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Over the last few weeks, there have been significant data releases involving radio, audio, podcast and technology. You can access part or all of the these surveys using the links below. Over the last few episodes on the show we touched on a number of items where radio is in need of catching up to the realities of the business. In our latest episode, I speak to many of the issues raised and what radio can do about them.
1. Millennials make up the entire Adult 18-34 demographic. Radio has not done enough on the air to attract them to the product. With 75% of all radio being music based, that means the #1 attraction to your brand is something that is already available on their smart phone. Radio station's themselves have not succeeded in being a significant player on the smartphone. (Hint: You're life harder for yourself with 7 minute spot blocks - charge more) The good news is that with the advent of Radioplayer Canada is a excellent start and recent data shows that millennials love listening to morning show personalities and want to hear more of that sort of radio throughout the day. Ergo, put them on the air and Radioplayer and iHeart apps become imperative downloads.
2. Radio needs to start coming together to solve its problems. Do not pay for another radio convention access pass unless you are willing to open the play book to your competitor. Because your competitor is not Virgin, Kiss, Zed, or Jack. It's Streaming, Satellite, Apple Music, Netflix, and Serial. You know the proverb: "Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime." Well, the former is when you compete against one another, the latter will ensure the business of radio with grow and thrive.
3. Radio is doing a lousy job attracting new talent to our brands. Not just on air. Go ahead - ask a millennial: "Do you want to work at (insert your radio brand here) or Spotify?" Yes, we all know that your brand's parent company is more likely to be around in 10 years, but the millennial would not say that. Which means radio has a big perception problem. It starts when you Google you station brand. What does it look like? Does it look like a place you would like to work at? Because they are making that decision every time you post a job.
If you have anything you would like add to this or points you would like to make - book yourself onto the podcast and we can discuss it. Yes - make yourself a guest.
This episode is brought to you by Nlogic and their new radio application, Lens for radio. offering A modern approach to audience data, Lens for radio allows you to Save time and compete more effectively in a digital world. Get easy access to audience data through a portfolio of online analysis, reporting, trading and booking services. It's fast, secure, easy to use on any device, and continuing to evolve along with the ever-changing industry.