Radio Workout Team And BIA Launch Blog Series
July 7, 2009 at 12:42 PM (PT)
THE RADIO WORKOUT TEAM and BIA ADVISORY SERVICES are launching a new blog series titled "The New Radio Model" to examine vital changes in local radio’s business model at a critical period in the industry’s evolution.
"The New Radio Model is designed for 2010 and beyond, and reflects the leading thinking and street-level behaviors of the most-forward acting radio operators," said PARAGON MEDIA STRATEGIES CEO MIKE HENRY, also a strategist with The Radio Workout Team. "Clearly, radio has a desperate need for a viable new model that will not only survive, but compete, in the perfect storm that radio faces. In this blog series, we will delve deeply into the essential components of The New Model, focusing on specific changes to radio’s budgetary line items that are required for radio to reshape its revenue and expenses for a healthy future."
"Legacy media organizations have tremendous local brand equities and are making important progress in developing new revenue models for their operations, but more work is required," commented BIA Chief Strategy Officer RICK DUCEY. "In a recent industry-wide survey completed by BIA, we found that radio stations drove approximately $342 million in online dollars in 2008, which will increase at an 18% compounded annual growth rate through 2013. That is an incredibly small percentage of the Internet ad spend in the US. By continuing to put new models in place that focus on evolving audience needs and advertiser demands, radio companies stand to build sustainable revenue and audience growth across these synergistic platforms within the changing media ecosystem. Internet strategies for radio companies must be about more than streaming and selling low cost banner ads."