It’s beginning to look a lot like hell in radio land. The Radio Advertising Bureau Wednesday morning (July 16) released the much-anticipated but feared radio revenue estimates for June and they are dramatically worse than expected. Local revenue for the 100 surveyed markets plummeted 10 percent compared to a year ago. National revenue are off by a stunning 13 percent. Combined, local and national revenue dropped by 10 percent.
The RAB, which gets its figures from Los Angeles accounting firm of Miller Kaplan Arase & Co., reported that non-spot revenue (which includes revenue from radio Web sites) grew 10 percent for the month. Factoring that into the mix only offset total revenue by 1 percent to a total decline of 9 percent.
Veteran Wall Street media analyst Jim Boyle of CL King & Associates forecast a disappointing month, but even he underestimated the level of incoming pain.