Abstract: We derive a lumped circuit model for inductive antenna spin-wave transducers in the vicinity of a ferromagnetic medium. The model considers the antenna's Ohmic resistance, its inductance, as well as the additional inductance due to the excitation of ferromagnetic resonance or spin waves in the ferromagnetic medium. As an example, the additional inductance is discussed for a wire antenna on top of a ferromagnetic waveguide, a structure that is characteristic for many magnonic devices and experiments. The model is used to assess the scaling properties and the energy efficiency of inductive antennas. Issues related to scaling antenna transducers to the nanoscale and possible solutions are also addressed.