How Terrestrial Radio Can Remain Competitive in a Rapidly Evolving Market

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Creating On-Demand and Personalized Experiences

The consumption of media is shifting to on-demand, intelligently curated and personalized experiences, as users demand the ability to consume content on their own terms (think Netflix and Amazon). Broadcasters need to move quickly to convert their loyal anonymous listeners to account-based, one-to-one relationships that can drive both modern consumer experiences and advertising opportunities.

Streaming of digital media continues to grow in popularity, making it easy to understand why industry observers ask how, and if, terrestrial radio can survive. After all, television networks struggled to confront the emergence of Netflix and Hulu. Only in recent months have they identified possible ways to compete with video streaming providers.

Research, however, indicates that traditional radio is alive and well. A recent Nielsen study found that Q2 of 2015 saw the highest number of people tuning into radio ever, with 91 percent of the American population tuning in at least once a week.

This doesn't mean that music streaming services are a fad. Research predicts mobile music-streaming audiences will grow from 320 million in 2014 to 808 million by 2021. Broadcasters must recognize, and adjust to, changes in audio consumption or risk not having a seat when the music stops playing.

In this slideshow, streaming music service provider Slacker Radio examines strategies that might serve to open up new opportunities for terrestrial broadcasters, as they continue to search for ways to modernize and stay competitive in an increasingly crowded and digitized market.

 

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