How are Indian FM radio advertising revenues performing?

Indian FM radio advertising revenues have shown a strong recovery, nearing pre-pandemic levels and reaching ₹1,819 crore in FY25.

What caused the sharp drop in radio ad revenue in India?

The Covid-19 pandemic severely impacted radio ad revenues, causing them to plummet to ₹941 crore in FY21.

Which cities are contributing to radio's revenue growth in India?

Tier-2 cities such as Kochi, Bhopal, and Jaipur are seeing increased advertising, contributing significantly to radio's revenue growth.

Home / Business and Economy / Indian Radio Revenue Roars Back to Pre-Pandemic Levels

Indian Radio Revenue Roars Back to Pre-Pandemic Levels

12 Jan

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Summary

FM radio ad revenues reached ₹1,819 crore in FY25.
Revenues experienced a sharp drop to ₹941 crore in FY21.
Growth is fueled by tier-2 cities and diverse ad formats.

Indian Radio Revenue Roars Back to Pre-Pandemic Levels

Advertising revenues for private FM radio stations in India are nearing pre-pandemic levels, indicating a significant recovery for the medium. In the fiscal year 2025, revenues reached ₹1,819 crore, only slightly below the ₹1,903 crore recorded in FY20, just before the global health crisis. The industry faced a severe downturn in FY21, with revenues sharply falling to ₹941 crore.

Since then, a steady rebound has been observed, with revenues climbing to ₹1,227 crore in FY22, ₹1,547 crore in FY23, and ₹1,776 crore in FY24. This revival is attributed to radio's adaptability and its successful re-engagement with advertisers. Experts note that a significant portion of this growth originates from tier-2 cities, with local stations in places like Kochi, Bhopal, and Jaipur seeing increased advertising.

Local brands and hyper-local sectors such as education, training, and real estate are actively utilizing radio for brand communication and festive campaigns. Furthermore, radio stations are now offering a broader spectrum of advertising options, including on-air RJ integrations, events, outdoor advertising, and non-music digital content. This enhanced flexibility has helped radio stations hold steady and grow globally in the post-pandemic era.