Some of this isn't relevant if you're not in the US but it's an
interesting article, neverthless.
Chhavi
-------- Original Message --------
*Has Wall Street Sucked The Life Out Of Radio? *
/*A Message About Solutions
*/from /Radio Ink/'s Eric Rhoads
Last night I was reading some past editorials I've written for /Radio
Ink/. On July 18, 2005, my editorial titled /Should Radio Walk Away From
Wall Street?/ said, "Wall Street has become unforgiving and unwilling to
allow companies the necessary time needed for growth, reinvention, and
cyclical adjustments. Meanwhile, regulations such as Sarbanes-Oxley
create a wall of paperwork that turns aggressive entrepreneurial
businesses into restricted paperwork bureaucracies. General managers,
sales managers, salespeople, even program directors in publicly owned
radio companies say that a significant portion of their time is consumed
by meaningless paperwork. What have we become?"
It went on, "There is a season to be public, but I have a hard time
finding any value in being a public company in this season of radio.
Perhaps it's naive to think that we don't need Wall Street anymore, or
that the debt can be paid without public money, but radio would change
for the better if we could shed the Street and its need for quarterly
performance. That freedom would let us focus on doing what's right for
the long-term growth of our business, rather than only what looks good
this quarter. Fortunes can be made in radio by paying attention to the
important growth strategies of our industry and leaving the business of
theatrics, acting out foolish scenes to make Wall Street gush. It's not
working, and some scenes are embarrassing and humiliating. Radio needs
to get back to the business of radio. Wall Street is a fair-weather
friend whose value to us as an industry may have passed. "
*A New Era For Radio
*Radio today is no better off for hanging in there with Wall Street. The
only good news is that Clear Channel is no longer traded on Wall Street,
and because of its leadership (by the weight of its holdings alone),
there is hope that radio might return to its core strengths. This
assumes that radio will not continue to cut its way to success, which is
unlikely. Like it or not, radio is leaving the Wall Street era
(thankfully) and entering what I call the /*Hands-On Era*/.
With every disaster comes reinvention. This American economic disaster,
combined with radio's seven-year streak of bad luck (who broke a
mirror?), makes it clear that whatever radio broadcasters have been
doing is not working. After beating their heads against the wall, some
are finally seeing the need for creative solutions. There is no wakeup
call like a severe drop in revenues. Any smart CEO will look to what is
working and what is not. If we're lucky, they will put their pride aside
and realize that small, local, independent radio stations have it
figured out. Those small groups are not crying the blues, are not seeing
the declines, and are not being severely wounded by the economy.
When I write my missives about the woes radio is facing, I hear from
dozens of radio operators asking me what world I'm living in, because
life in their world is just fine. So what is the difference between them
and the Wall Street operators? They are hands-on radio companies with
high levels of contact with local-direct advertisers and local
audiences. They invest in on-air and sales talent. They do not just pay
lip service to localism with liner cards mentioning local communities.
They invest in localism, promotion, and entertainment.
*What Are The Independent Companies Doing Differently?
*What works on Main Street can work on Wall Street, but it will require
a complete shift in thinking and an entirely different strategy. Radio
board rooms need to echo the strategies where radio is successful, and
shed their tired and worn tactics of cut to profit.
*The New Heroes Of Radio
*Today I asked /Radio Ink/ General Manager Deborah Parenti to add a
session to our Forecast <http://www.radioink.com/forecast> conference
focused on what the independent operators are doing right and how those
techniques can be applied to all radio. This is a dramatic change for
Forecast <http://www.radioink.com/forecast>, which has mostly had a Wall
Street focus. Though we will continue our practice of forecasting
spending and advertising trends, this December we will also address what
IS working, and how we can replicate this success. We have a powerful
session planned, and I think people will be clinging to the panelists'
words like never before, because these are the heroes in radio. They are
successful, they are pacing equal to or ahead of last year, and they
have strong opinions about what other companies are doing wrong.
*Every Radio Station Owner And Investor Should Be Present
*If you own, invest in, or fund a radio station or group, you need to be
present in New York on December 2. If you sit on the board of a radio
group, you need to be present. This is the most important conference we
have held in the history of Forecast <http://www.radioink.com/forecast>,
because it will not only focus on economic strategies, it will focus on
making radio more /*hands on*/. Knowledge is power, and this knowledge
can change the outcome of radio nationwide.
*Oddly Enough, We're Pacing Ahead
*Frankly, I was a little nervous about attendance this year, but so far
we're pacing ahead of registrations from last year. I suspect it's
because people need fresh ideas and answers. You have my word that we're
focused on your needs, and we offer a 100 percent satisfaction
guarantee. The Harvard Club limits us to 200 seats, and we max out on
attendance every year. To reserve your seat, call 561-655-8778, or go to
www.radioink.com/forecast <http://www.radioink.com/forecast> to register.
Eric Rhoads
Publisher
[EMAIL PROTECTED] <mailto:[EMAIL PROTECTED]>
925-372-9090 <mailto:[EMAIL PROTECTED]>
*PS: This Is No Time To Shrink
*We pride ourselves on being different. We have developed a reputation
for putting on a high-quality summit, for eliciting frank opinions due
to our no-press policy, and for providing a good value for your
investment. This is no time to shrink -- it's time to invest in
yourself, your business, and your future. In addition to our
radio-focused sessions, we will have a powerful advertiser session with
a level of advertisers we've never before had. Keynote William Bennett
<http://en.wikipedia.org/wiki/William_Bennett> will offer an insider
opinion about the new administration and its impact, and billionaire
Mort Zuckerman <http://en.wikipedia.org/wiki/Mort_Zuckerman>, owner of
/US News and World Report/ and Boston Properties, will discuss business
and the economy in an interview with Talk Radio Network/Fox News host
Monica Crowley <http://en.wikipedia.org/wiki/Monica_Crowley>. This
promises to be a powerful day of learning and growth.
/Radio Ink/ Forecast '09 <http://www.radioink.com/forecast>
December 2, 2008
The Harvard Club
New York, NY
Registration 561-655-8778
www.radioink.com/forecast <http://www.radioink.com/forecast>
Ask about multiple-person discounts.
Sponsors:
Platinum Sponsor:
dMARC Broadcasting <http://www.google.com/adsense/audio/>
Gold Sponsor:
<http://www.liquidcompass.net/>
Bronze Sponsor:
<http://www.americanmediaservices.com/>
Corporate Sponsors:
<http://www.arbitron.com/>
<http://www.dial-global.com/>
Bayliss <http://www.baylissfoundation.org/>
BIA Financial Network <http://www.bia.com/>
Broadcasters Foundation <http://www.broadcastersfoundation.org/>
Click here to change
<http://ims-go.com/update.asp?IAM=25902145&MID=136921&VID=658036>
--
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SONOLOGUE
sound ideas, sound content
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