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iHeartMedia Sees Nearly 6% Revenue Uptick During 2024 3rd Quarter

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iHeartMedia has announced its third-quarter financial results, with the news being a positive one for the company.

During July, August, and September, the company brought in $1.008 billion. That figure represented a 5.8% increase compared to the same time period in 2023. If political revenue is excluded, the revenue increase still rests at 2%.

Revenue for the company’s Digital Audio Group rose 13% to $301 million. Podcast revenue alone at iHeartMedia was up 11%. The company brought in $114 million in revenue from that category during the three-month period.

Multiplatform Group revenue dropped slightly, down 1% to $620 million. With political revenue excluded, this group’s revenue was down 3%.

The Audio & Media Services Group sector saw dramatic growth with a 45% increase in revenue. That arm of iHeartMedia earned $90 million.

The company also announced a debt restructuring that included a $4.1 billion debt exchange. It will extend maturities by three years.

“We’re pleased to report that our third quarter results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges,” said iHeartMedia Chairman/CEO Bob Pittman. “We continue to see evidence that this is a recovery year for advertising revenues, and the strong momentum in our podcast business, our digital ex-podcast business, and the sequential improvement of our Multiplatform Group’s year-over-year revenue performance reflect the power of our unparalleled reach, consumer relationships and range of assets.”

News of the company’s revenue uptick comes on the heels of widespread layoffs being enacted by iHeartMedia. Beginning last week and continuing through this week, the company is slashing roughly 5% of its workforce in what it is calling an effort to contain “cost efficiencies”.

Former 92.3 The Fan Hosts Dustin Fox, Adam The Bull to Host Weekly BetRivers Podcast

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Former 92.3 The Fan afternoon hosts Dustin Fox and Adam “The Bull” Gerstenhaber are teaming up once again for a BetRivers Network podcast.

Gerstenhaber hosts a daily show — The Bullpen — but will add a weekly live show with Fox on Thursdays at 2 PM ET.

“We’ll talk about the latest sports and non-sports topics of the week,” Gerstenhaber shared on social media. “Plus, answer your questions from the chat!”

Adam The Bull and Dustin Fox were paired together for 11 years in afternoon drive on 92.3 The Fan before Gerstenhaber departed the station in April 2022.

It is a continuation of a partnership the duo created when Fox left the Audacy Cleveland station earlier this year. He began appearing on The Ultimate Cleveland Sports Show — which Adam The Bull is a regular contributor — after exiting the sports talk radio station.

Radio Rendezvous Virtual Events Set To Launch December 4

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Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.J

Joel Denver and Seth Resler have announced the launch of Radio Rendezvous, a bi-weekly virtual event for radio professionals.

Radio Rendezvous will officially launch on Wednesday, December 4, at 1 PM ET/Noon CT/10 AM PT. The inaugural event will feature special guests Fred, morning host at iHeartMedia’s 103.5 Kiss FM in Chicago, and James Howard, Senior Vice President of Programming for iHeart Chicago.

Participants can pose five questions to the guests, followed by a one-hour interactive session where attendees can connect directly with them or engage with fellow broadcasters.

This event presents a distinct chance for networking and collaboration among industry peers. Attendees are encouraged to join with their microphones and cameras ready, as this format is designed to foster interaction in a way that differs from traditional webinars or Zoom meetings.

Starting in January 2025, Radio Rendezvous will occur on the second and fourth Thursdays of each month. This event aims to foster engaging conversations, and attendees are encouraged to attend regularly. Registration for Radio Rendezvous is available for free here. 

Questions: reach out to Joel Denver here.      

Network and Cable News Coverage of 2024 Presidential Election Results Drops More Than 25% Compared to 2020

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More than 42 million viewers tuned into network and cable news coverage of the 2024 presidential election results. While that seems like a good thing, it is actually a dramatic drop from the last race for the White House.

According to Nielsen, 42.3 million watched coverage between 7-11 PM ET on Tuesday evening. The first call that the race was won by Republican nominee Donald Trump came at 1:22 AM ET.

