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As radio celebrated its industry’s best last week in New York City, one national talent reminded us that the perception of our business is not very good. Paul Finebaum appeared on a podcast hosted by Jimmy Traina of Sports Illustrated. When asked about the state of radio, the ESPN host and commentator remarked ‘I think it’s pretty bad, and the art of radio is gone. I got to ESPN Radio in 2013, and I don’t need to tell you how many times the hosts have changed. That’s an indicator. It’s why I really love what I do. I’m in a television studio. It’s simulcast on radio, and you do have to be concerned about that.’
Finebaum has never been shy about calling out the medium for inconsistency, complacency or paying poorly. It’s part of what makes him unique as a talent. I asked him whether he’d recommend pursuing the industry to young people at the 2020 BSM Summit, and he said ‘no.’ Owners and market managers may not like hearing that but his points about low wages, being overworked, and the industry being unstable are hard to argue against.
I was at the NAB Show at the Javits Center last week when Finebaum made his comments. A few texts and DM’s followed, as many expect me to defend the industry against anyone who calls it out. I love the business, and believe in spoken word audio’s present and future, but Paul’s perspective warrants our attention. I think he only scratched the surface though.
For instance, there were thousands in attendance last week for NAB Show in New York City. But unless you attended the Marconi Awards on Wednesday night, you likely didn’t see many radio industry leaders during the day. Some took part in sessions, on-site meetings, and roamed the convention floor, but there was less of a presence compared to prior years. Maybe that’s not a big deal. Attending conferences isn’t how we evaluate industry success, but I do wonder what benefit radio leaders get from not being out in full force at key events. The NAB supports radio year round. Don’t they deserve to have every top executive returning the favor beyond the Marconi’s?
If the NAB wasn’t a priority because leaders were at Advertising Week in New York City, that’d be understandable. I asked six different executives in person, and a few more via text and email if they were attending, and all said no. I know a few CMO’s and President’s did drop in, but similar to NAB attendance, this should be a no brainer. The biggest decision makers in advertising are there. If supporting them isn’t vital, and neither is attending the NAB, what is?
We often hear the term ‘perception is reality’ used to define things in life. Radio as a medium is frequently positioned as outdated, stale, less valuable, etc.. Yet in the rooms where we can change that narrative, we’re less present. I’ve heard leaders talk many times about needing to do a better job marketing, but few follow through. If we’re not investing in promoting our business to grow audiences and advertisers, and we’re not in attendance where the conversations matter, how can we expect anything to change?
Within the past month, the Radio Advertising Bureau reported that radio was expected to finish 2024 with 13.6 billion in revenue. Some celebrated that news, but here’s the flip side. Kagan Research reported 2023 radio revenue at 15 billion. Other firms show comparable figures to 2024. If Kagan’s data is closer to being correct, that’d signal a 1.4 billion drop in 12 months. Projections for 2025 call for the industry to generate 12.9 billion. If accurate, that’d be a decline of 2.1 billion dollars in two years.
Ask yourself, if I were a radio CEO and my industry lost 2 billion in 2 years, would I be excited about the future? Why should those on the outside looking in feel encouraged about our business when the headlines they read show Audacy, Cumulus, iHeart, Beasley, and others connected to bankruptcies? If your son or daughter went to college, accrued two hundred thousand dollars in student loan debt, and wanted to pursue working in the industry, and their first job offered 30K or under, would you want them to take it?
Examples like these are difficult to ignore. It’s what guys like Finebaum see, and why they’re pessimistic. If revenues don’t grow, jobs go. It’s that simple. Other mediums like podcasting aren’t as lucrative as radio, but they’re moving in the right direction. Digital is where dollars are being spent, and radio has to be stronger if it hopes to enjoy a bigger piece of the pie.
If you look at television, specifically sports, you’ll see personalities like Paul Finebaum, Craig Carton, Chris Russo, Danny Parkins, Nick Wright, Joy Taylor, and many others making a mark. All were radio stars. They left for TV to reach larger audiences, and make a better living. Similar to sports, sometimes you lose top talent. But if we don’t build new stars to replace them, that creates bigger problems. Lower compensation and lack of opportunity are creating challenges for decision makers in building future broadcasters. How valuable are social platforms and podcasts for brands if they can’t be used to invest in and introduce new shows and stars? It’s why young people are pursuing their own path more and more.
Most openings get filled in radio by what’s safe, easy, and comfortable rather than rolling the dice to do something unique. That’s not to say there aren’t situations where it’s warranted. There are, but not everything should work that way. Equally as important is putting a new spin on successful shows. Just because you’re enjoying success today, doesn’t mean you will tomorrow if you play it safe. Great talent and shows keep introducing new components to keep people interested. Predictability eventually bites you in the ass.
Take a look at a show like First Take. It was dominant with Skip Bayless and Stephen A. Smith. When Skip left for FS1, Max Kellerman came in, and the show remained on top. But despite its success, Stephen A. Smith trusted his gut. He felt the show was stale, and could be better. So he did something about it. That led to Shannon Sharpe, Christopher ‘Mad Dog’ Russo, Ryan Clark, Monica McNutt, Elle Duncan, Dan Orlovsky, Marcus Spears, and many others.
Even now when the show is in a groove, ESPN goes out and adds Cam Newton. First Take has hit the road for more live events, created weeks where SportsCenter anchors served as commentators, and explored ways to incorporate fan videos into the conversation. That’s how you stay relevant, successful, and valued.
