27 May Wednesday, May 22, 2019
This Week in The Lund Letter:
> Forecasting radio’s future
> Hanging up gracefully
> Let listeners hear their favorite songs
> Radio news changes
> The importance of a familiar brand…plus other Trends
The Future of Radio: Trends
Of all media, radio will undergo the most dramatic change in the coming decade, and these changes will radically transform the industry. We cite these changes and predictions based on insights by various media forecasters, analysts, and our own research and consulting assistance to broadcasters in markets large and small.
1) A renaissance of local radio.
This will be driven by market forces, led by advertiser consumer demand. In the new, much more competitive local marketplace, radio offers what no other medium offers, true community engagement with local on-air talent and events. Smart broadcasters will optimize this benefit.
2) Radio continues the march to digital.
The structure of the radio industry was built around a technology that’s a century old. Towers and transmitters are old technology. Radio content will be heard more and more over the internet leading to cost savings and unimagined efficiencies.
3) The merging of radio, TV and news under single operators.
What separated newspapers, television and radio all these years were their technologies. With digital, they now share one technology, one platform, and they have already merged.
4) A revolution in radio content.
Radio is now mostly music with some talk and sports. Podcasting offers radio potential to be so much more – in some regards to return to what radio was before the advent of television, as a medium for storytelling.
5) A transformation of the industry.
This will occur around this broader definition of radio as encompassing all things audio. It’s been slow to develop its own digital offerings. Radio will step forward and claim ownership of traditional radio, digital radio, and podcasting. If it goes into your ear, and it’s not a pencil, it’s radio.
What’s radio’s opportunity? Grab a larger share of consumers’ time and attention. The mobile phone has freed Americans from having to be in a particular place to stay in touch. But it has also freed us as media consumers from the couch and the TV set. TV is technically a couch medium even with the availability of video on a smart phone; radio is a moving-about medium. It is a mobile medium. You can be in your car, walking down the street, riding in a train or on a plane, and enjoy radio. The more mobile our society gets, the greater the opportunity for radio to become the medium of choice. Out of home benefits from society’s increasing mobility. Radio stands to as well.