While an audience of 42.3 million seems massive, it is actually a drop of more than 25% compared to the 2020 election pitting Trump against Joe Biden. On that November night, 56.9 million viewers watched primetime coverage. That race, famously, wasn’t settled until the weekend.

Fox News led both network and cable news with an average audience of 9.8 million viewers. ABC News was the highest network news channel with 5.7 million viewers.

In the Persons 35-54 demographic, 11.4 million viewers tuned into the coverage. In the Persons 55+ demo, 24.4 million were represented.

The 42.3 million viewers take into account the audiences from ABC, CBS, FOX, NBC, The CW, Merit Street Media, Scripps News, Telemundo, Univision, CNBC, CNN, CNNe, Fox News, Fox Business Network, MSNBC, Newsmax, NewsNation, and PBS.

The New NFL Kickoff Rule: A Hit or Miss?

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The NFL is known for evolving its rules to make the game safer and more exciting, but its latest change to the kickoff rule has sparked a lot of conversation. The 2024 season introduced a revamped kickoff format, one that borrows ideas from the XFL, with the goal of reducing injuries while increasing the number of returns. However, reactions to the rule have been mixed.

So, is this change a step in the right direction, or is it a miss for the league and its fans?

What Are the New NFL Kickoff Rules?

The new rule changes how teams line up during kickoffs and when they can move, making the play less chaotic and reducing high-speed collisions. Under this new format, NFL players on the kicking team (except the kicker) must line up at the opponent’s 40-yard line, while the receiving team’s players must stand between their 30- and 35-yard lines. Importantly, no one besides the kicker and two returners can move until the ball is caught or hits the ground within the “landing zone”—an area between the goal line and 20-yard line.

The hope is that by reducing the space and speed of the kickoff, the injury rate will fall to the level of regular scrimmage plays. In theory, keeping the ball in the landing zone should force more returns, generating more exciting plays and giving special teams a bigger role in games.

Does the New Kickoff Rule Work?

While the intentions behind the new rule seem clear—make the game safer and keep fans entertained—the results have been mixed so far. Early data shows that while the number of returns has slightly increased, many kickers still aim for touchbacks to prevent big returns.

Imagine you’re checking the Denver Broncos odds before a game—you might feel differently about a team’s chances if they are restricted from making those unexpected, high-impact plays. The rule certainly makes for a more structured play, but some argue it takes away from the unpredictable nature that fans loved about kickoffs.

What Are the Benefits of the New Rule?

On the positive side, the rule does show promise in making the game safer. High-speed collisions, which frequently resulted in concussions and other serious injuries, are less likely under this new system. The setup forces teams into a more controlled and predictable environment, which limits the risk of devastating injuries without completely eliminating the kickoff.

A Hit or Miss?

Whether this rule is a hit or miss depends on how much you value safety versus excitement. For those who prioritize player health, the new kickoff rule is a win. The risk of serious injuries appears to be lower, and the game is more controlled. However, if you love the unpredictable nature of the old kickoff, the excitement of a possible big return or surprise onside kick, the new rule feels like a miss.

Conclusion

The new NFL kickoff rule may not have completely hit the mark for everyone, but it’s certainly made the game safer. While it takes away some of the unpredictability and high-speed drama fans love, it opens the door for new strategies and opportunities, especially for special teams. Whether it will stand the test of time depends on how much excitement it brings back to one of the most iconic plays in football.

KFJB in Marshalltown, Iowa Seeing Investment in Video, YouTube Strategy for High School Sports Paying Off

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Just over 50 miles northeast of Des Moines, Iowa sits the city of Marshalltown. The city is home to KFJB, one of Iowa’s oldest radio stations. Founded by the head of the Marshall Electric Company, Earl Peak, the station would run a cable three blocks to Marshalltown High School and is credited with doing the first remote broadcast of a high school football game in the 1920’s.