How many shows do you listen to in sports radio today that do that? Most rely on the same 1-2 hosts, the same bits, the same calls, and sometimes, that’s fine. Consistency does have positives. But it doesn’t mean you’ll lose listeners and dollars by trying new things. Say what you will about the NFL’s rule changes, and MLB’s tweaks to speed up the game, but both leagues continue to try and make sports better for the modern consumer. Radio has to do the same. Innovation, creativity, and urgency are crucial in maintaining interest. Sometimes we forget that.
The only area where I disagree with Paul is on labeling the entire state of the industry in bad shape. The big three (iHeart, Audacy, Cumulus), and the top two networks (ESPN Radio and Fox Sports Radio) earn the most attention due to their size and reach. Though understandable, their results cast a shadow over others who are outperforming industry standards. I know many groups and local operators who are up in revenue this year, and investing in adding staff. Broad references suggest everything is bad, and that’s not exactly true. Larger corporate groups have bigger problems than mid to smaller sized operators.
Whether it’s an injection of new talent, new leadership, new ideas, better compensation, stronger attendance at key events or marketing our message to remind the world why we matter, radio has to do better. The revenue picture makes it very clear. A lack of exciting new voices is another issue.
We’ve spent years apologizing for the business we’re in. Negative perceptions have been formed, and many have accepted it. We’ve even run from our own identity. If Paul Finebaum’s words bother you, there’s a simple way to fix it – do something different and prove him wrong.
Quick Hits:
- Congrats to the National Association of Broadcasters on another well executed NAB NY show. The Marconi Awards Show is my favorite part of the event each year, and as usual, it brought out many influential people across the industry. Congrats to all who took home awards. Bobby Bones was an excellent host of the event. I also had the pleasure of hosting a panel at the conference, which featured Liz Alesse of ABC News Radio, Jonathan Williamson of Men in Blazers, Mary Menna of Beasley Media Group Boston, and Sarah Foss of Audacy. Overall, it was two days well spent.
- Advertising Week is an event I’ll be making more time for in the future. The layout was unique and impressive. Sessions and speakers looked strong, and the social media promotion throughout was excellent. I could only attend Thursday but wish I’d been able to attend more sessions. Few radio people I spoke to knew about it, which surprised me. With many in attendance controlling the advertising budgets for key companies, radio folks may want to find a way to be present next year.
- The Los Angeles Dodgers advanced to the NLCS on Friday night, eliminating the San Diego Padres. After the win, Dodgers catcher Kike Hernandez was asked by Ken Rosenthal what separates this team from prior rosters. Hernandez asked ‘are we live?’ Rosenthal confirmed that they were, and Hernandez followed up by adding ‘because we don’t give a f**k.’ I use the F-word often. Hearing it did not bother me. However, this is network television. How did Fox Sports allow that to get on the air?
- If Jazz at Lincoln Center is indeed sponsoring Jazz Chisolm‘s at-bats during Yankees playoff games on WFAN, it’s a brilliant creative sponsorship idea by Audacy New York. More brands will borrow that concept moving forward. It’s clever.
- Congratulations to Keith Britton on earning the PD role at 92.3 The Fan. Keith has spent 13+ years at The Fan, starting as a producer before moving up to APD in 2019. He learned under Andy Roth who recently left for Atlanta to lead 680/93.7 The Fan. Roth’s parting gift, making sure the next leader was ready to step in upon his exit. Job well done by all involved. This is how it’s supposed to work.
- Skip Bayless on Pardon My Take is an interview you’ll want to check out. Big Cat and PFT Commenter handled it perfectly. Bayless opened up on reuniting with Stephen A. Smith, his relationship with Shannon Sharpe, his history of takes and if he has any regrets, and much more. Whether you love or hate Skip, it’s an interesting listen.
- Hunter Brody earned attention last week on Boomer and Gio. Jerry Recco introduced Brody’s passionate Phillies rants to the WFAN morning team, which were perfect fodder during the height of the Mets-Phillies NLDS series.
- Job well done by Alex Feuz of ESPN’s PR team. Feuz interviewed Chris Russo on his 06010 podcast, and the discussion covered a lot of ground for media enthusiasts. Russo is one of the best of all-time both on and off the air. You learn why throughout the conversation. Click here to take a listen.
- Credit to Chad Lopez, John Catsimatidis and the WABC Radio team. Few groups today would make the call to eliminate 2.7 million dollars in revenue from their books in favor of adding expense to weekend programming. That’s what Red Apple Media did though when they took over the station in 2019. Fast forward to today, and WABC is in a stronger position. Garrett Searight captured the story well last week. Click here to check it out if you haven’t already done so. It provides a good reminder of why taking risks is so important. Vision, belief, and passion can help you do amazing things. Lopez, Catsimatidis and their crew clearly believe in what they’re selling.
Jason Barrett is the Founder and CEO of Barrett Media. The company launched in September 2015 and has provided consulting services to America’s top audio and video brands, while simultaneously covering the media industry at BarrettMedia.com, becoming a daily destination for media professionals. Prior to Barrett Media, Jason built and programmed 95.7 The Game in San Francisco, and 101 ESPN in St. Louis. He was also the first sports programmer for SportsTalk 950 in Philadelphia, which later became 97.5 The Fanatic. Barrett also led 590 The Fan KFNS in St. Louis, and ESPN 1340/1390 in Poughkeepsie, NY, and worked on-air and behind the scenes at 101.5 WPDH, WTBQ 1110AM, and WPYX 106.5. He also spent two years at ESPN Radio in Bristol, CT producing ‘The Dan Patrick Show’ and ‘GameNight’. JB can be reached on Twitter @SportsRadioPD or by email at Jason@BarrettMedia.com.
