Revisiting the Digital Transformation of the Radio Industry
As we delve into the past, it’s astounding to see how the radio industry has evolved over the last several years. It’s evident that the digital wave has transformed the industry significantly, with the focus shifting towards digital operations. The industry made its mark in 2015, crossing the half-billion-dollar threshold in digital advertising for the first time, owing to a concerted effort and a committed workforce. The rise of digital agencies within radio stations has also been a major highlight, revealing the industry’s readiness to adapt and flourish in the digital era. Let’s take a closer look at the progression of this digital metamorphosis over time.
Radio’s Digital Revenue Growth
In 2015, the radio industry saw a whopping 18% growth in revenues, according to research conducted by Borrell Associates for the Radio Advertising Bureau. The industry added or reassigned approximately 750 new employees to focus on digital ventures, pushing revenues to grow by 16% in 2014, as per Borrell Associates’ projections.
Increasing Focus on Digital Operations
More than one-third of radio managers surveyed stated they had at least one employee exclusively assigned to digital operations, a significant increase from 11% the previous year. The survey also found that over 33% of radio stations were either setting up a digital agency, planning to do so soon, or already had one in place.
Insights and Future Directions
The report offers valuable insights into radio managers’ thoughts regarding their digital operations. A notable finding was that nearly two-thirds felt their sales reps were speaking to the wrong buyers when trying to sell digital. Moreover, 77% ranked sales training as a top priority to boost their station’s digital sales.
As we look towards the future, we’re excited to see how radio continues to evolve and adapt to the ever-changing digital landscape. Stay tuned for more updates on industry trends and developments!
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