Variety columnist Jan Dawson made this comment in a post last week on iHeart Media’s troubles :

“Despite operating in two industries in decline — radio and outdoor advertising — iHeart has managed to maintain revenues while improving margins…”

Jan needs to look at the data.  Radio is in decline, but not outdoor.

Outdoor has been a GDP business for the last five years with 3.4%/year growth versus 3.6% growth for the US GDP.  Radio has declined 0.3%/year during that that time.  The Radio Advertising Bureau has stopped releasing quarterly figures.  An industry is in decline when it stops releasing quarterly revenues because they are headed down.  An industry which is in even bigger decline will stop releasing revenues altogether as as the National Newspaper Association starting doing in 2014.

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