TABLE OF CONTENTS

1. EXECUTIVE SUMMARY 1

2. INTRODUCTION 4
2.1 Definitions 5
2.2 Methodology 5
2.3 Abbreviations 5
2.4 Economic Overview 6
2.5 Market Positioning 8
2.5.1 Customers 8
2.5.2 Suppliers 8
2.6 Market Factors 10
2.6.1 Technological 10
2.6.2 Economic 11
2.6.3 Legislative 12

3. MARKET SIZE AND TRENDS 14
3.1 Chapter Summary 15
3.2 Market Drivers 15
3.3 Market Size 17
3.4 Market Segmentation 20
3.4.1 BBC 20
3.4.2 Commercial Radio 22
3.5 Market Trends 24
3.5.1 Trends in Radio Listening 24
3.5.2 Listening via New Platforms 26

4. INDUSTRY STRUCTURE 28
4.1 Chapter Summary 29
4.2 Industry Overview 29
4.2.1 Industry Rivalry 29
4.2.2 Threat of Entry 32
4.2.3 Threat of Substitutes 33
4.2.4 Recent Events 33
4.3 Company Profiles 34
4.3.1 Red Bee Media (formerly BBC Broadcast) 34
4.3.2 GCap Media (formerly Capital Radio) 36
4.3.3 Global Radio London (formerly Chrysalis Radio) 37
4.3.4 Emap 39
4.3.5 Smooth Radio Midlands 41
4.3.6 SMG 42
4.3.7 Scottish Radio Holdings 45
4.3.8 UTV Media (formerly Radio (GB)) 46
4.3.9 UBC Media Group 49

5. FORECAST 52
5.1 Chapter Summary 53
5.2 Market Size 53
5.3 Industry Structure 55

6. FURTHER SOURCES & CONTACTS 57
6.1 Trade Associations 58
6.2 Trade Magazines 59
6.3 Trade Exhibitions 60

LIST OF TABLES

1: Long Term Trends in UK Advertising Expenditure, 1960-2006 16
2: UK Radio Industry Spend/Revenues, 2003-2007 19
3: UK BBC Radio Spending and Commercial Radio Revenues, by Sector, 2003-2007 20
4: BBC Network Radio Hours of Output, by Genre, 2006/07 21
5: Commercial Radio Revenues, by Source, 2003-2007 22
6: Total UK Display Advertising and Commercial Radio Market, 2003-2007 22
7: Total Radio Listening Hours in the UK, 2003-2007 24
8: Financial Analysis of Red Bee Media, 2003-2007 35
9: Key Financial Ratios for Red Bee Media, 2003-2007 35
10: Financial Analysis of GCap Media, 2003-2007 36
11: Key Financial Ratios for GCap Media, 2003-2007 37
12: Financial Analysis of Global Radio London (formerly Chrysalis Radio London),
2002-2006 38
13: Key Financial Ratios for Global Radio London (formerly Chrysalis Radio London),
2002-2006 38
14: Financial Analysis of Emap, 2003-2007 40
15: Turnover Analysis of Emap, by Media Type, 2007 and 2006 40
16: Key Financial Ratios for Emap, 2003-2007 41
17: Financial Analysis of Smooth Radio Midlands, 2003-2007 42
18: Key Financial Ratios for Smooth Radio Midlands, 2003-2007 42
19: Financial Analysis of SMG, 2002-2006 43
20 Analysis of SMG Turnover by Division, 2005-2006 44
21: Key Financial Ratios for SMG, 2002-2006 44
22: Financial Analysis of Scottish Radio Holdings, 2002-2007 45
23: Key Financial Ratios for Scottish Radio Holdings, 2002-2007 46
24: Financial Analysis of UTV Radio (GB), 2001-2005 46
25: Key Financial Ratios for UTV Radio (GB), 2001-2005 47
26: Financial Analysis of UTV Media, 2003-2007 48
27: Revenue Analysis of UTV Media, by Segment, 2006 and 2007 48
28: Key Financial Ratios for UTV Media, 2003-2007 49
29: Financial Analysis of UBC Media Group, 2003-2007 50
30: Key Financial Ratios for UBC Media Group, 2003-2007 50
31: Forecast UK Commercial Radio Industry Revenues, 2008-2012 54
32: Forecast UK BBC Radio Programming Spend, 2008-2012 54