As Inside Radio reports, Cumulus Media CEO Mary Berner believes radio’s growth has been fueled in part by “red-hot categories” like sports betting, political, and recruitment, but that later in 2022, radio will see growth from industries that are still struggling as a result of the pandemic, including automotive, retail, and entertainment. Berner also predicts an increase in radio advertising for professional services, telecom, financial services, travel, and “a breakout year” for pharmaceutical advertisers.
Cumulus’ streaming shares have nearly doubled over the last four years, and Berner sees continued growth ahead for streaming, podcasting, and digital marketing services.
In response to a study by WARC that found brands are underspending on audio by a factor of 3X, Berner said, “I’m hopeful that this study, combined with the collapse of linear TV and the excitement over digital audio – which is causing many advertisers to rediscover the power of audio to connect with consumers – will cause the imbalance between share of consumer time spent and advertiser spend to narrow. It only makes sense.”