16/10/2024
Great news is buzzing in the world of commercial radio! Recent figures released by Radiocentre reveal an impressive 5% year-on-year increase in advertising revenue for the first half of 2024. That’s right—commercial radio is thriving, and the numbers speak for themselves!
From January to June 2024, the UK commercial radio market raked in nearly £360 million in total revenue. Let’s break it down:
National Advertising: A robust £192.7 million, reflecting a 5.6% increase compared to last year.
Local Advertising: This segment brought in £60.2 million, up by 5.4%.
Branded Content and Digital Revenues: These areas are also on the rise, showcasing the radio industry’s adaptability and innovation.
Radio centre’s Chief Executive, Matt Payton, expressed optimism about these figures, stating, “While it’s a bit early to make end-of-year predictions, this bodes well for the rest of the year. If growth can be maintained in line with AA/WARC industry forecasts, we could look at one of the best-ever years for commercial radio.” This is a promising indication of brands’ confidence in radio’s capacity to engage audiences effectively.
In 2024, radio media revenue in the UK is projected to reach an astounding £715 million—a figure that surpasses pre-COVID levels seen in 2018. This is not just a recovery; it’s a testament to radio’s resilience and continued relevance in the digital age. Digital radio revenue is on track to nearly double since 2018, with projections indicating it could hit over £72 million this year, up from just £45 million.
