Will radio soon be an outmoded relic?
A new study authored by Larry Miller, director of the Music Business program, finds that broadcast radio is struggling to remain relevant as consumers embrace streaming platforms like Spotify and Pandora.
For instance, Generation Z shows little interest in traditional media, including radio, having grown up in an on-demand digital environment. As a result, younger consumers turn to platforms like YouTube for music discovery. In addition, by 2020, 75 percent of new cars are expected to be “connected,” breaking radio’s monopoly on the car dashboard and relegating AM/FM to just one of a series of audio options behind the wheel.
According to Miller, in order to survive, radio must innovate, learn from other media, and take control of its path forward.
“Radio needs to invest in strong and compelling digital services,” Miller writes. “If it does, radio can look forward to a robust future built on the strong foundation it already has in the marketplace leveraging the medium’s great reach, habitual listenership, local presence and brands. If it doesn’t, radio risks becoming a thing of the past, like the wax cylinder or 78 RPM record – fondly remembered but no longer relevant to an audience that has moved on.”