Radio overcomes challenges and comes out on top
The audio advertising landscape is changing rapidly. There have never been more options for music listening and radio has more competition for advertisers than ever before. However, radio stations and broadcasters are leveraging this new competition in their favor. While many commercial free music listening options exist, research shows that people listen still tune into radio than Spotify, Pandora or Apple Music combined. Radio remains so prevalent because listeners are loyal to their favorite stations and rely on radio to hear new music, hear trustworthy news, and learn about community events and pop culture.
The stigma that ‘no one listens to radio anymore’ has inadvertently benefited radio advertisers. As advertising and marketing guru, Roy H. Williams, explains, “[radio advertising] is more cost effective today than it has ever been, in large part because rates have been suppressed by the myth that ‘no one listens to radio anymore.'”
Broadcasters are also evolving with the times. Stations use new digital channels to engage listeners. For example, stations and personalities can interact with consumers online and through social media. Many stations have created streaming channels of their own or mobile apps that make radio feel like part of the streaming audio crew. Being able to reach consumers in a variety of ways gives stations, and advertisers, an extra edge, making their messaging more prevalent and effective than ever before.
The most exciting time in radio
Radio execs are feeling hopeful and excited for the future of their industry. Why? Because they believe the new challenges facing radio are resulting in new innovations for content creation and monetization. As Phil Zachary, VP/market manager for Entercom Boston, explains, “That’s what makes it the most exciting time in my history in radio because we have so many different ways to attack the needs of a client. We have far more at our disposal…than we’ve ever had before.”
Now is an exciting time to be in radio as technological innovations, despite what some may say, are opening news doors for radio and creating more opportunities for radio advertisers. As Trip Reeb, VP/market manager at Hubbarb Phoenix, says “Given what possibilities we have going forward, it’s an exciting time…We have to make sure we are able to recognize the challenges and creatively confront them and elevate our game to make the medium as good – and actually better – than it’s ever been.” Although radio faces a variety of obstacles, radio is motivated to stay ahead of the curve and create new opportunities for advertisers.