Radio’s relationship with the music industry has changed dramatically in a few short years.
In its prime, radio was the dominant medium for music discovery – both new hits and back catalog. Today, radio exists in a sea of options and online alternatives for music enjoyment.
For many people, radio is no longer the primary source for listening to music. Indeed, radio’s most frequent listeners are 20% to 30% less valuable to the music industry (in terms of per capita expenditures) than less frequent listeners.
“RATHER THAN RESIST THE DIGITAL AGE, RADIO MUST EITHER RIDE THE DIGITAL WAVE OR HAVE IT CRASH ON TOP OF THEM.”
We urge radio to adapt to the new digital reality because the global music ecosystem is better off with a vibrant, innovative broadcast radio industry.
But time is running out for broadcasters to change the way they do business.