A new study finds advertisers and media buyers continue to underestimate the reach of AM/FM radio, despite it remaining the most listened-to mass medium in the United States. Research conducted in August 2025 by Advertiser Perceptions, using data from Nielsen, Edison Research, and LeadsRx, shows that agencies believe radio reaches only 40% of Americans weekly. Nielsen places the actual figure at 87%.
This misperception is particularly strong regarding younger audiences. While many planners assume Gen Z and Millennials have moved away from radio, Nielsen reports that 18–34 is the single largest segment of AM/FM’s audience.
Streaming platforms are also overvalued in media planning. Agencies surveyed believe Pandora and Spotify together attract a 41% share of ad-supported audio listening. Edison’s Share of Ear finds AM/FM’s ad-supported share is 14 times greater than both combined.
The report highlights the impact of adding radio to the media mix. Nielsen Media Impact data indicates that reallocating 10% of budgets from digital or TV to AM/FM increases overall campaign reach by 18% with no extra cost. Attribution studies from LeadsRx, covering 17 campaigns across five years, show that AM/FM consistently boosts site traffic by an average of 14%.
The findings reinforce that advertisers who overlook AM/FM risk missing broad audiences and measurable performance gains.