“What they decided to do…was they created a three-block long microphone cable, ran it through the ditch to the football field and then that is credited with the first live sports broadcast on the radio,” said current station Owner/General Manager Todd Steinkamp. “Before then they would have announcers call in to the studios and then the studio announcers would relay the information to the listeners.”

These days, that very same station is still covering Marshalltwon High School sports, but now in addition to football, they cover just about every other sport. And, in addition to games airing on the radio, they are also now airing on KFJB-TV, which airs on YouTube.

Steinkamp said while this was something they had thought about and talked about, like a lot of things, it was Covid that finally made it happen.

“Covid was the catalyst for this really because [high schools] were limited to the amount of parents that could go to a game and the grandparents couldn’t go and you had to sit six feet apart, so we wanted to take it to the next level,” he said. “So, we just said, all right, let’s investigate and see what it would take. So, we put together a checklist. I talked to a couple of different radio stations who were doing video coverage. I just got online and started doing a lot of searching and everything and figured out the initial equipment that we would need to pull this off.

“I got a play-by-play announcer, I needed a couple camera people, I needed a producer, so when we initially started, we were talking three or four people, got our cameras, got our equipment and we started off not knowing a single thing about video.”

Steinkamp said it was a bit scary making the leap into video and “there were definitely stumbling blocks,” but that they did make the conscious decision to do it right. He said there was an initial investment of around $8,000 for equipment, but he felt confident if they delivered a quality product, the advertising support would be there to make the risk pay off.

“We made the decision to say if we’re going to do this, we want to do it well. I don’t want it to look hokey, I don’t want someone to tune in and think it’s kids running it. So, we made that conscious decision to start off with that, we were going to do it top tier. That first year was trial and error. We got the basic equipment and then every time we got a new sport season, we would figure something else out.”

He said they have added more cameras and eventually swapped out any equipment that needed to be wired together with wireless equipment. “We can literally go anywhere on the field or on the court and get better shots,” Steinkamp said.

As for staffing, Steinkamp said it varies by sport, but for football they will have two announcers, a producer who operates the video software switching cameras, inserts graphics and runs replays, two people on cameras, a statistician and someone manning the controls at the radio station. For some smaller sports, Steinkamp says it can be done with as few as three total people.

As for the monetization, the first year they did it, there was no additional charge to sponsors who purchased one of the radio sponsorships. Steinkamp said he did that, so he didn’t have to hold up any promises since he had no idea what to expect. Now, with around 1,500 subscribers and games getting a few thousand views at times, he is able to upsell sponsors for the video side.

Steinkamp said they continue to learn as they go. One thing he cautioned people about using YouTube as a platform is that you have to be careful no copyrighted content gets on the broadcasts. When they are set up and the stadium is playing popular music, YouTube has flagged KFJB’s content for airing copyrighted material. He said it’s something most people wouldn’t think about and if you get too many strikes from YouTube on it, it could lead to them suspending your account.

Not only are fans taking in the games at their homes, but there are some local bars you can also walk into and see the broadcasts of the games on their televisions from the YouTube feed. Steinkamp says many of the families will reach out and let them know how and where they are watching the games and a lot of them get a kick out of casting the feed to their screens at home. “You can literally watch our broadcasts on YouTube on a 72-inch TV if you want to,” Steinkamp said.

Steinkamp loves local radio and says the 100+ years of covering Marshalltown High School athletics is something they are very proud of and are excited to see it continue to grow through video. He sees it as a win not just for the station but for the fans, sponsors, coaches, players and the school.

“The local angle is definitely the way we wanted to approach this. It was to support the kids, and we’ve had so many parents come to us and say, ‘you guys treat these kids like they’re superstars’ and they get the biggest kick out of it. Coaches have told us after the games are done if they have an away game, they’ll all jump on the bus and the next thing you know, it’s quiet on the bus because they’re all back watching our footage of their games. That’s cool to hear.”

Barrett Media Reveals Plans For Top 20 of 2024 Series

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In my column on Monday, I teased forthcoming details regarding our Top 20 series. This is our most popular series each year, and given our growth, it has expanded into areas beyond sports radio. Today’s announcement, once again moves us forward into uncharted territory. If recent history is any indicator, we expect 2025 to be our biggest series yet.

