We just returned from the Fall National Association of Broadcasters convention in Washington, D.C. The mood was significantly more upbeat given the positive growth in radio revenue this year. One of the key themes of the convention was developing a digital strategy. Of course there are those who don’t want to acknowledge that the world has changed. Advertisers now have a way to measure results and be more efficient in their advertising expenditures. This structural shift in advertising has taken a heavy toll on traditional media including the radio industry. Lay a recession on top and well 2009 was a year the industry would like to forget. However, increasing revenue in 2010 has caused some to believe that “radio is back” and that digital is not important.
The radio industry is confused as there are so many different strategies and groups hawking digital initiatives and tools including social, web site, mobile, couponing, etc. Some of these products have a “cool” factor but I question the ability for a station to generate revenue given what little resources are being devoted. Just having a tool does not lead to revenue generation. In one of the panels a gentlemen lamented that he had done everything recommended, he had a non-station centric website, he was streaming, using Ando, but had no clue as to how to effectively monetize it all. Someone needs to bring some order and research to this chaos. In future blogs we plan on addressing each of the silos in a station’s digital media arsenal.