While video didn’t necessarily kill the radio, online radio streaming is slowly strangling it to death. Recent reports state that amongst 13-35 year olds, online radio streaming services accounted for about half of their radio and music listening time. As the market share for online radio grows, here are some more figures that AM & FM Radio should pay particular attention to:
- Online streaming rose from 17% in 2011 to 23% in 2012 – 1% less than AM & FM radio, which slipped 2% from its position last year.
- Pandora, iHeartRadio and Spotify are the top three services accounting for about 61% of the online radio streaming market share.
- Cell phones and other mobile devices are increasingly being used to access online radio services.
- Few AM & FM radio stations have apps available to their listeners
All in all, AM & FM radio listening is beginning to decline, and will continue to decline, unless traditional radio can find a way to compete in the mobile marketplace. Since free online streaming has increased in popularity with the younger age demographic, it could be too late. However, time will tell if the old dog can learn a new trick.
Contact Mystic Media today to learn how online radio streaming can best serve your company’s strategic goals.