Market Insights Advertising & Media Advertising Audio Advertising

Traditional Radio Advertising - South Korea

South Korea

Ad spending in the Traditional Radio Advertising market in South Korea is forecasted to reach €182.30m in 2024.
The expected annual growth rate (CAGR 2024-2029) is -0.19%, leading to a projected market volume of €180.60m by 2029.
By 2029, the number of listeners in the Traditional Radio Advertising market in South Korea is anticipated to be 19.4m users.
The average ad spending per radio listener in the Traditional Radio Advertising market in South Korea is projected to be €9.44 in 2024.
In South Korea, the Traditional Radio Advertising market is experiencing a resurgence in popularity among local businesses seeking targeted and cost-effective advertising solutions.

Key regions: Australia, United Kingdom, China, Japan, Europe

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Analyst Opinion

The Traditional Radio Advertising market in South Korea has experienced significant growth in recent years, driven by several key factors.

Customer preferences: South Korean consumers still value traditional radio as a source of entertainment and information, which has contributed to the continued demand for radio advertising. Despite the rise of digital media, many people in South Korea still listen to the radio regularly, especially during their daily commute. This provides advertisers with a captive audience and an opportunity to reach a wide range of demographics.

Trends in the market: One of the major trends in the Traditional Radio Advertising market in South Korea is the increasing use of targeted advertising. Advertisers are now able to tailor their messages to specific audiences based on factors such as age, gender, and location. This allows them to maximize the effectiveness of their campaigns and ensure that they are reaching the right people with the right message. Another trend in the market is the integration of digital technology into traditional radio advertising. Many radio stations now offer online streaming services, allowing listeners to access their favorite shows and music on-demand. This has opened up new opportunities for advertisers to reach consumers through digital platforms, such as mobile apps and social media.

Local special circumstances: South Korea has a highly competitive media landscape, with a wide variety of radio stations catering to different interests and demographics. This provides advertisers with a diverse range of options when it comes to choosing the right platform for their campaigns. Additionally, South Korean radio stations often collaborate with popular celebrities and influencers, who have a strong influence on consumer behavior. This allows advertisers to leverage the popularity of these personalities to promote their products or services.

Underlying macroeconomic factors: The South Korean economy has been growing steadily in recent years, which has contributed to increased consumer spending power. As a result, advertisers are willing to invest more in traditional radio advertising to reach the expanding consumer market. Furthermore, the country's high internet penetration rate and widespread smartphone usage have created a favorable environment for digital advertising, including radio advertising through online streaming services. In conclusion, the Traditional Radio Advertising market in South Korea is developing due to customer preferences for radio as a source of entertainment and information, the increasing use of targeted advertising, the integration of digital technology, the competitive media landscape, and the underlying macroeconomic factors such as economic growth and high internet penetration.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on traditional radio advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising spending in broadcasting programs on terrestrial radio stations or networks.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use industry association reports, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, population, media consumption, internet users, and consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.