Radiocentre study finds commercial radio is worth £683 to UK economy

Posted on June 6, 2016 by admin

Radiocentre

A new study, commissioned by Radiocentre, the industry body for commercial radio, has found the UK’s commercial radio industry adds £683m (GVA) to the UK economy.

The study was carried out by global advisory firm Oxford Economics.  In addition to the 683 to the UK economy, the report concluded the following key findings:

  • commercial radio supported £683m in gross value added (GVA) to the UK economy
  •  12,340 jobs are supported by commercial radio (including 4,410 direct employees)
  • productivity is high, with each employee generating around £70,200 in gross value added
  • value to advertisers is estimated at £4.6bn (based on an average return on investment of £7.70 for every £1 spent)
  • value to music sales is estimated at £103m (plus around £50m in music rights payments)
  • direct charitable fundraising is estimated at £25m.

The report is the first of its kind to evaluate commercial radios detailed impact on the UK economy on an industry wide scale

Siobhan Kenny, CEO of Radiocentre said:  "Commercial radio’s popularity with listeners is not in doubt with an incredible weekly audience of 34.3 million. However the economic activity it supports has never been examined in any detail. We thought it was about time to address this and gather comprehensive data on the value of commercial radio to the economy, advertisers and the music industry.  The results are impressive, but there is also the potential for even greater value."

You can read the full report on the Radio Centre website here.

 

 


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