Digital - Why the Radio Industry Still Needs to Adapt

In 2020 only 56% of Americans aged 15-25 years old listened to FM radio. As the media landscape continues to shift, the radio industry needs to be open to new opportunities and change so it can continue to reach its consumers. 

Podcasting

The radio industry needs to adopt podcasting. Podcasting is a way for broadcasters to offer audio content that can be consumed at anytime, on demand.  This is good because it allows listeners to control when they listen and how much they listen.  It also gives listeners an opportunity to interact with your brand on their own terms. 

Streaming Services

In order for any industry to remain successful, it must be able to evolve with its audience.  The only two ways you can do that are either getting better at what you already do or offering something new.  In recent years, many traditional media companies have begun adapting their business models by creating streaming services that allow consumers access content across multiple devices; radio is no different.  As radio-listening habits shift away from AM/FM and toward mobile listening (via apps like iHeartRadio), it makes sense for radio stations to follow.  Because now your listeners can stream your content across all of their devices—whether they're listening on the go or in the comfort of their own home—you should make sure your business reflects those changes too. 

Apps

Technology has completely revolutionized our lives and the technology itself is continuing to evolve.  Apps, once only available on cell phones, are now found in everything from kitchen appliances and home thermostats to cars and even watches.  While we often ignore apps, we really shouldn’t: they provide a way for businesses like media organizations (and others) to reach their customers in a new and exciting way.  Rather than fear these technological changes, be proactive in adapting them; technology will continue to make our lives better—if we allow it.

Competition From Tech Companies

Smartphones and mobile devices make it super easy for people to listen to radio, but they also make it easier for consumers to choose something else.  If listeners can get exactly what they want wherever they are and whenever they want it, there is less room for radio.  Consider that Millennials listen twice as much streaming music than radio stations. How do you plan on changing your business model in response?

Music Data Analysis 

Music data can tell radio stations more about their audiences than any traditional measurement.   Knowing how much people are playing what you’re playing can help you understand how successful their song choices are in reaching listeners — and better craft your playlist around that data.    That could help you boost ratings and ad revenue by making programming smarter. By using this data, you can adjust you playlist to match the demands of your audience without encoring massive costs.    Giving you the advantage over competitors who haven’t yet made the transition to data-driven programming. In the past you shared your audience with direct competitors. Nowadays, a significant part of your audience consumes music on streaming platforms. This audience represents the trend setters, those who are driving the music market today.  

Using traditional music research and chart monitoring is “backcasting”. Using MUSICDATAK is “forecasting”.