From the Corner Office
This
Month's Topic:
Internet Technology: Radio's Friend - Not Foe
Hello,
We recently invited Walt Mossberg, Technology Editor of the Wall Street Journal, to speak at our annual management meeting in Amelia Island, Florida.
During the session, Walt stressed how important it is for radio to “think outside the box” and to pave a new road using its strengths. He believes that radio has to change, and it should start by viewing the internet and iPods as “friends.”
Radio’s biggest strength is its ability to provide local, entertaining and compelling content to consumers- that’s where radio will stand out. With iPods, the internet, satellite and the many other types of new technology available to consumers, radio can truly distinguish itself from the pack by doing what it does best- taking care of the communities it serves on a local level.
Mossberg further discussed how technology is nothing more than a means to deliver content. In what seems like a massive tidal wave of technology, we can find new tools to help us distribute our product to the greatest possible audience. Our task is to develop compelling content, whether it is new music, news, e-commerce, etc., and that’s where our creative energy needs to focus.
Walt made a great analogy about the future of the internet by equating the concept of being on-line with being on the electrical grid. Already, the internet is all around us and we rely on it for many of our basic daily tasks. Within a few years, Walt predicts that everything will "plug into" the internet and we will be “online” 24/7.
As an industry, we need to stop playing defense with this technology and use it to our advantage. We are moving in the right direction with streaming, podcasting, digital music stores, e-commerce and database marketing, but we still have a ways to go.
In the future, I see radio as the premiere content provider and us emerging as the leader in the audio entertainment business. Our role will be to provide compelling content- whether it’s coming from our towers, our streams, our multicast channels, or our podcasts. I see a convergence of all of these services with radio as the ultimate source and the primary content provider.
As Walt suggested during his session, we should not be afraid to “cannibalize” ourselves if that’s what it takes to move to the next level. We just need to come up with a strategic plan and follow through.
Please feel free to contact me by clicking onto the “Ask Peter” located below.
Have a great month!
Best regards,
Peter May 2006