PwC have released their Australian Entertainment & Media Outlook 2019-2023 report and predict a bright future for radio.
On the back of a streaming jump of 17% for the period 2014-2023, and even with a flatlining of terrestrial radio over the same period, advertising spend on radio will grow to $1.76 billion over the next 4 years.
PwC is forecasting traditional radio advertising to rest a $987 million with streaming to grow to $773 million.
According to the report, while other traditional broadcast mediums have suffered cannibalism at the hands of new digital distribution methods, radio has shown that strong traditional and emerging digital revenue streams can coexist with internet radio and podcasting driving growth in the radio sector.
Easier access to streaming services via smart speakers and voice assistants in the home, and the data and analytics that streaming services offer advertisers are seen as key elements of the growth.
Strong personalities delivering quality content is helping to keep radio resilient, and PwC says while the data and analytics offered by streaming services allow advertisers to reach their target audiences with precision and then to measure the delivery of activity, this will lead to further monetised growth.
