Smaller markets are faring better for a couple reasons. They were spared the fierce price wars which undercut big markets over the last two decades, as big radio groups battled for market share in major metro areas. In addition, small market stations often have closer relationships with local advertisers that tend to be more conservative in their media strategies. Aside from small markets, online is one of the few bright spots for radio, although its contribution to total revenue remains relatively small. In the first half of 2008, the off-air ad category, which includes online, grew.
