With people spending on average 2 hours and 42 minutes on their mobile devices every day, radio stations are increasingly interested in developing their own mobile app. However, there are significant costs and development hours involved in creating a professional app; therefore, it is critical radio stations not just create, but also monetize mobile platforms in order to drive a return on investment.
SoCast has found there are 3 easy ways to monetize your radio station mobile app.
1. Sponsored push notifications and SMS
Push notifications are an excellent way to deliver real-time information to your listeners. Push notifications have a 71% global device opt-in rate and 8.7% reaction rate, and thus present a huge opportunity for monetization.
To monetize push notifications, create custom notification groups based on information your audience wants from you, such as sports scores, school closures, snow emergencies, or health department alerts. Each of these notifications should link back to your web page, which is also sponsored based on the type of notifications. For instance, send notifications about the final score for a big game and link to the web page to find out who scored the winning touchdown. Sponsor the notification with a local sports pub, and create the potential for repeat revenues.
2. Synchronized digital ads
Digital ads are an ideal complement to on-air units, especially when you consider total digital ad spending in 2017 will equal $77.37 billion – exceeding the total TV ad spend by 2.6%. This means it is an ideal time to boost your on-air ad revenue using digital.
To monetize digital ads, simply synchronize your datacasting software (e.g. TRE, Arctic Palm) with your mobile app. This lets you display ads that are synchronized with your on-air commercial spots. Some apps have this functionality built-in, while others require some customization. When selling this feature to advertisers, position it as a bolt-on enhancement to the on-air commercial spot for an additional 10-15%. Ad synchronization is easy for sponsors to understand, easy for your sales team to sell, and an easy way to boost your station’s digital revenue.
3. Video pre-roll ads
Video pre-roll ads are the highest value digital advertising units currently available, and mobile video ad spend is expected to reach $8.6 billion globally by 2018. In the U.S. alone, one in three consumers watch video on their mobile devices, which means watching video on mobile is already more common than using devices to listen to music.
To monetize video ad units, the app can play a sponsored video when listeners tune into the live radio stream or a specific podcast. Sell this unit as a stand-alone or combine it into a sponsorship package that includes on-air spots and website placement. If your clients don’t have access to resources to create video, offer to produce videos on their behalf using an on-air personality for the voice over. This will add additional value to the sponsorship while also driving up your revenues.
It is critical for radio stations and broadcasters to not just create but also monetize mobile platforms, to see a return on the investment. SoCast can help to monetize your mobile channels by supplying the resources to create additional revenue streams. SoCast is a leading technology platform that helps make digital growth easy for radio, allowing radio stations to manage all of their digital channels through a single integrated dashboard. If you are interested in learning more, contact a SoCast Digital Specialist for more information.
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