Part of the work we do with broadcasters is to help them develop strategic plans. Our process is to conduct research, apply relevant megatrends, and do a deep dive into the client’s past, current situation, and goals for the future. It’s a fascinating process built upon facts, experience, with a little creativity and “gut” mixed in.
The process usually works, until recently. Let’s face it – 5-year plans went out the window in March 2020 when the Covid pandemic came upon us. All of a sudden, all bets were off. But the advantage we ultimately had battling the pandemic is that most other truisms about our business remained constant. So, we knew what “normal” was and recognized it when we returned to it.
Today, broadcasters are being swamped with multiple crosscurrents that make it virtually impossible to predict what’s coming next. Some of these are:
- A significant generational shift, as Baby Boomers (major consumers of linear media) are being replaced by Millennials and GenZ (who consume media in totally different ways).
- A technology tsunami, as consumers have virtually unlimited options on where and when they can access the content they want. They no longer have to wait for a song to come on the radio to hear it, nor do they have to follow a program schedule to consume the show they want – it’s all there on demand on their phones, computers, and even their smart TVs.
- Unprecedented revenue shifts, as advertisers have more options than ever before, with the fast-growing digital platforms providing attribution and ROI, something broadcasters have struggled with.
- Unbridled competition – in you’re in radio, it’s Spotify, podcasts, SiriusXM, and more. If you’re in TV, it’s streaming channels, YouTube, and even TikTok.
- AI – whatever it turns out to be, we know (or think) it’s going to change everything. Or some things.
- And then there are the cultural issues – a more diverse America, work from home, and the challenges hiring young people into an industry that is perceived by some as “aging out” to cooler careers on digital platforms, being an “influencer” instead of a DJ and more.
Let’s face it – it used to be so much easier when there were three television networks and 10 AM/FM stations in each market to compete with, and the hottest competition was MTV and VCR’s.
Does anyone have the answers? Well, if they say they do hold on to your wallet. But I’m going to give it a try. At this year’s WBA Summer Conference, I’ve been invited to talk about “What Does A Station Look Like In 2030?” No, it’s not about physical buildings or cool new studios – it’s about how radio and television stations can embrace these megatrends and begin to make moves today to not only grow audience and revenue in 2025, but to put yourself in position to succeed in the coming years.
Will I get it right? Well, I don’t know but I will be drawing on research we’ve conducted, researched I’ve “appropriated,” our annual visits to the Consumer Electronic Show, and decades of experience we’ve had at Jacobs Media helping the industry identify and stay ahead of trends.
I hope you can join us. And if I’m wrong, come and find me in 2030 and we’ll talk about it.
Paul Jacobs
Jacobs Media
