At SoCast, we are constantly looking for new ways to drive engagement and boost the digital revenue of our partners. Here are some of the most insightful blogs and articles I have come across on how digital is now changing the way radio operates and why you should invest in digital today.
This article addresses why it is essential for radio stations to connect with the younger audience as older listeners don't listen as much and younger, maturing listeners need more from their radio stations. Nowadays, Radio is accessed in two ways: digital devices and car dashboards. As you know, younger audiences have gravitated towards their phones and mobile devices and rely on social media to find content.
One of the greatest challenges that radio broadcasters face today is how to evolve within their market and meet the needs of their new listeners. Urban AC realized youth audience will tell you of their need and when shifts change all on social media.
The radio industry is seeing new life in digital according to this blog by Inside Radio. Radio companies have invested nearly $1 billion in digital ad sales this year, Borrell Associates reported numbers indicate that a 22% increase in digital revenue growth in 2019 can be expected by year-end.
To quote Gordon Borrell “...radio has finally discovered the internet, with a vengeance”. Inside Radio reported that some of the larger, publicly traded broadcasters are offering comprehensive digital services such as, web design and content management, audio ad solutions and digital programmatic ads; companies like iHeartMedia reported a +33% digital revenue increase, Townsquare Media +20%, Beasley +16%, Urban One +17%, and Entercom is at +19% digital revenue! Due to this rapid increase in digital revenue Borrell anticipates that radio’s digital dollars will jump 27% to $1.2 billion in 2020.
While this growth is encouraging, there's still a lot of potential digital growth that remains for the average broadcaster. Many radio companies are reluctant to morph from traditional broadcasters into multi-platform media brands. Often this segment of broadcasters is realizing less than 10% of their ad revenue coming from digital sales.
The transformation can be daunting and I found Fred Jacobs, the founder of Jacobs Media, recent blog - For Radio, Transformation Can Be Scary – But It Doesn’t Have To Be - saying that transformation can be painful but that’s precisely what radio broadcasters need to do in order to begin or complete the act of making the necessary adjustments to convert their radio stations into the multi-platform media brands they need and can be.
Do you want to accelerate your digital transformation? SoCast works with over 1,000 radio stations to implement new changes that can grow digital revenue up to 5X and increase user engagement and audience growth. Speak to our digital specialist to share how SoCast can help your radio stations make money today.