Not everyone can afford satellite radio and free, local radio has always been there for us. A new study behind the economics of that shows free, local radio powers the economy, bringing in $437 billion in annual GDP with nearly 910,000 jobs across the country.
A new study by Woods & Poole Economics looked at what local radio and tv contribute financially. Along with BIA Advisory Services the research measured as much as $1.19 trillion dollars in GDP and 2.46 million jobs with radio pulling in over a third of that.
The study also showed local radio alone brought in nearly $20 billion in GDP and employed around 115,000 people, which included air talent, journalism, engineering, sales, and operations. Plus, radio ripples into other areas too with free access to products and services. The research further showed radio advertising was responsible for $369 billion and over a half million jobs.
The research also showed how radio had a unique public-service role with stations being crucial in an emergency with the nation’s Emergency Alert System, reaching communities during wildfires, hurricanes, and other catastrophes even when power, broadband, or mobile networks failed. And radio is still relied upon as a primary source of trusted local news, community events, and sports. The President and CEO of the NAB says it shows how important broadcasting was not only to democracy and public safety, but to the strength of the U.S. economy. 📻
