New research appears to validate what many broadcasters and broadcast consultants have contended for some time: The Internet and online revenue will be one of the major drivers helping to propel the industry beyond its current economic morass and into a brighter future.
A new estimate based on recent research from BIA Advisory Services shows radio and TV stations collectively drove about $805 million in online dollars, or 7.3 percent of the $11 billion in local online advertising money spent last year. Of the total, TV stations accounted for $463 million in 2008.
By 2013, BIA forecasts the broadcasting industry’s online revenue will be responsible for $1.9 billion if it continues its ongoing transformation into a multiplatform media provider.
Between 2008 and 2013, BIA projects a compounded annual growth rate of 18.6 percent of online broadcast advertising, said Mark Fratrik, VP of BIA Advisory Services.
BIA will conduct a conference May 20-22 in Washington, D.C., to explore strategies broadcasters can pursue to capitalize on online revenue opportunities.
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