Over the years, Radio has become a trusted source of information, across both metros and small cities, and due to its hyper local nature, has proved to be an ideal channel of information sharing targeted approach towards a mass outreach. As per the FICCI Frames-EY report, over 70% of radio is consumed on mobile phones in India with seven out of 10 people listening to radio in metro cities while travelling and six out of 10 for non-metro cities. With this growing trend of radio listenership, advertisers will align their communication with radio becoming an integral part of their overall strategy.
Globally, the power of internet radio will be harnessed even more by radio players, allowing them to curate playlists based on the listening habits of the users. Many radio companies will increase their shift towards non-FCT offerings like branded content, digital communities, music streaming, etc. The industry would drive up to 20% of topline from non-FCT revenues by 2021.
With this portfolio growth, a higher number of radio companies will adopt the group selling approach and club their services to offer multiple mediums as advertising opportunities. They will also focus on increasing their use of programmatic advertising, exclusive content and on building communities to understand consumers better and strengthen the brand connect with the target audience. Regional players will have to form strategic partnerships with larger players for expanding their reach and growing advertisement revenues.
