Study: Radio's Economic Impact Continues to Grow
February 24, 2014

A new study by Woods & Poole Economics, with support from BIA/Kelsey, shows that local commercial broadcast television and radio contributes $1.24 trillion of Gross Domestic Product (GDP) and 2.65 million jobs to the American economy annually. The analysis also found that both television and local radio's economic impact will continue to grow in the coming years. Additionally, the report shows that direct employment from local commercial broadcasting, which includes jobs at television and radio stations as well as in advertising and programming, is estimated at more than 313,000 jobs, generating more than $55 billion annually in economic impact. Radio specifically contributes 125,000 jobs that result in almost $23 billion in GDP.

"Broadcast radio and television stations not only provide valuable local news, weather and public affairs programming to local communities, but also serve as a key driver for economic growth in America's hometowns," said NAB President and CEO Gordon Smith in regards to the study. "Whether it is by providing hundreds of thousands of jobs or offering an advertising platform for small businesses, local broadcasting has an unmatched legacy as an engine for economic development and growth."

The study also examined the cascading impact that employment at local television and radio stations has on local economies through the consumption of goods and services by industry employees. Local broadcasting has a ripple effect on other industries of over $138 billion in GDP and more than 856,000 jobs, the report concluded. Broadcasting's largest impact on the American economy stems from its role as a forum for advertising of goods and services that stimulates economic activity. The study estimated that local broadcast TV and radio advertising generated $1.05 trillion in GDP and supports 1.48 million jobs.

"The advertising provided by commercial local television and radio is unique in its comprehensive coverage and very low cost to consumers," reads the report. "Local television and radio advertising serves an important role for both consumers and businesses in providing economic information on product prices and features. This information increases market efficiencies and results in greater demand for well made and well priced goods and services. The additional demand contributes to aggregate economic growth."




 
Breaking News
eQB NOW
Tommy Chuck Named Program Director of WIHT/Washington, D.C. & WPOC/Baltimore
iHeartRadio Surpasses 60 Million Registered Users
SFX Entertainment Names New President & COO
Third Music Industry Reunion Planned For Los Angeles
In Brief - January 23, 2015
January 22, 2015
Edgar "Shoboy" Sotelo Joins WBMP/New York For Mornings
Rdio Launches In 24 New International Markets
Shazam Announces $30 Million Investment At $1 Billion Valuation
iHeartMedia Celebrates Valentine's With "iHeartRadio Ultimate Valentine's Escape"
In Brief - January 22, 2015
January 21, 2015
Dave Dyer Promoted to SVP Promotion, Warner Bros. Records
JD Garfield Joins KWYD/Boise As APD/Morning Drive Host
iHeartRadio Country Festival Returns
Edison Research: Streaming Audio Now Bigger Than AM/FM Radio Among US Teens
In Brief - January 21, 2015
January 20, 2015
John Fleckenstein Named EVP, RCA Records
iHeartMedia St. Louis Announces Two New Program Directors
Local Radio Networks, AdLarge Media Form Exclusive Partnership For 24/7 Format Radio Network
Len Berman And Todd Schnitt To Host Mornings On WOR
Scott Shapiro Named VP/Sports Programming For Premiere Networks
Jim Daunais, Tim Walker Promoted To EVP Posts At Westwood One
Tony Waitekus Appointed OM For NRG Media's Wausau-Stevens Point Stations
Alpha Media To Purchase Coast Radio Company Radio Stations
CRN Study: Which Radio Messages Have Greatest Impact On Millennials
In Brief - January 20, 2015
January 19, 2015
Music News
Paramore Announce Spring Theater "Events"
Quick Hits: Kanye West, The Black Keys, Rush, Nick Jonas
BET Honors Usher, Kanye West
Quick Hits: Ariana Grande, TLC, Art Of Anarchy, Rob Zombie, Aerosmith, Rocklahoma
Meghan Trainor's Title Debuts At #1
LL Cool J Returning As Grammy Host
Quick Hits: The Grammys, Gwen Stefani, Pharrell, Linkin Park, Interpol, David Byrne
Madonna Bares Her Rebel Heart
Quick Hits: Slipknot, Justin Bieber, NKOTB / TLC / Nelly, Mötley Crüe, "Weird Al" Yankovic
FMQB Retro-Active: Ken Sharp Talks to Longtime Music Scribe Harvey Kubernik About His Latest Musical Tome
Quick Hits: Metallica, A$AP Yams, TLC, Ariana Grande
Grateful Dead Members To Reunite For 50th Anniversary
The Week In Review: 1/12/-1/16
Quick Hits; John Legend, Idina Menzel, Common, Lady Gaga, The Black Crowes, Kim Fowley
Fall Out Boy & Wiz Khalifa Plan Road Trip
FMQB NOW

Alicia Tyler, PD
WZNE/Rochester

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!