Streaming audio and video are relatively new players in the media ecosphere, but Techsurvey 2020 says AM/FM radio is holding its own against them very well.
Even though radio is not a steaming brand per se, it has been inserted in the Jacobs brand pyramid for comparison. It’s clearly a leader with 90%. Facebook is the next closest competitor with 72%.
It’s no surprise that everything in audio and video streaming is trending upwards, and skewing to a younger audience. The percent who watch streaming video weekly or more has jumped from a total of 62% in TS 2016 to 74% in TS 2020. In the lead is Gen Z with 96%, followed closely by millennials with 93%.
TS 2020 says that just under half of their respondents listen to streaming audio daily, with 50% of the silent generation, and climbing to 77% for Gen Z.
And more good news for radio, TS 2020 says nearly two-thirds of respondents listen to their home station’s stream. That’s way ahead of Pandora, YouTube, Spotify and iHeart Radio.
A key reason they give for listening to AM/FM radio is that it’s free. That is especially important at a time when the survey also suggests that six in ten feel that subscription fees for audio and video fees are a concern.
Fred Jacobs, president of Jacobs Media sees this as a golden opportunity for radio. “We see two forces combining here. First, the coronavirus has increased the already strong interest in local radio and its personalities at a time when most are forced to stay at home, and are probably listening more. Second, many have either lost their jobs, or been without income for some time. When their credit card bills begin to arrive, they may question whether they should, or can afford to pay for several streaming services every month. All of that can work to radio’s advantage.”
He adds that some stations have not promoted their streams well in the past, either because they don’t understand how to monetize them, or because they believe it might detract from their ratings numbers. Here’s Jacobs’ to-do list: clean up your stream — in the home it’s the only way many can listen; if you can switch to TLR, do so, it’s a better experience for most stations; test drive your smart speaker commands then heavily promote them and finally think local, it’s the “secret sauce” that none of the other media platforms can provide.