Structural Changes in Canadian Commercial Radio Market

This Research Note has been prepared for the Canadian Association of Broadcasters to present the current economic data regarding private commercial radio in Canada. It outlines three key areas: the major economic and structural trends that emerged in the early 21st century before the pandemic, the latest available data on the economic performance of private radio, and projections for private radio advertising revenues up to 2030. The document details significant declines in revenue and profitability for private radio stations from 2017 to 2023, highlighting that 44 percent of these stations reported negative profitability margins in 2023. It also discusses the competitive landscape of the advertising and audio markets, noting the impact of internet advertising on traditional media. The document concludes with an analysis of the changing relationship between retail trade and radio advertising revenues, illustrating a structural decline in the radio industry's financial performance.