Radio sales post increase of 8.7% in Q3

The latest CBS data reveal that the banking sector led ad spend with a massive increase over Q2 of nearly 300%.

The third quarter of 2008 is proving to be a success for radio advertising, according to figures released yesterday by Canadian Broadcast Sales. The figures attest to a spending increase of 8.7% in the third quarter of 2008.

Five major categories are strong performers in Q3: restaurants, up 62.1%; alcoholic beverages, up 27.3%; financial services and insurance, up 22.7%; retail, up 18.6%; and automotive, up 12.2%. But banks boasted the biggest payload with a hefty increase in spending of almost 300%, followed by tires, in automotive, with an increase of 111%.

The third quarter slacker was telecommunications, which was off by 18% for the quarter. ‘It appears telecommunications took a bit of a breather but we anticipate that sector will heat up in the final quarter,’ says CBS president Patrick Grierson.

The general adult demo was 75.2% of total budgets in ad spending for the quarter, with spending against females at 15.4% and spending against males at 9.3%, bouncing back from an all-time low of 5% in Q2.

Toronto-based CBS predicts that radio sales will finish 9% ahead of last year. ‘What’s noteworthy is that this growth has been steady, stable and sustainable with no volatility,’ explains Grierson. National radio sales have seen eight successive quarters of positive growth.