Barrett Media Top 20 in Sports Radio

This series launched in 2016 with a strong focus on sports radio, and it has been a massive hit. Year after year, the BSM Top 20 is the single biggest traffic driver to our website. It also drives millions of social media impressions including attention from some of the top names in the business. The series highlights sports radio’s top morning, midday, and afternoon shows, program directors and local stations in major and mid-sized markets, as well as the top national shows.

We’ve released the results each year during the week of the Super Bowl, and that will continue moving forward. The BSM Top 20 of 2024 will be released February 3-7, 2025, and February 10, 2025. Different categories are featured each day starting with local morning shows. Voting begins in December after I compile the lists and distribute them to our voters.

I’ve chosen Super Bowl week for this series because it’s the one time of the year when sports media folks are all inside the same place. The Top 20 gives them an opportunity to reconnect, banter over the results, and have some fun. It also makes for good on-air content, especially earlier in the week when guest availability is lighter.

Barrett Media Top 20 in News/Talk Radio

Our BNM Top 20 for news/talk radio professionals began in 2022. It too has been a smashing success. Brands, talent and decision makers get behind it, making it one of our top three performing weeks of the year. Social media impressions are also in the millions.

For the past two years, we have rolled out the series in early December. However, we are changing the date this year. The BNM Top 20 of 2024 will be released January 6-10, 2025 and January 13, 2025. Similar to our sports series, the focus will be on news/talk radio’s top morning, midday, and afternoon shows, program directors, and local stations in major and mid-sized markets. National news/talk radio shows will be featured as well.

With a new President going into office, and staffs returning from holiday vacations, I can’t think of a better way for format folks to kick off the new year. It’s also great for salespeople looking to connect with clients and future partners over something new and exciting.

Introducing the Barrett Media Top 20 in Music Radio

If we’re going to cover sports and news media daily, and recognize the industry’s best, shouldn’t we be doing the same for music radio? We expanded in July, and said we were committed to elevating coverage of the music radio industry. What better way to support that position and show we are serious than to give music radio it’s own Top 20 week.

The amount of music radio stations and formats initially concerned me. But after talking to industry people, and looking at what’s most important, I think we’ve come up with a process that makes sense to us, and industry voters. Similar to sports and news, local will be earn top billing, with a national category being created as well.

The results of the inaugural BMM Top 20 of 2024 will be released January 20-24, 2025, and January 27-29, 2025. We will recognize the Top 20 shows in different formats over an eight-day stretch. That makes it the longest of the three series, which is necessary given how much larger music radio is than sports/talk and news/talk.

Sponsorship

Stephanie Eads will be talking soon with advertisers about opportunities associated with these series. We have the ability to put one partner on each series or offer the sponsorship of all three to one group. To discuss, email Stephanie@BarrettMedia.com.

As I stated earlier, our sports series is the biggest traffic driver of the year, and our news/talk series ranks in the top three. That’s not including the millions of eyeballs that are attracted to the series across all social media platforms. We expect the music series to perform at a similar level.

There aren’t many sponsorship opportunities available that allow marketing partners to reach every single radio station in every major format, and the key talent and executives associated with them. The Barrett Media Top 20 does that. The exclusive sponsor of the series has their logo included on ALL images created. Contact Stephanie to learn more.

Full Schedule

To help you keep track, use the image below. We’ve still got a lot to do compiling lists, gathering feedback, and adding up the totals, but 2025 is going to start with a ton of attention on the radio industry, and we’re excited to create it for you!

WWE Raw Still Brings the Heat Weekly on USA Network

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On a program that plays up historic moments seemingly in every segment, the November 4 edition of WWE Monday Night Raw on USA Network was truly a landmark edition.

For the first time in history, Raw emanated from Riyadh, Saudi Arabia, and the production thrilled the new audience. Following a terrifically produced opening video sequence featuring images of past and present WWE stars, announcers Michael Cole and Corey Graves opened the show with enthusiasm and fanfare.

