India's Radio Ad Revenue Climbs Near Pre-COVID Peak
Overview
Indian FM radio advertising revenues have significantly recovered, reaching ₹1,819 crore in FY25, a near return to pre-pandemic levels. Despite digital competition, the medium demonstrates resilience, driven by growth in tier-2 cities and diverse advertising formats. This marks a substantial comeback from the FY21 downturn.
Radio Ad Revenue Recovers Sharply, Nearing Pre-Pandemic Heights
Private FM radio stations in India reported advertising revenues of ₹1,819 crore for the fiscal year 2025 (FY25). This figure signals a robust recovery, bringing the industry close to its pre-pandemic performance. The revenue remains marginally below the ₹1,903 crore recorded in FY20, the last full year before global disruptions significantly impacted advertising spend.
The sector experienced a severe downturn during FY21, with ad revenues plummeting to ₹941 crore. However, a consistent recovery trajectory has been observed since then. Revenues climbed to ₹1,227 crore in FY22, rose further to ₹1,547 crore in FY23, and reached ₹1,776 crore in FY24, according to data submitted by operators to the Telecom Regulatory Authority of India (TRAI).
Resilience Against Digital Tide
TAM Media CEO LV Krishnan noted the medium's ability to withstand the aggressive expansion of digital platforms. "Radio as a medium has withstood the onslaught of digital platforms and has revived itself in a new form to connect with advertisers," Krishnan stated. This resilience highlights the enduring appeal of audio advertising.
Growth Drivers Emerge
Increased contributions from tier-2 markets are a key factor in this resurgence. Cities like Kochi, Bhopal, and Jaipur have seen heightened advertising activity on local FM stations. Krishnan pointed to local brands and hyper-local categories, including education, training institutes, and real estate, as significant drivers, increasingly leveraging radio for brand communication and festive campaigns.
Expanded Advertising Arsenal
Radio stations are now offering a more diverse suite of advertising formats. Beyond traditional airtime, advertisers can opt for on-air RJ integrations, event sponsorships, outdoor advertising collaborations, and non-music digital content. This expanded offering provides advertisers with greater flexibility and reach.
Globally, radio has demonstrated similar stability and growth in the post-pandemic era. "Hence, not just in India but globally across markets, radio has held steady, revived itself and is growing in the post-pandemic years," Krishnan added, underscoring a widespread industry revival.
