We know a lot of radio broadcasters who are frustrated with their inability to effectively monetize their new digital offerings. While some stations and clusters are making progress, it’s a process trying to move dollars over to digital.
I recently participated in a fascinating day-long seminar with big players in newspapers, magazines, and television discussing these same issues. While many media are ahead of radio in terms of web traffic and products, no one’s cleaning up on the web – yet.
And that truth is especially powerful when you think about the trials and tribulations of YouTube. Yup, the video streaming category killer that many of us visit daily still hasn’t hit on the Tao – the way – of cashing in on the bazillions of video streamers. Consider this: 13 hours of video are uploaded every minute on YouTube, but money is still not being made.
But they’re working on it. Google CEO Eric Schmidt says they’re trying a variety of different paths – pre-rolls, post-rolls, and the always popular in-video ads that are embedded at the bottom of the YouTube video screen.
While Schmidt thinks this latter approach will eventually strike gold, his "take" to the investment community is that he’s exercising a little patience in the process.
Obviously, it’s not easy transitioning YouTube visitors from a totally free service to one that is ad-supported.
Perhaps this is a reminder to radio people who struggle with similar issues. What is the best way to monetize podcasts, streaming audio and video, and the many other digital platforms that radio is attempting to cash in on? And who should be selling these products – the existing ":30/:60 Gang" or a whole new sales staff, trained in digital transactions?
Based on the "ready/aim/shoot" way that radio consolidation has beget one bad cluster sales strategy after another, radio would do well to take the Eric Schmidt approach and think things through. Misfires at this point are only going to cost radio more money down the road.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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Radio trying to monetize digital content is the ultimate in putting the cart before the horse. How can the radio industry look at the paltry audience size for their digital offerings and wonder why the money isn’t rolling in? It’s not like they’ve never sold media before and don’t understand the game and metrics.
Radio needs to offer content with enough appeal to reach critical mass then worry about how to sell it.
Radio trying to monetize digital content is the ultimate in putting the cart before the horse. How can the radio industry look at the paltry audience size for their digital offerings and wonder why the money isn’t rolling in? It’s not like they’ve never sold media before and don’t understand the game and metrics.