The Radio Advertising Bureau (RAB) has released its report on the industry's second quarter financial results, finding that Q2 essentially remained flat compared to a year ago. Radio revenue was $4.66 billion in Q2 2013, which the first six months of the year were also flat at $8.44 billion.
RAB President/CEO Erica Farber commented, "First-Half activity yielded a mixed-bag of results. While the Second Quarter was flat, activity was gaining as the months progressed, an encouraging sign for growth in the latter half of 2013."
"When we analyze results for the year thus far," Farber continued, "we see a clear commitment to advertising and Radio on the part of the most successful companies within their respective categories. Not only does this affirm the impact of maintaining an advertising presence through all economic climates, it underscores the fact that these marketers know the intrinsic value that Radio – both on-air and digital – brings to their brands."
Spot revenue was flat in Q2 at $3.742 billion, while it was down one percent in the first half to $6.744 billion. Network revenue fell four percent in Q2 to $285 million and was also down four percent in the first half of the year to $553 million. Digital revenue saw an impressive 16 percent leap in Q2 to $222 million, while it is up 13 percent in the first half of the year to $401 million. Off-air revenue was also flat in Q2 at $407 million, but it grew two percent in the first half of 2013 to $745 million.
The Communications/Cellular category was the top spender at radio in Q2, with a 27 percent increase. Specifically AT&T was the #1 advertiser in the quarter. Auto Dealers/Dealer Groups/Manufacturers was the second-biggest category of advertisers, followed by Restaurants, TV/Networks/Cable and Beverages.