Radio's Reign Coming To A Close?

In terms of audio, "by 2008, online advertising spending in the US is projected to surpass radio advertising spending for the first time."

An article by eMarketer " estimates that US online ad spending will reach $21.7 billion this year, while radio spending will grow only slightly to $20.4 billion."

Granted, the radio listening audience is still very large and can not be discounted. After all, the radio ratings company, Arbitron still has to make money. Surprisingly, in the study Arbitron conceded the fact that radio is less important is people's live than the Internet or TV. "Data from a number of researchers indicates that traditional radio is losing its significance in people's lives. US adults are spending more time each day on the Internet and watching TV than listening to the radio."

Given these trends, it is critical for the radio industry to adapt quickly in an attempt to fend off the market share loss to the Internet. A lot of progressive radio stations have already integrated the Internet into their broadcast through the use of podcasts and online streaming media. This type of integration gives listeners additional options. However loosing listeners may be inevitable and radio industry may see itself in the same position as the newspaper industry.

The final words of wisdom - "Marketers should not abandon radio in favor of the Web—they should combine both mediums to take advantage of the unique attributes of both."

Like this post? Let me know your comments. Don't miss any updates, subscribe to The Big Bald Blog TODAY!