Each year I start the BSM Summit with a video that highlights some of the key areas of conversation for our two-day show. The theme this year revolved around change, and the frequent misconceptions the media industry battles in the press. To check out the video, click here. My thanks to Travis Williams, and Jim Cutler for doing an excellent job on it.
After the video played, I welcomed attendees to NYC, thanked our partners, and delivered my opening message. I began by raising awareness of something important that too many talent, programmers, and media professionals ignore – the continued decline of radio advertising. TV has this issue too thanks to the rise of streaming.
I see and hear a lot of the same things now that I did in 2015 when I started consulting. It’s concerning. Many stick to what they know, and focus on what matters to them personally, failing to see how the world and the industry are changing. I’ve seen folks obsess over content and ratings, but show little interest in digital, innovation, and growing revenue. That’s a mistake.
We can debate who’s a better talent, the best behind the scenes employee, and which graphics are sharpest. That’s all subjective. Long term, is a company going to prefer a manager who can analyze ratings, content and talent or a leader who creates new paths forward while improving revenue? That requires doing more to help grow a business beyond attending sales meetings and rejecting/approving pitches.
What BIG ideas do you bring to the table to lift revenue? How much time do you invest in analyzing the costs and creating multiple ways to generate revenue to make your ideas valuable? Are you involved in the sales process? Pulling off a charitable bowling event, golf tournament or live weekday remote isn’t hard. Delivering a local version of the ESPYS, Comedy Central’s ‘Roast’ or Barstool’s ‘One Bite Pizza Fest’ is. The difference, some make a minor dent, and some make a major impact.
I’ve had an entrepreneurial spirit from the start. It’s a strength of mine. I started at a small station that powered off at sundown. I ran boards, set up remotes, did play-by-play, hosted shows, handled production, and sold advertising. To land a weekend show, I had to have three sponsors. I sold four to protect myself. I learned how necessary it was to build relationships, and help clients deliver results. It’s how I run BM today. People will stay in business with you if you care and help them grow.
The more you understand business and can boost the bottom line, the greater your security. I know many sharp leaders who are well versed on ratings, content, talent, etc. but don’t invest time in learning business or increasing their education. If you had to put your own money on the line and turn a risk into a reward, could you? It’s easy to tell a boss or company ‘we have to think big and take risks’. That’s just noise. If I asked you to spend 5K of your own money on spots on your radio station, and turn it into 20-25K, could you? Would you believe in your message, idea, and ability to deliver results enough to pull it off?
Doing the same thing in the future just leads to more revenue decline. We have to find dollars in other areas, and explore new territory. Is that podcasting, social media, streaming or AI? Maybe. Aside from growing your audience, and your sales team being more skilled selling digital, where is most of your revenue coming from? Most rely on traditional advertising. To move a 15 billion dollar industry closer to twenty billion than ten billion, we need more innovation and bigger ideas.
I strongly disagree with folks who say ‘everything has already been done.’ If executives thought like some talent and programmers, we’d all be screwed. It reminds me of the scene in Moneyball where Billy Beane’s scouts are trying to fix the Oakland A’s problem by treating it like it’s business as usual.
To put it in perspective, WFAN has been a strong brand for sports radio. It’s consistently in the top 10 for revenue among all stations, and usually the #1 or #2 sports radio brand. Yet according to BIA Financial, the station produced 50.6 million in 2007, 41 million in 2012, and 32 million in 2022.
Keep in mind, this is one of sports radio’s success stories. Most brands would kill to have WFAN’s revenue. Other markets are working with less. If the story of the past 15 years is an 18 million dollar drop, how would you project the next 15 years? You’d expect to lose more, right? Well, if you’re up top, that’s not what you want to hear. You’re going to want to see a plan for growth.
But where are extra dollars going to come from if radio advertising is maxed out? Innovation, ideas, and revenue-first leaders are going to matter much more than content and ratings evaluators.
