29 Jul Wednesday, July 24, 2019
This Week in The Lund Letter:
> Radio is a survivor!!
> Music rules for audience growth
> How you, and your station, should sound
> Back to School spending forecast… plus other Trends
Lund Report: Radio Keeps Swinging
How many lives does radio have? The end of radio has been predicted many times in the last 65 years. Radio’s first challenge was in the 1950’s — it was said that radio could not compete with TV.
Transistor radios became popular in the 50s & 60s bringing portability to radio. Then Philips came out with the cassette tape in the 60s, and it was said that would end both the music industry and radio. Everyone was just going to record stuff and that will be the end of the radio world. But it wasn’t.
Sony introduced the Walkman in 1979. MTV came in the 1980s. Apple released the first iPod in 2001. Streaming on-demand music platforms grew like mushrooms in early 2K, then XM and Sirius satellite radio, and services like listen.com, Rhapsody, Napster, Pandora, and then iTunes in 2003. “New” areas of competition for audio to “kill” radio continue to emerge, yet the radio industry remains strong today by adapting and taking advantage of all the opportunities that are out there.
Who listens to radio today?
About 93% of the US population, same as thirty years ago. It’s greater than TV and all the other media designed to conquer radio. What’s ahead? ATSC 3.0 bringing TV and radio to your smart phone and car.
Today we have many digital platforms and avenues of distribution, including streaming and station apps. They provide the same kind of personal relationships radio used to have, but with new ways to connect with the audience.
What is radio’s single greatest strength to advertisers? Radio always has been a promotion medium. It’s great for call-to-action. Radio = promotion, and clients love that. Radio is part of the digital world; it needs to believe it!! Radio continues to create good programming that’s relevant and entertaining. And it can repurpose content, like with podcasting.
These three concepts are relevant still for digital radio:
1) Better programming equals better ratings. Perfect every aspect. Showcase the personalities; coach and improve the talent. This helps generate the audience that advertisers buy.
2) Aggressively sell the medium of radio to advertisers creatively, including all of its digital enhancements.
3) Look to the future. New platforms are new opportunities, not the death of radio.