Bob Pittman Tells Goldman Sachs Conference That Radio Should Be Getting Money Spent On TV
September 25, 2013 at 7:08 AM (PT)
CLEAR CHANNEL Chairman/CEO BOB PITTMAN spoke at the GOLDMAN SACHS Communacopia investor conference in NEW YORK and THE HOLLYWOOD REPORTER reports he said, "the radio industry still has much upside when it comes to better monetizing its advertising inventory."
"The sector is way under-represented, while TV is over-represented in marketers' media mix," added PITTMAN. "TV is wonderful, is very effective, [but] doesn't deserve quite as much money as it has."
The report noted that, "PITTMAN said that TV spots draw three times the ad rates of radio spots, even though 'all the studies show the impact is about the same. There is a huge opportunity in radio ... We need to monetize it better, sell it better.' He cited the benefits marketers would see from, for example, moving 15% of their TV ad spend to radio."
PITTMANN also told the conference, "radio remains the biggest mass medium in the U.S., while it continues to expand online and on mobile platforms. Radio has got 'all the trends at its back,' cited THE HOLLYWOOD REPORTER.