Valuing Radio: How commercial radio drives economic value for the UK
The presence of the commercial radio industry in the UK generates economic activity and supports jobs across the economy. In 2014/15, it supported nearly 12,340 jobs in the UK. The industry’s own workforce numbered 4,410 people, over three times as many as employed in the computer games development industry.
In total, the industry supported a £683 million gross value added contribution to UK GDP in 2014/15. Some £310 million of this impact was generated by the industry itself (direct contribution). Gross value added comprises the profits, business rates and employee compensation a company or industry creates or pays.
The impact that commercial radio has on the UK goes far beyond these expenditure impacts. Radio-based adverts deliver significant value for firms, which in turn support a large amount of economic activity. Moreover, radio airplay is a key driver of music sales and produces a significant amount of public service broadcasting and charity content in their schedule.
Oxford Economics Research Team
Our Thought Leadership team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included: