The local-media consulting firm said that the radio industry will generate another $459.3 million this year in digital and online revenue, which is up slightly from the roughly $400 million it generated from those sources last year.
The growth in over-the-air revenue is in part driven by national advertisers buying time in the top 10 U.S. markets, which are expected to grow by 6.26% this year compared with last year, according to the report. Philadelphia and San Francisco are the market leaders and are expected to see over-the-air revenue increase by about 8%, according to BIA/Kelsey.
BIA/Kelsey forecast growth in both over-the-air and digital revenue for radio through 2014. Nonetheless, the decline in 2009 was steep enough that anticipated total radio revenue in 2014 of $16.6 billion will still be less than the $16.8 billion generated in 2008.
“We’re glad to see positive growth in most U.S. radio markets but still feel there remains enough uncertainty in the country’s overall economic performance to tread carefully stepping into the second half of the year,” Mark Fratrik, VP at BIA/Kelsey, said in a statement.