Radio’s future is multi-platform

Tom Buono, founder and CEO of BIA Financial Network, says he’s never seen it this bad, as far as the ad markets are concerned, but there is still opportunity for radio stations. He says that future is in multi-platform offerings to better serve advertisers.

“I think the opportunity for innovation in the radio industry right now is better than it’s ever been,” Buono said in a video interview with RBR.com. “There’s a huge potential for us to turn it around. I haven’t seen it this bad, but the opportunity is there,” he added.

Noting that BIA marked its 25th year this month, Buono noted that his firm has followed ups and downs in the radio industry, including the HLT (highly leveraged transaction) problem in the early 1990s and some years of negative revenue growth. “In terms of the advertising picture, it’s as bleak as it has been, because the trends don’t seem to be reversing themselves, but the opportunity is there. That’s what I’m talking about. I think the opportunity for innovation in the radio industry right now is better than it’s ever been,” the veteran analyst and broadcaster stated.

“Instead of just selling spots, we need to be making offers for a whole range of services – be a consultant to our advertising clients. And I think there’s a huge opportunity in doing video, as we’re doing right here, a huge opportunity in doing all kinds of offers to the existing advertisers. And I think radio is best positioned to take advantage of this,” Buono said.

Is he seeing entrepreneurs trying new things to bring new revenue streams to radio? “I think especially in the smaller and medium-size markets we’re seeing some very creative things going on by some broadcasters – involving video, involving different kinds of offers to their clients, getting new to radio dollars that are not involved with the actual broadcast,” Buono said. “And I think that’s the future.”

RBR/TVBR observation: People at the NAB Radio Show in Austin were, for the most part, realists about the challenges facing the US economy and difficulties for radio stations to get through this tough advertising environment. But they were not depressed or ready to turn in their FCC licenses. This is a time for innovation and hard work to find ways to better serve advertisers, help those advertisers get through this difficult economy and make radio more valuable to them going forward – and that doesn’t limit “radio” to being a business that just sell on-air spots. You are invited to view the videos in the Media Center at RBR.com and we’ll be pulling out highlights for the RBR Morning Epaper.

Add to: del.icio.us | Digg