Radio-renewed hope as FICCI calls it is completely right. With a growth rate of 10% and a total revenue of INR 12.7 Billion, the radio industry is evolving to better and bigger. The growth owes a large chunk to the bigger players like Radio city and Radio march by pushing to different quarters and providing innovative solutions and business.
Radio has reached a 100% mark in the metro cities and now moving towards the tier two and tier three cities. This indeed marks the trademark of radio for being the only medium to have a 100% reach. Besides, the big players, the non-metro players have given the business a boost. My FM and radio mantra operating in tier two segments have emerged as leaders with a quick growth.
Post reduction of royalty costs, after the union cabinet ministry passed the copyright amendment bill, the reduced costs have created a larger profit base. However a radio stations have other high priced equipments and resources.
Radio on the other hand has developed as an interactive medium giving a better scope for brand engagement, advertising, interactivity. Radio is far more effective considering the local connect and emotional connect with listeners. Besides, it is far more cheaper compared to the television campaigns. This will only get better with the phase thee auctions pitching at 300 more cities.
Being on mobile platform, radio has evolved to be more efficient. In contrast to television or print, radio is very interactive and very handy. Yet, radio continues to be the outdoor entertainer being a car's best companion.
Radio has also evolved in terms of content creation in listener engagement. Innovation is the key indeed. Some of the biggest brands believe in the efficiency of radio. Fastrack, a big player has always believed in radio advertising. Radio also have their engagement with the listeners through social platforms creating better visual content too. This has increased in better emotional engagement and created better listeners.
Interner radio has also emerged as the new industry. Players here believe that the lower costs helps in creating more stations on the internet platform giving the niche audience an almost personalized radio experience. This also caters to corporate audience and engagements at other segments.
Radio industry is green and growing. With television advertising slots squeezing, radio will most certainly be the immediate choice of advertisers
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