Scan this week’s top headlines at Inside Radio, and you will see lots of good news for radio advertisers. In the second quarter of 2021, iHeartMedia reported a 77% year-over-year revenue increase, Urban One reported an 82.4% year-over-year increase, and Beasley Media Group posted an impressive 96% year-over-year revenue increase.
According to Inside Radio, iHeart’s growing Digital Audio Group more than doubled Q2 revenue with a 112% year-over-year increase to $197.9 million. iHeart attributed digital gains to increased demand among advertisers, the growing popularity of podcasting and increased premium podcast content, and better monetization of its digital audiences and inventory.
Digital gains also drove growth at Beasley. The company saw record digital audience impressions in the second quarter
At Urban One, the company is “experiencing unprecedented advertiser interest,” said CEO and President Alfred Liggins in a press release. Radio ad sales increased 68.0% to $42.6 million in Q2 from $25.4 million in the second quarter of 2020.
This is all great news for the radio industry, said Bob Leonard, Director of Client Development at Strategic Media, Inc. “The last year was a tough one for all of the people working at the various radio groups. There were layoffs, furloughs, lost income. Any time you can increase revenue and bring people back to work the customer is going to benefit. We’re going to start to see better customer service and more hands-on help. It’s very exciting for everyone. And, of course, our clients will see the benefit of better customer service at the station level.”
Ready to find out why so many advertisers are turning to radio? Contact SMI today to find out how to get your commercial on radio and podcasts.