Radio Stations
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 3,100 radio firms in the US operate radio broadcasting studios and facilities that transmit programming to the public, affiliates, or subscribers. Major revenue categories include local advertising; national and regional advertising; programs; public and non-commercial programming; and network compensation. Satellite radio broadcasters generate the majority of revenue through subscription fees. Public radio stations receive the majority of revenue from listener contributions.
Regulation Impacts Operations
Radio broadcasters are regulated by the Federal Communications Commission (FCC), which governs licensing, ownership, and assignment of frequencies, locations, power, and other technical parameters.
Seasonality Affects Revenues
Revenue can be uneven and subject to seasonal factors.
Industry size & Structure
The average independent radio broadcasting company operates out of a single location, employs about 16-17 workers, and generates $7.4 million annually.
- The radio broadcast industry consists of about 3,100 firms that employ about 53,000 workers and generate about $23 billion annually.
- The industry is concentrated at the top; the top 20 companies account for about 76% of industry revenue.
- The majority of firms operate within a limited geographical market. Large companies include iHeartRadio (formerly Clear Channel Communications), Cumulus Media, NPR, and SiriusXM Radio.
- Large companies may have operations related to other forms of media, such as television or outdoor advertising.
- The industry excludes Internet-only radio services, such as Pandora. Internet-only radio providers are considered part of the Internet broadcasting and services industry.
Industry Forecast
Radio Stations Industry Growth
Recent Developments
Mar 13, 2025 - FCC Launches "Massive" Deregulation Initiative
- Federal Communications Commission (FCC) Chair Brendan Carr has launched what the Federal Communications Commission says is a “massive” new deregulatory initiative, according to Inside Radio. The goal is to eliminate any rules or policies that have prevented businesses from investing in modernizing their technology, according to a recent Commission rulemaking proposal. Carr says that the effort is needed to alleviate unnecessary regulatory burdens and fulfill President Trump’s pledge to unleash a new wave of economic opportunity for US business by ending what President Trump views as regulatory onslaught from Washington. Carr said in February that the Department of Government Efficiency (DOGE) had not yet been at the FCC but he has created an internal agency task force that is looking for places where cuts beyond just what’s written in the rulebook can be made. “My expectation is that the DOGE team itself will interact with the FCC at some point here in the not-too-distant future. And frankly, I very much welcome the direction that we are going in terms of being efficient,” Carr said after the Commission’s February meeting.
- Digital advertising and marketing services now account for 20% of radio industry revenue, according to Inside Radio. Digital now accounts for nearly two-thirds of total media spending in the US, increasing 8% year-over-year in 2024 and reaching $107 billion for the first eight months of the year. Telecom, professional services, and financial products & services were the top three spenders on radio in 2024.
- Radio stations are airing less local news, according to a Radio Television Digital News Association survey. The median amount of weekday local news decreased 8 minutes year over year in 2023. The average dropped more than 20 minutes, roughly back to where it was two years earlier. Commercial stations experienced a decrease in average minutes aired, whereas non-commercial stations saw an increase in average minutes aired but a slight decrease in median minutes.
- Radio industry employment increased slightly during the first nine months of 2024, according to the US Bureau of Labor Statistics (BLS). Radio stations moderately decreased their prices during the first nine months of 2024, according to the BLS. Radio station sales are forecast to grow at a 3.64% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.