I hadn’t watched a full episode of Raw in a while, but like many, I always compare the show to the Golden Age of wrestling on television. Names like Hulk Hogan, Rowdy Roddy Piper, Jimmy Snuka, The Rock, John Cena, and other fabled stars laid a spectacular groundwork in which today’s competitors thrive.

This edition of Raw opened with a look back at the recent Crown Jewel event with highlights of the various matches. As always, the production is extremely extravagant with fire, lights, various camera angles, exciting announcing, good versus evil storylines, and crowd involvement.

The production values of professional wrestling have improved greatly over the years, but the bottom line, heart and soul of the programming remains. There are wrestlers whom people like and wrestlers whom people hate. There are grudge matches, friends turned foes, unexpected upsets, expected greatness, and a bunch of really gigantic and athletic people beating the heck out of each other.

One great aspect of WWE is that the female competitors have risen to a new level of numbers, performance, athleticism, and strength heretofore unseen. With Raw, it’s all about being visual. The remarkable moves and gyrations of these athletes draw fans in and keep them there. I get it, the results are pre-determined, but let’s put that aside and just enjoy the fun.

Superstars like Cody Rhodes, Roman Reigns, and the lingering spectacle of now corporate superstar Triple H remain a big part of the Raw attraction. WWE still features the typical shots of wrestlers rolling up to the arena in limousines, and of course, the in-between match taunting from wrestlers in the ring, microphones in hand.

In this episode, superstar champion Liv Morgan delivered a great pre-match rant. Career ending threats, over-the-top predictions, and angry and arrogant announcements were the orders of the day. The women took center stage at the beginning of this edition of Raw with a Battle Royale to determine who would become the number one contender to Morgan’s title.

Cole and Graves do an excellent job of calling the action with all of the required drama, exaggeration, bombast, and commentary. They are following in the footsteps of some great wrestling announcers, headed up by Vince McMahon himself way back in the day and brought to the height of excellence by the late, great ‘Mean’ Gene Okerlund.

While the match results are canned, the athleticism, muscularity, and flexibility of these wrestlers are uncanny. From flips to roundhouse kicks, somersaults, and top rope leaps, you cannot deny the strength inherent in the competitors. In a typical Raw ending, the women’s Battle Royale came down to a dramatic clash between Tag Team Champion partners Bianca and Jade, and just as typically, outside interference ensued from rivals Valkyria and IYO SKY.

For me, one of the best parts of Raw are the interview segments. Specifically, Cathy Kelley is worthy of mention here. She does a truly outstanding job as a between-match interviewer. In short, she gets the Raw vibe. Kelley brings all of the excitement, passion, glitz, and over the top enthusiasm needed her work. The first interview of the program featured Kelley in a Q and A with Tag Team contenders The New Day.

Kelley is a popular personality as evidenced by her 857,000 followers on Instagram. Her talent and on camera presence are key reasons for Raw’s continued success. Kelley’s line of questioning taps into the emotional angst of the wrestlers, especially with The New Day, who recently lost their Tag Team Championship. Her facial expressions exemplify the kitsch drama of WWE.

With all of the off-camera drama, corporate changes, and athlete comings and goings, WWE Monday Night Raw remains a staple of sports/entertainment television. Cole and Graves do an excellent job of building up the grudge matches by showing clips and providing voice overs to previous match highlights.

As always, the strength of Raw and the WWE is the continual cultivation of provocative talent. Top tier professional wrestlers are not just athletes, they accept and embrace the fact that they are also actors. The loud and proud dissertations and speeches rev up the crowd in the arena and watching at home. These characters are truly the reason why Raw, and professional wrestling as a whole, continues the epic run it has enjoyed for decades.

The script has not changed much over the years. One wrestler emerges with fire and brimstone from backstage, runs into the ring as the crowd roars with love or disapproval. The wrestler grabs the microphone and begins orating to the crowd.

