MTV and The Buggles might have claimed that video killed the radio star in 1980, but nothing could be farther from the truth. Despite the rise of both television and the internet, radio remains a top medium for advertisers and consumers, second only to television even in 2017. Here is a brief rundown on what radio offers in real terms, and why you should pay attention.
Radio for advertisers
According to the Nielsen Total Audience Report from Q4 2016, the total weekly news minute consumption was in excess of 10.5 billion minutes for radio, totalling almost twice that of computer and smartphone consumption combined. Not only that, but radio consumption actually increased between 2015 and 2016, from 9.6 to 10.5 billion minutes per week.
The average individual in the US listens to almost two hours of radio per day, giving audio broadcast over traditional AM or FM radio a reach of almost 90%, compared to 96% for television, or the 31% of the next nearest competitor, online audio and video. According to the UK radio trade organisation, Radiocentre, the return on investment for radio advertising is £7.70 per £1 spent – again, second only to television.
With this in mind, when looking for audio visual furniture, such as that from http://simonkohnfurniture.co.uk/our-work/commercial/media-furniture/, don’t overlook radio.
What keeps people listening?
Obviously, radio has a massive reach for advertisers, but what is the draw of radio over newer mediums?
First, the obvious is people on their daily commutes. Radio, especially talk radio, still vastly surpasses other audio formats for drivers. Talk radio, in general, is the top radio format, with almost 10% of the market share, followed by contemporary pop, with just over 8%.
Radio remains extremely popular for music enthusiasts, as it tops the charts measuring music discovery by miles. Traditional AM/FM radio holds 47% of the music discovery market, with a further 19% through apps or radio over internet, meaning two thirds of all music discovery still happens through the medium of radio.
While television is the top medium for advertisers and consumers, radio remains a close second, and is still seeing year on year increases, keeping it far from obsolete. Even with mediums like the internet increasing, radio remains relevant through internet broadcast and apps, and shows no sign of slowing.