Radio revenue improved slightly in the third quarter, but was still bouncing along the bottom, according to figures by the Radio Advertising Bureau.
Local and national advertising fell 19 percent to $3.4 billion, compared to a 25 percent drop in Q2. Year-to-date, radio revenue is down 23 percent to $9.7 billion.
Other radio segments had a somewhat better quarter. For example, network radio was down 11 percent to $253 million.
Off-air revenue was down 9 percent to $335 million. Digital continues to be a bright spot in the radio business, up 14 percent to $126 million.
“As the quarter came to a close, it showed promise of an upswing in advertising spend by marketers. Increases in highly competitive categories continue to positively influence radio’s bottom line,” said Jeff Haley, president and CEO of the RAB. Radio ad spending by firms such as Subway, Dunkin’ Donuts, MetroPCS, Volvo and Hyundai helped, the RAB said.
The figures are based on a pool of more than 100 markets as reported by the accounting firm of Miller, Kaplan, Arase & Co.