Inevitably, one or more allies or enemies emerge from backstage and join in the presentation. One of two things then happens. The long-time enemies become partners, or whoever is in the ring gets back to the aforementioned beating the heck out of each other. Either way, it makes for fascinating television for wrestling fans.

Raw provides a recurring drama with an undercurrent of courage, loyalty, and morality. The multitalented and always excellent Jackie Redmond remains a key part of the Raw team. Like Kelley, she interacts extremely well with the wrestlers she interviews. In a query with Seth Rollins, she led him down a path to boast about how amazing he is and talk about his rivalry with Bronson Reed.

Raw has its recommended daily allowance of wrestlers adorned in lavish boots, jackets, and masks such as the popular Dragon Lee. It also features more bare-bones talent like Lee’s opponent in this particular episode Chad Gable.

One complaint, I still don’t like the longtime trend of cutting to a commercial break in the middle of a match. It reinforces the artificial aspect of the sport and further lessens the credibility of the match, but that’s television, and the bills must be paid.

Lee and Gable provided some excellent wrestling action with a ton of athletic and acrobatic moves. Both of these athletes play on the top rope and feature violent suplexes onto the mat. The fun matches continued with popular wrestlers like Dominik Mysterio and Sheamus.

Of course, Raw would not be a WWE wrestling program without soap opera storylines, unfinished business between wrestlers, previews of upcoming television and live events, and promotions for other WWE productions.

In the end, however, isn’t promotion what Raw is all about? The wrestlers promote themselves on the microphone, the announcers promote the matches by calling them with flair, and Kelley and Redmond promote the rivalries by showcasing the wrestlers in interviews.

With some of the best personalities, promotions, and production values on television, WWE Monday Night Raw is still rocking in all of its colorful and incandescent glory.

Innovation For Your News Talk Radio Station in 2025

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Innovation. You have probably heard that there is nothing new under the sun. That comes from the Ketuvim part of the Hebrew Bible, Ecclesiastes chapter 19. While in many ways, this expression of wisdom is essentially true, innovations happen every day. Between now and the first Monday in January, it is an opportunity to evaluate the station and/or your show. There is more competition for the consumers of media seemingly every day. Ok, being honest… When was the last time that you thought through your approach?

A great Program Director should always look at the glass as half full. Here is why: every moment on the station is a precious commodity. Did the news anchor bury the lead on the big story of the day? Do you have old promos running? Did your host spend eight minutes discussing her/his weekend instead of generating amazing radio? Even the best News Anchors and Talk Show Hosts have inefficient shows or newscasts.

Program Directors, ask yourself the following: Is my staff focused on the lives of the station’s target demographic? Is my station fun to listen to? Are the guests on the show good or just a lazy use of airtime? As I have written way too often, the worst lie that you can tell is the lie you tell yourself.

Hey hosts, when was the last time that you tried something new? Do you have new features? Are you playing the same bumper music that you played 10 years ago? Is your audience aging with you? I don’t know the answer, but here are some of the signs: is your newest bumper music from before 1990? Do you look at the dated features as legacy segments? Do you have a regular guest that brings nothing to the table?

You have to be honest with yourself. If there are no surprises in any of these questions, you may need to adjust. A 45-year-old was born in 1979. That individual was 20 years old in 1999. If you have bumpers from the 1970’s, it is the music that man or woman’s parents listened to. You are alienating the younger end of your demo. Here is a fact; the 65-year-old is likely familiar with songs from 25 years ago, 1999.

Are you still doing your show on the Rush Limbaugh template? Rush innovated the long monologue in the mid-1980’s. That is 40 years ago. Due to the segmentation of entertainment choices, you need to grab the attention of listeners quickly. You must be aware that you are not the only choice. Are you leading with the most intriguing detail? Are you more than just interesting? We must be audio clickbait.

Hey News Anchors, you MUST lead with the most intriguing detail. Did someone carjack a KIA at the Walmart with 2 toddlers strapped into the backseat? Did you lead with “According to the police a carjacking at the Walmart has led to a search???” You could lead with “The poor carjacker who now has to figure out what to do with 2 toddlers who have likely dirtied their diapers.” I kind of feel bad for the carjacker in this situation. You know that I am right.