I showed a few examples at the Summit of WWE introducing a show called SPEED which features 5-minute matches. Two radio outlets in Nashville have rolled out AI powered radio stations. Rob Parker in Detroit has launched an All-Black sports radio lineup, and perhaps the best example of innovation, MLB introduced the Pitch Clock. Even 107.7 The End in Seattle launched a two-minute promise years ago, never going away for more than two minutes.
What’s our Pitch Clock idea or two-minute promise? Few would say baseball isn’t better and faster now thanks to the pitch clock. How are we doing the same for our business, and making it more exciting and necessary for advertisers to want to be part of it?
AI is going to be a big part of the future. Is there a way to use it to make a difference with archiving, imaging, website content, sales processes, endorsement reads, updates, text alerts, etc.? Is your brand leader an expert at it and using it to introduce innovative ways to elevate your business?
Some innovations will be good. Some won’t. But we have to find new ways to do current things better. The revenue report card isn’t rosy. It’s up to us to change the story, and that won’t happen if we keep doing and saying the same damn things.
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Thumbs Up:
Tim Bronsil: I’m used to being the publisher not the subject so it was a nice surprise when Point to Point Marketing’s Tim Bronsil wrote ‘Who Is the Jason Barrett For Music Formats?’ It’s a good read that examines music radio’s need for an annual event. A few industry sites still cover music radio but formats are less followed since All Access shut down. I don’t want to consult music brands. However, I could host an event and cover the industry well if I wanted to. It’s interesting. To do that, we’d have to hire a staff and have the right type of advertising support. I never say never, but we’ve got more than enough on our plate right now.
Matt Cundill: Anytime I can learn something new, I’m grateful to whoever passed it along. This week that’s Matt Cundill. I read Matt’s newsletter last week where he shared that he went to see Real Madrid play at Santiago Bernabeu Stadium. While there he discovered that a video scoreboard didn’t exist inside the venue. Why? It isn’t needed. People are so focused on the action that nothing else matters. It made me instantly think of live shows/games, and if what we do is strong enough to keep people from seeking out distractions. Good stuff, Matt.
Ken Carman & Anthony Lima: Ken and Anthony landed an interview last week with Christopher McDonald (Shooter McGavin in Happy Gilmore). During the discussion, McDonald shared that Adam Sandler had wrote the first draft of Happy Gilmore 2. That news spread like a wildfire across the nation. Carman’s patience, and ability to ask short-precise questions allowed McDonald to open up, resulting in him sharing a secret. Nice job fellas!
Thumbs Down:
Rece Davis: I hate putting Rece on this list but sports betting is a risky venture. Given how much time was spent recently on the Shohei Otani situation, the attempt to interject a joke labeling sports betting ‘risk-free investing’ was poorly timed. To Rece’s credit, he went on social media Sunday and clarified that he was going for a tongue-in-cheek comment. It just goes to show that even the best miss the mark sometimes.
Michael Kay: Michael Kay has been good to me for years. He does a great job on his radio show and calling Yankees games, just spoke at our Summit, and has been a key figure in NYC sports media for decades. I’m a big fan of Michael, but the Pucik has to go. He deserves credit for paying off a bet, but I’m sure all involved with 98.7 ESPN NY and New York Yankees telecasts will be happy when that brutal brown chin strap goes away. Now let’s sell a shaving company a sponsor opportunity and shave that thing off live on the air.
Jason Barrett is the President and Founder of Barrett Media since the company was created in September 2015. Prior to its arrival, JB served as a sports radio programmer, launching brands such as 95.7 The Game in San Francisco, and 101 ESPN in St. Louis. He also spent time programming SportsTalk 950 in Philadelphia, 590 The Fan KFNS in St. Louis, and ESPN 1340/1390 in Poughkeepsie, NY. Jason also worked on-air and behind the scenes in local radio at 101.5 WPDH, WTBQ 1110AM, and WPYX 106.5. He also spent two years on the national stage, producing radio shows for ESPN Radio in Bristol, CT. Among them included the Dan Patrick Show, and GameNight.
You can find JB on Twitter @SportsRadioPD. He’s also reachable by email at Jason@BarrettMedia.com.
