Borrell Associates CEO Gordon Borrell sees opportunity ahead for the radio industry — if it embraces the need to transform its business model to include the pursuit of digital revenues.
Inside Radio Borrell Associates webinar.
“2024 Annual Report Benchmarking Local Media’s Digital Revenues.”
Local radio advertising dollars — along with broadcast and cable — have been on a steady decline since 2006.
From INSIDE RADIO.
Is radio better suited than its legacy media counterparts to grab an increasing share of the digital pie?
“I always like to point out [that] radio was the last major local media to be disrupted by digital,” said Corey Elliott, EVP of Local Market Intelligence, Borrell Associates. “They saw it blow through Yellow Pages, then newspapers, then TV — they had a chance to prepare for the tsunami.”
Radio gets zero audience subscription revenue, unlike local TV stations, cable companies and local newspapers, which get anywhere from half to four-fifths of their revenues in that fashion.
Borrell says radio embracing digital. Revenues account for $1 in every $5.
Industry leaders pushing hard into hyperlocal sites.
Townsquare got 52.3% of its gross advertising revenues from digital in 2023, dwarfing the radio industry’s average of 20.9%.
John Jurgaitis of GET SMART DIGITAL: These percentages can either show greatness in digital sales, or weakness in selling radio spots. Maybe a mixture of the two.