Midlands economy boosted £229m by commercial radio

Midlands economy boosted £229m by commercial radio
Credit: Shutterstock.com/ Branislav Nenin

Commercial radio in the Midlands boosts the region’s economy by more than £229 million a year in terms of the return on investment enjoyed by local advertisers, according to a new report by a group of cross-party parliamentarians.

Valuing Radio is the first report of its kind by the All-Party Parliamentary Group (APPG) on Commercial Radio, and was launched this week at an event in parliament.

It includes new figures on commercial radio’s economic impact across the UK, as well as data on the public value of news and information, charitable fundraising and education supported by the sector.

The report reveals that for the UK as a whole the return on investment of commercial radio for local advertisers is estimated to be £1.6 billion annually, while stations raised an incredible £30 million for charitable good causes in 2018.

The report also finds that on average stations provides around 10 hours of news, travel and weather output each week, made up of dozens of bulletins every day.

Siobhan Kenny, Chief Executive at Radiocentre, said: “Commercial radio is fast-emerging as one of the heroes for local advertisers in the Midlands. The benefits of advertising on the radio are particularly significant for SMEs because of its modest cost and proven effectiveness. This new report underlines the sector’s vital role in society, particularly when it comes to times of national emergency and as a trusted source of news – now the industry needs to work together with government and the regulator to ensure this success continues long into the future.”