Happy New Year my friends. It's that time of year when we make resolutions, both personal and professional. In our recent two-part webinar, we shared with you Strategies to Accelerate Digital Performance. We shared 8 great strategies to take your digital growth to the next level. If you didn’t get a chance to see it or want to share it with your team, here are the links to the recording of Sessions One and Session Two of the webinar.
As always, here are some recent and insightful articles highlighting why radio broadcasters should be investing in digital as a big part of their 2020 plans.
Last year was great for the radio industry, as many radio companies have adapted their strategies around the rapid growth of digital ad spending, yielding a double-digit increase in digital ad revenue in Q2. With that said, this article addresses the incredible upside of digital revenue. With a political year ahead and a relatively healthy economy, 2020 is expected to be even stronger than 2019 according to Bill Wilson, CEO of Townsquare Media.
However, Wilson urges radio not to sit back and wait for the election buys to roll in, stating “we need to make it happen”. With penetration rates for local cable TV falling rapidly, there is an opening for radio to steal a share of wallet from cable, which is projected to get double the political ad spend of radio.
Nevertheless, digital ads won’t be the only driver of digital revenue growth this year; the radio industry needs to combine traditional radio and digital by making an investment in people, infrastructure, assets, and training. which will ultimately lead to a much healthier radio industry. Are you prepared to take advantage of Radio digital revenue opportunity in 2020?
“All these platforms work together,” iHeartMedia CEO Bob Pittman said, and according to Gordon Borrell in his recent webinar, those investments are paying. He said radio broadcasters have seen “remarkable” gains in digital revenue during the past year. Borrell expects streaming audio, and ad revenue growth will remain robust in 2020 and it is expected that the majority of radio’s revenue growth in 2020 will come from digital,
Lastly, to quote Bill Wilson, CEO of Townsquare Media, the next step for radio is to “make sure that we have not only great radio brands but best in class digital assets. If you have that, know how they work together, know how to sell them, and know-how to execute on behalf of clients and provide superior customer service, the upside is limitless.”
Helping your audience build a personal relationship with your brand via traditional channels and continue to research your content and services across your digital platforms.
That’s where SoCast comes into play; we provide you with a platform that helps expand your radio brands, simplify digital workflows, engage your audiences and grow digital revenue.
Click here to speak to our digital specialist to discuss how SoCast can help your radio stations make money today.