The 2016 Radio Show showed reaffirmed to us just how rapidly radio is changing thanks to emerging trends in technology.
After its initial disruption of the industry, technology is now positioned to make radio one of the most powerful content and monetization channels in media today. At the Radio Show, we identified 5 key digital technology trends that are shifting and strengthening radio platforms.
Leading up to 2017, the application of these 5 technology trends will be absolutely crucial for every radio brand:
Everything in the radio industry is being consolidated. Content production is being consolidated with centralized producers using content syndication to improve workflow and quality. Advertising inventory is being consolidated with national or regional advertising teams to boost digital revenue. Software vendors are being consolidated to save costs and improve workflow.
The convergence of media means Radio is no longer in the audio business. Radio now produces short and long form text, pictures, and original video. In fact, original video content is being produced by radio stations big and small. Radio as a medium is transitioning into something much larger than before.
In previous years, the radio industry was trying to find its focus after the digital disruption. This year, radio has a new confidence and purpose by doubling down on content. Radio has always been connected to local communities, and specializes in knowing how to engage the audience. Now, the radio industry has learned to leverage emerging digital content tools to become experts at generating digital results.
Monetize EVERYTHING. With consolidation, convergence, and a focus on content, the radio industry is now well positioned to monetize ‘all the things’ to create new revenue streams. This represents a big change from five years ago, when the industry was focused on protecting its over-the-air advertising business; and two years ago, when the industry began embracing digital by ramping up digital ad inventory sales. Today, radio is using their content generation machine to create original content for clients as a specialized service. Effectively, radio has diversified its monetization potential across terrestrial, digital marketing channels, and now marketing services as well.
5. Programmatic Ads
Programmatic may not be ready for prime time, but it’s coming. Although many people talked about programmatic as the next stage in the evolution of radio monetization, not many people are paying attention... yet! This is likely due to nascent technologies currently available, along with a general lack of understanding and adoption in the industry. But this will change and in the coming months, we anticipate more vendors innovating in programmatic advertising.
Thanks to the adoption of these 5 key trends, technology is positioned to make radio one of the most powerful content and monetization channels in media. For broadcasters looking to 2017, SoCast can help you capitalize on these technology trends that are now critical to the success of every radio brand.
SoCast is a leading technology platform that helps make digital growth easy for radio. Our solution uniquely allows radio stations to manage all of their digital channels through a single integrated dashboard. Additionally, we can provide the resources and knowledge to drive digital results. If you are interested in learning more, contact a SoCast Digital Specialist for more information.
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