GM Talkback:
What are the most critical issues facing you the rest of this year and into 2006?
Bill Figenshu is the President/CEO of FigMedia1 LLC recently formed in July '05. His battlefield experience is in excess of 34 years and is still on the radio front everyday. 'Fig' offers front line solutions to challenges posed by management across the nation. Do you have any challenges you need answers on? We may be able to help. Send to [email protected].
Bruce Maduri, CEO, Genesis Radio Group:
(challenge) We are seeing a great deal of sales growth in all three of our Florida markets. Staffing up is always a challenge as we add to our sales, traffic and promotions departments. We have run out of office space and are in the market to move to a much larger facility in Tampa. Finding the right property for engineering and studio installation can be challenging as well.
(solution) The large groups may have extra space left over from consolidation. Check them out first. Studio instillation could be expensive. These guys may already have walls up there.
(challenge) Also, the new technology has been a learning curve. Genesis currently has websites for all of its stations with Streaming, On Demand Programming Delivery and Podcasting Delivery which has been added in the last 6 months. We will be adding blogger opportunities, chat rooms and audience e-mail delivery this quarter.
(solution) Just make sure you have the staffing to accomplish this well. If the on air product suffers you will hurt on the revenue line. All the new technology is expensive. And the revenue streams are elusive. Your main stations are your #1 priority. And your best potential for revenue every time.
(challenge) In addition, power upgrades are in process at two of the stations where high power facilities are being built. This will naturally give us the opportunity to look at digital broadcasting as well, although we are skeptical about the night time issues facing AM radio stations broadcasting with IBOC. We will need to determine if going digital now is financially feasible as opposed to waiting for it to become the standard and when there are more than 5 radios in the marketplace.
(solution) Here we have the chicken and egg issues. Transmitter upgrades are running in the 50 to 150K range. Move forward, but don't drop the entire wad in one year. Yes, distribution is an issue. Also, uh what are we putting on these additional channels. And at what cost?
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