Inside Music Media

Here’s the part that is hard to understand.

If no radio station in the country is making any significant money from their digital projects, why don’t we do something else?

Good question.

At the heart of the matter are radio execs who frankly are expert in radio but not necessarily digital media. They have to rely on what others do.

Townsquare claims that 50% of their revenue is from non-radio advertising but that doesn’t mean that it’s from digital. Townsquare makes their money from events the way iHeart does.

The wakeup call came last year when agencies put out the edict to spend one-third of their radio budget on digital. So you can see why this all of a sudden ramps up the importance.

Streaming doesn’t make any money and isn’t worth the effort. You can stream to have presence online but don’t confuse that with making money.

Websites are money losers in general as are apps.

Social media?

Even Twitter can’t figure out how to make money.

What else is there?

Well that’s what I’m doing to drill down into at my Philly Conference in less than 5 weeks from now because waiting can be devastating.

Video.

14-year old kids make more money with videos featuring product placement than most radio stations – I played a bunch of them at last year’s conference.

But now, video – especially short-form video – is something radio content providers can get into and as I am going to show you, it doesn’t have to be strictly limited to what you do on the air. There is a world of possibilities.

Running ads is not cool, but selling product placement is – so how do you go about it?

Where do you get the content – will it cost you even more money to produce short-form video?

Well, the one thing you won’t want to do is force you air staff to do digital.

Please re-read that line because it is the mistake almost every radio company makes.

But there is a win-win way to create a side-business that someday may outperform even your spot radio revenue.

Then there are subscriptions that can be tied into your digital products. You tell me what is so special about your station and I’ll tell you some can’t miss digital products you can affordably produce. (At this conference, that’s the way we do things).

You’ll want to see the latest evidence on podcasting before putting your resources there but a paid subscription podcast? Let me show you how and what mistake to avoid making.

Social media is big and the mistake is to use it as a promotional tool. Well, if not a promotional tool, how do you monetize social media, which is everything to 18-34 year olds.

And don’t forget binge content – check out this plan to create binge-worthy radio content that plays right into one of the most popular trends in digital media.

Maybe you, too, are getting the feeling that there’s a lot we can do.

Making money from digital.

Here are 9 other critical issues on deck for the April 6^th meeting:

Change the way we talk to audiences. Radio dates itself every time the mic is open, but audiences want authenticity, no hype and at least three other things that most radio stations do not have. Training to teach on-air people to sound the way the audience sounds. How to get away from: “this station is not for me” to a new affinity. Sweepers, positioners – how are they testing with Millennials?
Making money from digital. Enough, already. What most stations are doing is not generating very significant digital revenue. Here’s what they are missing that can work for you.
Getting Millennials to listen. After we change the way we talk to 18-34 year old audiences, what is so compelling that they will have to listen. How about three things that have never been done that I think you will agree will make radio a destination again even in the digital age.
Reinvigorating the morning show. See where I’m going with all this so far. We can’t blow up everything but there are changes we can make like the way we talk to audiences, the things we do to make radio relevant to them, improving digital and this one – redesigning outdated morning shows that 18-34’s are not relating to. Then generate 50-60% of your total station’s revenue from the more relevant morning show alone.
Outpacing radio’s declining revenue trend. Every financial analyst is calling for a negative year -- off anywhere from 1% to over 5%. And yes, price gouging by major consolidators is helping radio’s race to the bottom. Let’s cut to the chase. What can be done to outperform this negative trend? Fighting rate cuts, over-bonusing, short-term flights, unwillingness to pay a premium plus adding revenue from subscriptions (don’t knock it), product placement and digital so foreign to radio you will likely be the first in your market doing it.
A Millennial Station Makeover – leave with a long list of things you can do to make the rest of your station sound cool to critical 18-34 while also meeting with the approval of your older audiences.
What to do about podcasting, which doesn’t monetize well but intrigues Gen X and baby boomer audiences.
Standing up to a rigged ratings system. Harker Research and Sean Hannity will share research that shows the type of listening talk and music stations are losing with PPM ratings and how to fight back and reclaim the listening you’ve earned.
Eliminating listener’s biggest objections. At least start with this and tear down some barriers to increased listening.

A day of information and inspiration where we work together. This is an interactive format so you can participate to the fullest extent.

This event will not be available by stream or video – only live and in person.

I can’t wait to bring our collective enthusiasm together using this blueprint to make a real difference in doing great radio.

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