The radio industry has been around for over 100 years and has seen a lot of changes in that time.
Over the decades, radio went from being the primary form of entertainment in many homes to being second place to TV. The arrival of the home PC and internet have pushed radio further back, but radio remains just as popular than ever.
Podcasting and music streaming platforms have taken up a lot of the market share, and even the biggest radio shows have faced a small loss of listening figures over the years. To keep up and continue serving listeners, the radio industry must adapt to the digital age, making the most of new technologies and innovations.
Many radio stations have also benefited from establishing a successful executive strategy that enables them to survive in an increasingly competitive and complex market. With the right organisational strategy, a company can navigate change and adapt to new circumstances. You can learn more about this with executive strategy online courses.
Adapting to New Technology
Technology has had a major impact on the radio industry, introducing new competitors while also allowing the radio industry to develop and grow. While the internet was initially blamed for a loss in the number of radio listeners, it has actually helped to bring radio to a new generation of listeners. Today, 89% of people in the UK listen to the radio, and a large percentage of these figures come from digital and online radio shows.
While the introduction of music streaming and online podcasts brought new competitors to existing radio shows, they haven’t been able to replace the radio DJ or talk show host. By utilising the same technologies that have made their competitors successful, radio shows have managed to reach a wider audience than ever before.
Most radio shows now stream online as well as over the airwaves, and listeners can even check the website to download past shows or look at the schedule for upcoming shows. In addition, live feeds give listeners the name and information about a song and artist while they’re tuning in. On-demand shows have helped radio adapt, and as new technology appears, shows will do well to make the most of it.
Targeting Specific Audiences
While the radio used to be broadcast to a wider audience, most shows today focus on specific audiences and people. The radio station’s house style is key to their survival in the digital age when people can look up and consume the exact type of media they prefer. As media options have grown, people want to listen to the kind of music they prefer and listen to the shows that suit them best.
While most radio stations are focused on older generations, many stations are also targeting younger listeners who still use radio to discover new music. In addition, radio shows that provide talking content may appeal to audiences interested in a wide variety of topics. In the age of the podcast, radio stations need to deliver content that’s targeted towards specific audiences in order to stay relevant.
Working More Closely with Advertisers
While some public radio shows don’t have to worry about revenue, most stations rely on advertisers to make ends meet. By working more closely with advertisers, radio shows can ensure that both advertisers and listeners get more out of the ads. Most people want to hear ads that are tailored towards their needs, and if a show has a good idea of its listener demographics and behaviours, they have a better chance of delivering this. This gives listeners a better experience while also ensuring they can receive more revenue from advertisers.