A. Guttmann
Research Lead covering media
Broadcasting industry in the United States - statistics & facts
The core of the broadcasting industry in the U.S. is radio and TV. Both sectors, however, are struggling to retain audiences in times when media consumption is becoming predominantly digital. The entire industry seems to be offsetting the losses by restructuring the workforce and operations. Recent data reflect this trend, showing the decline in broadcasting industry employment and the significant drop in the number of establishments in the TV, radio, and cable sectors. Currently this strategy is paying off, as the industry’s revenue figures are consistently growing. It is no secret that technological advances have fundamentally altered the broadcasting landscape over the past century but what remains is the strong demand for audiovisual content.
While the history of commercial broadcasting in the United States dates back to the 1920s, when news reports, music shows, and live sports events were first transmitted to people's homes, the sector today needs to adapt to the digitalization of media and bet on local content to attract more customers.
Television is transforming
Television has provided 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, NBCUniversal, and other broadcasting giants returned on a positive growth path. This upswing was largely fueled by the boost in TV advertising revenue which surpassed pre-pandemic levels. 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.Is radio falling from grace?
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. Yet, recent industry data revealed that radio reach in the U.S. stood firmly at around 90 percent for the past decade, only to start declining in 2018 and land at 82 percent in the last measured period. Still, those who do listen to the radio, do so every week - in 2023 around 82 percent of the population listened to the radio on a weekly basis, pointing to the existence of loyal audiences and a demand for the medium. For major players like Sirius XM or iHeartMedia this means that radio advertising will remain a steady and profitable source of revenue.While the history of commercial broadcasting in the United States dates back to the 1920s, when news reports, music shows, and live sports events were first transmitted to people's homes, the sector today needs to adapt to the digitalization of media and bet on local content to attract more customers.
