Television is transforming
Television has served visual entertainment to millions of people long before the dawn of online streaming services. And yet, video content that is delivered on-demand and over-the-top (OTT) via the internet is becoming more popular each year, serving as a key driver of change for the broadcasting industry. Streaming video contributes heavily to the ever-growing number of TV households in the U.S., with smart TVs and other internet-enabled devices rapidly finding their way into viewers' homes while traditional pay TV is slowly becoming a thing of the past. Looking at TV's top performers, revenue of Comcast, Fox, and other broadcasting giants all peaked in 2021. This upswing was largely fueled by the boost in TV advertising revenue, which nearly returned to pre-pandemic levels in 2021. Television has always been a powerful advertising medium, and now that televised live events such as the Super Bowl are resuming, advertising slots are as sought-after and expensive as ever.Radio keeps defying the odds
Radio is the oldest analog broadcasting medium in the United States and worldwide. Even though the format was prematurely pronounced dead multiple times during its centennial history, radio remains a staple across millions of U.S. households to this day. Industry data revealed that radio reach in the U.S. stood firmly at around 90 percent for the past decade. While this share dropped to an estimated 83 percent amid the pandemic, radio penetration rates will likely rebound within the next few years as people resume their travels and commutes. A rapid return to pre-pandemic financial levels is also highly anticipated by Sirius XXM, iHeartMedia, and many of the industry's other prominent players that saw revenues peak in 2019. With that said, the growing radio advertising revenues of 2021 and 2022 already indicated a slow but steady radio revival.
