Streaming is the biggest current threat
For the radio, which people listen to while driving, streaming services represent a much more acute threat than the technology of autonomous vehicles. Today music streaming is taking a large share of recorded music revenues all over the world.
Many talents are leaving radio and joining music streamers such as Spotify or Apple Music. In the area of spoken audio content, podcasts and audiobooks are another replacement for traditional radio content, according to the strategy-business.com website.
Autonomous vehicles to bring other changes
It is time for radio to start planning its reaction to the future as defined by autonomous vehicles. People in such vehicles will probably want to enjoy a video or consume some virtual reality content. Perhaps they will do some work or play games. So radio will need to change and become operational across more delivery channels. It will need to evolve into an active participant in the entertainment industry as a whole.
Listening to the car radio during a commute is very common in the USA. In European cities it is less prevalent since there are often means of public transport available or people ride bikes. In Africa there is a lack of reliable wireless infrastructure; therefore, mobiles are equipped with FM radio receivers.
Radio stations might do the following to survive and prosper:
- Target emerging markets where they can build on the expertise they have gained in developed markets. Thanks to their knowledge, they can provide high-quality radio experiences and formats which will be popular among local consumers.
- Take advantage of what they do well – the delivery of local advertising built on local content.
-jk-