It’s safe to say many areas of the music industry have been struggling from a crisis in the wake of the digital era – physical media in many regards is all but dead as the likes of CD’s are no longer purchased and huge numbers of listeners instead turn to online streaming. Whilst for some time radio was able to keep up with the changing form of favourite media as many stars moved to online shows and set-up their own online platforms, radio has still very much been online the decline, but is there a potential for success to be found once again?
Some online services have found a resurgence for offline options – Whilst the online space is undeniable in terms of popularity, many seeking out a more tactile experience and something more akin to what they’re used to has certainly taken off – this has become particularly true in areas like the gaming space, many who have found a lot of excitement in the online space through the likes of these live dealer casinos. These have certainly see major growth in recent times and this is only predicted to increase moving forward.
The same has certainly been true for some physical media too, things like vinyl have seen a lot of popularity again in the past few years as a growing number of people seeking out more traditional options are starting to find the benefit for older forms of media.
Subscription changes are driving some away – Subscription costs have long been a matter for debate, the biggest online streaming platform of Spotify boasts over 155 million active subscribers – but some have been pulling away as costs slowly creep up and the growing number of alternative services lead many to become frustrated with exclusivity and other contributing factors – this has led a growing number back to free options such as radio that can deliver the music they love, with a little personality, and without the risk of costs increasing over time too. Although unlikely to ever shrink too widely as these online platforms are so successful, there is space for a bit of movement for radio to succeed again.
This past year in particular has been very successful for radio too, some stations have suggested a significant increase of up to 15% daily throughout the start of last year, and whilst these numbers will likely taper down a little as things get back to normal, there’s space for a lot of retention, particularly for those looking toward the future of remote working where radio could certainly find more success too.