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Over-the-air local radio station revenues hit $14.1 billion in 2010, a 5.4 percent increase over 2009, according to this year's first edition of BIA/Kelsey's quarterly "Investing In Radio Market Report." BIA/Kelsey, adviser to companies in the local media industry, expects 2011 radio industry revenues to rise a moderate 3.7 percent, and 2012's election year to bump up revenues 4.5 percent. The firm also projects online/digital revenues for radio will experience a 14.1 percent compound annual growth rate (CAGR) in the five-year period beginning 2011. Revenues from online/digital provided $405 million to the industry in 2010 and are expected to rise from $494 million this year to $783 million by 2015.