Radio Broadcasting & Programming Industry Profile

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Excerpt from Radio Broadcasting & Programming Industry Profile

Companies in this industry operate radio broadcast studios and transmit music, talk shows, news, and other audio entertainment formats to the public. Major US-based companies include iHeartMedia, Cumulus Media, and SiriusXM; leading companies based outside the US include the BBC (the UK), NRJ Group (France), and PRISA (Spain).

The global radio broadcasting market is expected to grow from $100 billion in 2020 to $114 in 2021 at a compound annual growth rate (CAGR) of 13.6%. By 2025, the market is expected to reach $138 billion at a CAGR of 5%, according to the Business Research Company. The US has the highest number of radio stations, according to Statista.

The US radio broadcasting and programming industry includes about 5,400 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $21 billion.

The industry includes radio networks and stations, but not companies that broadcast only on the internet or that primarily produce taped radio programs.


Business advertising and consumer demographics drive demand. The profitability of individual companies depends on advertisement volume, programming mix, and efficient operations. Large companies have economies of scale in sales operations and in contracting for programming. Small companies can compete effectively with special programming or broadcasters who attract large audiences. The US industry is concentrated: the 50 largest companies account for more than 80% of revenue.

Radio broadcast companies compete with other media, ...

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