BIA Advisory Services has released its annual listing of the top ten billing stations in the country as part of its annual “Investing In Radio® Market Report”.

BIA notes that total local radio over-the-air and digital revenue for 2022 topped $13.6 billion in 2022, growing 7.4 percent from $12.6 billion in 2021. Over-the-air advertising grew 2.2 percent to $11 billion (up from $10.7 billion in 2021) and digital income rose 35 percent to $2.6 billion (up from $1.9 billion in 2021).

Hubbard News 103.5 WTOP Washington DC leads the country in revenue for the eighth straight year holding at 2021’s $70 million in revenue after $62 million in 2020.

iHeartMedia CHR 102.7 KIIS-FM Los Angeles remains in second for the eighth straight year as it continues its post-pandemic rebound up to $44.1 million after $43 million in 2021, $39.8 million in 2020, and $59.9 million in 2019.

iHeartMedia AC “106.7 Lite-FM” WLTW New York remains in third place rising to $35.1 million in revenue after $34.6 million in 2021 and $30.8 million in 2020.

Beasley Media Sports “98.5 The Sports Hub” WBZ-FM Boston moves up to fourth nationwide with $34.25 million in revenue rising from $33.4 million in 2021 and $29.6 million in 2020.

iHeartMedia CHR “Z100” WHTZ New York is up a spot to with revenue up to $33.5 million from $33 million in 2021 and $29.3 million in 2020.

iHeartMedia Hot AC “104.3 My-FM” KBIG Los Angeles places sixth up to $33.2 million in revenue rising from $32.3 million in 2021 and $29.3 million in 2020, but sill far down from its $45.15 million in 2019.

The effect of adding a simulcast on 92.3 in October has yet to be felt for Audacy News 1010 WINS, but it did rise to $32.1 million in revenue after $31.6 million in 2021 and $28.1 million in 2020.

Audacy Sports 660 WFAN/101.9 WFAN-FM tied for eighth with $32 million up from $31.5 million in 2021 and $28 million in 2020.

Audacy News 780 WBBM/105.9 WCFS Chicago fell from fourth to the eighth place tie dropping to $32 million following $34 million in 2021 and $29.7 million in 2020.

Cox Media Group News/Talk 750 WSB/95.5 WSBB Atlanta returns to the top ten rising from twelfth in 2021 with $31.75 million. The station had placed fourth in 2020 thanks to the massive Georgia election year bump.

Audacy News 880 WCBS New York falls out of the top ten to eleventh after generating $30.9 million in revenue in 2021.

BIA also notes that station transactions increased to $300 million in sales volume with 486 properties changing hands from $190 million in 2021, but there were just seven acquisitions of $10 million or more.

In the first edition of its Investing In Radio® Market Report for 2023, BIA Advisory Services reports that total local radio over-the-air and digital revenue for 2022 topped $13.6 billion in 2022, growing 7.4 percent from $12.6 billion in 2021. Over-the-air advertising grew 2.2 percent to $11 billion (up from $10.7 billion in 2021) and digital income rose 35 percent to $2.6 billion (up from $1.9 billion in 2021).

“Looking at last year’s ad revenue results, it shows that radio is maintaining an important position in their local markets, particularly as it expands and improves its online digital presence,” said Nicole Ovadia, VP of Forecasting at BIA. “This year, we are making a particular effort to track the digital revenue of local radio stations and believe this breakout in our forecast will be valuable to everyone in the industry.”

For 2023, Ovadia forecasts that the bump in revenue experienced in 2022 will be harder this year without significant political spending but expects that 2024 political advertising will start earlier in the cycle than usual, potentially bleeding into late Q4 of 2023.

For the top 10 radio stations by OTA revenue, a few adjustments in rankings occurred in 2022. While Washington, DC all-news station WTOP-FM maintained its long-time leading spot with $69 million in advertising revenue, other all-news stations struggled. Compared to last year’s list, Chicago, IL all-news station WBBM (AM) dropped to the number nine position and all-news station WCBS (AM) in New York dropped to the eleventh position. New to the list is WSB (AM) news/talk in Atlanta, GA, with $31.6 million in 2022 revenues.

In radio station sale transactions, BIA’s VP of Media Valuations, Lauren Ross said, “The radio deal market can best be described as sluggish in the past three years. Although deal volume[1] increased by two-thirds in 2022 to $300 million from $190 million in 2021, total radio station sales have been very low since 2018. All totaled, there were just seven radio buys of $10.0 million or more in 2022.”

BIA reports more on local radio in the first edition of its 2023 Investing In Radio® Market Report, which provides comprehensive revenue estimates for every Nielsen audio market. New this year are estimates for both over-the-air revenue and digital revenue. The market report is available for purchase in the company’s online shop. Revenue estimates and much more on every radio station is also available in MEDIA Access Pro™, BIA’s broadcasting and publishing data platform.

Also available for purchase is the Investing In Radio® 2023 Ownership Report that delivers a detailed analysis and guide of all owners in the Nielsen Audio rated markets and non-rated markets. Details are here.