Bob Pittman Tells 'Festival Of Media' Attendees 'Radio Deserves A Lot More Than It Gets'
April 8, 2014 at 6:07 AM (PT)
The "Festival Of Media," described as featuring, "76 speakers and 24 sessions focused on discovering the future trends of media, content marketing, big data usage, wearable technologies, mobile and much more," is currently underway in ROME, ITALY. CLEAR CHANNEL CEO BOB PITTMAN, appearing at the event, said "marketers need to revise their media mix and give more consideration to radio," which he said is a medium largely overlooked despite its "incredible return," reports THE DRUM.COM.
PITTMAN was quoted as saying, “Radio has done a terrible job of marketing itself,” adding it performed a “unique function” for consumers shifting to mobile devices. “In this mobile world, these outdoor and radio businesses that we have are the sweet spot.”
PITTMAN noted that advertisers have been slow to realize they've been overattentive to television, saying “TV is wonderful but the media mix is out of whack -- radio deserves a lot more than it gets. The usage is about the same and about the third of the money spent in digital goes to radio. The media mix has changed.”
PITTMAN explained to those in attendance that a friend of his who runs a film company, “was looking at data and told me his exit survey found 60% of people heard about the movie on TV, 20% on radio. Then he looked at his ad spend and realized he’d spend 80% on TV and 3% on radio. His media mix was wrong."