in March 2022. Therefore, the growing number of radio listeners is anticipated to contribute to the expansion of the radio broadcasting market.

The rising demand for smart speakers is expected to further boost the growth of the radio broadcasting market. Smart speakers, equipped with virtual assistants and internet connectivity, allow users to access live broadcasts and on-demand content through voice commands. This enhances the convenience and accessibility of radio broadcasting for a broader audience. According to Comscore, as of December 2021, 48% of internet users owned at least one smart speaker, marking an 11% increase from 2020. This surge in smart speaker adoption is a key driver for the radio broadcasting market.

Internet radio services are gaining popularity for their superior sound quality, music search capabilities, and genre-specific channels. Internet radio, also known as web-radio or webcasting, utilizes the internet for broadcasting instead of traditional radio waves. Companies such as Pandora Media Inc., Spotify, Tune-In, and Slacker are prominent players offering internet radio services, providing listeners with access to global radio stations and live events.

Major players in the radio broadcasting market are increasingly focusing on the introduction of artificial intelligence (AI)-driven localized radio content solutions to maintain their market position. AI-driven solutions utilize algorithms to analyze local trends, news sources, and audience preferences, generating relevant and engaging radio content. For example, Futuri Media recently launched RadioGPT, the first-ever localized radio content solution powered by AI. Combining advanced GPT-3 technology with Futuri's AI-driven system, TopicPulse, RadioGPT identifies trending stories from various sources, produces on-air scripts, and transforms them into compelling audio using AI voices.

Major companies operating in the radio broadcasting market report are Comcast Corporation, Discovery Inc., Cox Enterprises Inc., ESPN Inc., Viacom Inc., Vivendi SA, Liberty Media Corporation, Sirius XM Holdings Inc., iHeartMedia Inc., Turner Broadcasting System Inc., Cable News Network Inc., Entercom Communications Corporation, Audacy Inc., Cumulus Media Inc., Alpha Media LLC, Urban One Inc., Townsquare Media LLC, Hubbard Broadcasting Inc., Bonneville International Corporation, Salem Media Group Inc., Midwest Communications Inc., Connoisseur Media LLC, Saga Communications Inc., Federated Media Inc., Beasley Broadcast Group LLC, Emmis Communications Corporation, Zimmer Radio Group LLC, Adams Radio Group LLC, Time Warner Cable Inc., Forever Media Inc.

Western Europe was the largest region in radio broadcasting in 2023. Eastern Europe is expected to be the fastest growing region in the forecast period. The regions covered in the radio broadcasting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the radio broadcasting market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa. The radio broadcasting market includes revenues earned by entities by operating broadcast studios and facilities for over-the-air or satellite delivery of radio programs, which may include entertainment, news, talk shows, business data, or religious services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The radio broadcasting market is segmented into radio station and radio network.

The primary categories of radio broadcasting encompass AM, FM, satellite radio, and HD radio. Amplitude modulation, a modulation technology widely utilized in electronic communication, is particularly notable for transmitting data via radio waves. Different broadcasters, including public and commercial entities, operate across various frequency bands such as very-low-frequency, low frequency, and medium frequency.

The radio broadcasting market research report is one of a series of new reports that provides radio broadcasting market statistics, including radio broadcasting industry global market size, regional shares, competitors with a radio broadcasting market share, detailed radio broadcasting market segments, market trends and opportunities, and any further data you may need to thrive in the radio broadcasting industry. This radio broadcasting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.