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### Research Strategy

This research was conducted primarily by investigating reports on the United States radio industry and then the subsequent breakdown and analysis on these reports. The Compound Average Growth Rate was calculated using the formula CAGR = (End Value / Start Value) ^ (1 / 1) - 1.
• Terrestrial Online Radio = (\$1.93 b / \$1.79 b) ^ (1 / 1) - 1 =7.82%.
• Satellite Radio Advertising = (\$182 m / \$172 m) ^ (1 / 1) - 1 =5.81%.
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• The calculated 2019 CAGR of terrestrial radio online advertising is 8.33%.

### RESEARCH STRATEGY

We started the research by looking at the US radio industry reports, since they normally provide insights into the ad spend of the various broadcast radio categories. We searched Deloitte, Biakelsey and TechNavio. We determined the ad spend, but the CAGR was not stated and we had to get creative to calculate it. The calculations are detailed below:

### Calculation done

Ad spend in 2019= \$15.92 billion
Expected ad spend in 2020= \$15.94 billion
Therefore CAGR= (\$15.94 billion-\$15.92 billion)/ \$15.92 billion x 100=0.13%

Ad spend in 2019= \$1.8 billion
Expected ad spend in 2023= \$2.4 billion
CAGR= [(\$2.4 billion-\$1.8 billion)/\$1.8 billion x 100]/4= 8.33%

Ad spend in 2018= \$15.9 billion
Expected ad spend in 2022= \$16 billion
CAGR= [(\$16 billion-\$15.9 billion)/\$15.9 billionx100]/4= 0.16%

Therefore, ad spend in 2019= (0.16%x\$15.9 billion) + \$15.9 billion=\$15.93 billion.