Source: radioink.com, August 2023
How’s this for an ironic twist? As many automakers rush to cut AM radio from their upcoming electric vehicles, new research shows that heavy listening to AM makes a car buyer more likely to buy EVs than someone who doesn’t.
According to Cox Automotive, the popularity of EVs is on the rise. Projections suggest that 2023 will see new EV sales in the US exceed one million units for the first time. This growth follows a steady increase in market share, which has risen from 1.5% in 2020 to an expected 6.5% in the first half of 2023.
In March and April of 2023, the Cumulus Media/Westwood One Audio Active Group, in partnership with MARU/Matchbox, conducted a study of 600 auto buyers in the Dallas-Ft. Worth area. Results indicated that only 15% of auto buyers would consider an EV, but if they regularly listened to AM or FM radio 23% were more likely to buy an electric car.
This is on top of Nielsen Scarborough data that says AM/FM radio listeners are 25% more likely to be considering a vehicle purchase than TV viewers, with radio reaching 13% more auto intenders than linear TV.
Automakers should take note: what happens when loyal AM listeners, who are more likely to buy EVs, show up to buy and yours doesn’t have AM, but a competitor’s does? Ford appears to have weighed this, at least for the time being.
At the same time, broadcasters take note: are you pushing products from companies that want less OTA radio to your P1s? And is your audience aware of the imminent threat?
