Radio Expanding Range Of Promotional Events

Client demand for live events continues to grow.  According to InsideRadio, event revenue accounted for one of every ten dollars the radio industry booked last year. One reason why radio’s live event revenue is growing at a double-digit percentage rate is that the industry continues to expand the range of events it produces.

From big to small, CBS Radio produces more than 1,000 events a year, including 12-30 signature events in each of its markets. Add up everything iHeartMedia does, from the smallest local events to its fall Las Vegas blowout, and the number reaches 20,000. Townsquare Media staged 140 events in the fourth quarter alone. The segment has grown to where Townsquare now reports it as a standalone operating segment, one that grew 31.6% to $12.4 million last year, including $8.5 million in profit.

One reason why radio’s live event revenue is growing at a double-digit percentage rate is that the industry continues to expand the range of events it produces. While concerts remain benchmarks for many, the menu has expanded to include events built around other listener passion points, including pets, food, wine, beer, sports, fashion, family, art, the outdoors and, of course, bacon.

More than 2,000 tickets sold out in January for Indianapolis’ first-ever Bacon Fest, produced by the city’s iHeartMedia cluster.

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