The radio and television broadcast industries continue to thrive according to a new study by Woode and Poole Economics. The study found that the radio and television broadcast industries generate close to $1.17 trillion dollars per year with the radio industry accounting for $478 billion.
The study also found that the combined industry also holds many job opportunities with close to 2.47 million jobs in the country being related to radio or television broadcasting. Of those 2.47 million jobs, 1.01 million can be attributed to radio.
Local television and radio have a direct impact on the economies of their communities. The study found that close to 318,050 thousand jobs annually are created by smaller or “locally oriented” broadcast stations. Radio accounts for 130,024 of these local jobs created.
The study also found that online revenue for radio stations continues to grow. While overall revenue for radio stations has remained relatively the same over the past five years, online revenue continues to take up a larger role. Online revenue for radio stations has nearly doubled since 2013 and now accounts for nearly 25% of the total revenue in the radio industry.
The study also projected a bright future for the industry. With a low cost and unique form, the study shows the industry is primed to thrive for years to come with revenue projections expected to increase into 2023.