What about the family who lost their home last night? Did you open with the unremarkable, “Fire destroyed a home on Elm Street?” or “Family of four is homeless after their house was destroyed by fire overnight.” Did it open like this: “In the Stonegate neighborhood, one family will not be celebrating Christmas. Home erased by the overnight fire.” Every story should be audio clickbait. I have heard from some of you who think that audio clickbait is demeaning somehow. It is not. We live in a clickbait world. If you don’t accept this reality, you are living in denial. This is our reality.

Social Media execution. Crew, it is about show business. Make sure that you post pictures of every in-studio guest. If you are out at an event, post a picture with you and every listener you meet. Find ways to create show biz. I hate to say this, but I work hard at being a truthteller. For whatever reason, News Talk Hosts suck at being showmen or show women. We are in showbusiness. Make things as exciting as possible. I have seen so many hosts who are promoting their shows poorly. It looks like hosts have been kidnapped. Get your producer or board operator to livestream or record your show’s social media promo. We are in show business.

Ok, you are creative. Probably coming up with ideas that I have never thought of. This article is meant to give you permission to create. You are amazing. I have met hosts who feel like that they are in a box. YOU ARE NOT!

Do great radio. Don’t be scared to fail. You are an artist. Trying something that doesn’t work is not a crime on your station. The crime is continuing things that have worked in the past but are not working today.

Ask yourself questions. Ask your producer and/or board operator to critique a segment. Your on-air support team is essential to your success, and it is up to the host to empower them. The market is changing so fast that it is incumbent to adjust to the market.

You hold the power in creating a Listener-Focused Experience. I want to urge hosts, news anchors and program directors to follow the data. I often find people trying to scapegoat Nielsen for their failures. Nielsen’s methodologies are certainly not free from faults, but it is the data. Follow it.

Is It Time For Large Radio Companies To Cut Losses And Sell?

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Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.

Watching the layoffs this week in radio? Well, here it is. 

It’s time for large radio companies to sell. 

iHeart is top of the list. For more than a decade, Bob Pittman has not wanted the company to be in the terrestrial radio business. Where priorities and resources have gone, make it clear, iHeart is interested in monetizing their app, outdoor and network business. They have systemically choked the life out of local markets in each department. 

Coincidentally, iHeart stock got listed as a hot buy as Bob and John Sykes scooped up shares, gutting even further this past week. They’ll have their golden parachute, and so will their board. But for shareholders and long-time company soldiers? No chance. There are really smart and talented folks at high levels in the company who know what to do to improve local O+Os, but they aren’t, and they’re not being asked to.

We talk about fear in show business, and it’s palpable at iHeart. It’s time for them to sell. Get out. Don’t drag down what’s left of the radio industry to cash out. 

iHeart is so big that as it goes from spot load to AI adoption to content, so goes much of the rest of the industry. Bob Pittman was once as deep-ceded a radio guy as radio guys get. He’s worked his way up, done overnights, and built format clocks. Don’t do this, Bob. Don’t tear it all down. It doesn’t have to be this way. 

I worked directly with Bill Wilson and Erik Hellum at Townsquare Media. They were great guys, and terrific managers, but they want to be a digital company. They should sell. Be THE digital media company but sell local radio to local owners who want to operate them.

Beasley? Cumulus? Audacy? I think the decision to liquidate properties will eventually come on its own. 

I gave 11 years of my career to Cumulus. It’s a shame watching them dissolve their Hudson Valley cluster, WPLJ, and WDRQ over the last few years. 

Yes, technology shifts have led to more choices for the consumer. Tastes do indeed evolve. Radio has been dumbed down, homogenized, and stripped to nothing. The loss of share of ear under 35 and loss of TSL, along with the difficulty of selling, particularly National, has acerbated issues facing the industry. 

Now is the time, corporate radio needs to cut its losses and cash out. Don’t kill one of the great American traditions left, local AM and FM. Please.