Broadcasting (Except Internet)
NAICS 515: U.S. broadcasting — TV station groups, radio operators, NFL rights, and retransmission fee dynamics.
Industry at a Glance
Sector-wide aggregates across all businesses classified under NAICS 515 (2017 classification frame). For specific sub-industries within this sector, see the individual reports below.
In NAICS 2022 this is part of 516, “Broadcasting and Content Providers”, which is broader.
Industry Overview
Broadcasting except internet (NAICS 515) covers television and radio stations that produce and transmit content via over-the-air signals, cable, and satellite. The subsector generated approximately $170 billion in total revenue in 2023, with television advertising (including political ad spending) representing the dominant revenue stream. Major station group owners include Nexstar Media Group (the largest local TV station owner with 200 stations across 116 markets), Sinclair Broadcast Group (185 stations), and Gray Television (113 stations), which together reach over 80% of U.S. households.
Cord-cutting has reduced traditional pay-TV subscribers from a peak of 100 million in 2012 to roughly 70 million by 2024, compressing affiliate fee and advertising revenue for cable-distributed channels. However, broadcast television retains unique strengths: live sports rights, particularly NFL games, generate the highest-rated programming on television, and retransmission consent fees paid by cable and satellite providers to local stations now exceed $14 billion annually. Radio broadcasting, led by iHeartMedia (approximately 860 stations) and Cumulus Media (roughly 400 stations), faces its own structural challenges as Spotify, Apple Podcasts, and SiriusXM draw listening hours away from terrestrial AM/FM. The FCC's media ownership rules, last reviewed in the 2017 quadrennial proceeding, cap the number of stations a single entity can own nationally and restrict cross-ownership of newspapers and broadcast stations in the same market.
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Industry Trends
Retransmission consent fee negotiations between local TV stations and cable/satellite providers have become the subsector's most contentious business issue, with Nexstar, Sinclair, and other station groups using market power to extract annual rate increases of 8-12%, costs ultimately passed to pay-TV subscribers.
NFL broadcast rights deals through 2033 — valued at over $110 billion across CBS, Fox, NBC, ESPN/ABC, and Amazon Prime — anchor broadcast television ratings and underwrite the economic viability of network television in an era of declining scripted viewership.
The FCC's proposed reinstatement of the ATSC 3.0 (NextGen TV) standard enables broadcasters to deliver 4K, interactive, and datacasting capabilities over the air, with over 75 markets deploying ATSC 3.0 signals by 2024, though consumer adoption of compatible receivers remains slow.
iHeartMedia's pivot from terrestrial radio to podcasting through the iHeartPodcast Network, now the largest podcast publisher by listener reach, reflects how legacy radio operators are repositioning for digital audio advertising budgets exceeding $2 billion annually.
Sinclair Broadcast Group's financial restructuring and Diamond Sports Group bankruptcy (its regional sports network subsidiary) illustrate the fragility of the regional sports broadcasting model, where cord-cutting has undermined the subscriber base that funded expensive local team rights.
Specialty Reports Available on Request
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Frequently Asked Questions
What is NAICS 515? ▾
What are retransmission consent fees and why do they matter? ▾
How does the NFL sustain broadcast television economics? ▾
What caused the regional sports network crisis? ▾
How is terrestrial radio adapting to competition from streaming audio? ▾
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