Or so says SNL Kagan. Projections from the research firm say radio online revenues are expected to grow by double digits in 2009 to $441 million by year-end, up 12 percent from $394 million annually in 2008.

SNL Kagan projects an annual online revenue growth rate of 20 percent in 2010 to $530 million. As the market matures, growth is expected to level off through 2013, rising to $827 million, or 4.7 percent, of total radio revenues by the end of the five-year period. That compares to 2.0 percent in 2008 and a projected 2.7 percent of total radio revenues in 2009.

The projections were published in SNL Kagan’s Broadcast Investor feature and are available via the SNL Kagan Unlimited Information Service.

Despite the rough economy, the analysis expects 2009 to finish ahead of 2008. The group also shows that overall revenues will continue to increase through 2013. That’s good news for radio stations.