More than half of African Americans were born and raised in the digital age, changing the face of brand engagement, content creation, and consumption in the U.S.
African American consumers are enjoying a remarkable period of influence, cultural expression, and entrepreneurship that is manifesting digitally and trending mainstream, according to global researcher Nielsen. With the highest smartphone ownership and usage of any demographic group and an unyielding desire for self-expression and image control, African Americans are leveraging digital platforms and technology to move from consumers to creators–of platforms, products, content, and financial ecosystems.
According to “From Consumers to Creators: The Digital Lives of Black Consumers,” the eighth annual report in Nielsen’s Diverse Intelligence Series on African American consumers, Black influence on the economy and pop culture has been intensified by participation in the digital universe and adoption of social media and technology platforms. From video streaming and podcasting to gaming and shopping for food online, African Americans are leaning into digital know-how and open-source innovation—with an unprecedented impact on brands, elections and what the country watches, buys and listens to. Black consumers are boldly galvanizing in the digi-sphere to critique, connect, collaborate and create.
“African Americans are leveraging innovations in technology and social platforms to level the playing field and get ahead in a marketplace unencumbered by corporate barriers to entry,” said Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen. “African American influence has long resonated cross-culturally, and now it’s being delivered directly from creator to consumer. Give talented, creative people unobstructed access to the world stage and, inevitably, they will shine.”
African Americans, representing 14% of the U.S. population (47.4 million), are using unfettered access to technology as a means to broaden their reach and express themselves on their own terms. Streaming is a primary source of entertainment for African Americans. They stream videos more frequently on all devices than the total population, especially on phones. Black consumers’ music streaming habits played a key role in R&B/Hip-Hop unseating Rock as the No. 1 music genre in the U.S. in 2017.
African American shopping habits also are shifting in the digital age. According to the report, that is incredibly important to brands because African American buying power is at $1.3 trillion currently and based on gains in population, income, and education, it’s estimated to rise to $1.54 trillion by 2022. More than half (54%) of all African Americans have lived their entire lives in the digital age. These tech-savvy Gen X, Millennial and Gen-Z consumers represent a coveted market segment whose interconnectivity is central to their everyday lives—particularly the product purchase cycle. The report urges smart marketers to recognize this shift from consumer to the creator and offers insights on building new inroads to this culturally conscious and digitally native consumer segment.
One digital creator highlighted in the report is actor, activist, and digital gaming co-creator Jesse Williams. He shared, “as a company, Visibility knows that our strengths are also the market’s weaknesses: Black ownership of Black creativity. Technology is an opportunity to make decisions that no longer divorce people from their power. We set out to empower our culture–to lead and learn without fear.”
The report, launched today at the Congressional Black Caucus 48th Annual Legislative Conference in Washington, D.C., examines how African Americans are leveraging digital to bypass traditional barriers to entry in every arena from finding culturally relevant news, entertainment, products and services to content creation and political engagement.
Key findings include:
- 90% of African Americans live in a household that owns a smartphone and have a higher weekly reach for social networking on a smartphone (75%), as well as watching video on a smartphone (66%) and audio streaming on a smartphone (45%).
- 19 million (28%) of Twitter’s 67 million users are African American and 9.3 million (or 20% of all African Americans) are on or self-identify using Black Twitter.
- African Americans 18+ are increasingly tuning into podcasts, with 70% growth in engagement from 2014 to 2017 (from 2.12 million to 3.60 million).
- African Americans make up a significant portion of U.S. gamers. Seventy-three percent (73%) of African Americans 13 and older identify as gamers compared to 66% of the total population.
- Sixty-one percent of African Americans agree that they enjoy learning about technology or electronics products from others (14% higher than for non-Hispanic whites), and 54% agree they enjoy reading about new technology products (8% higher).
- One of the critical ways African Americans spend time online is food shopping. African Americans over-index against the total U.S. for dollars per buyer spent online in most grocery categories.
- Meal kits are increasingly becoming an option for busy parents. African Americans over-index against non-Hispanic whites by 21% for agreeing they would consider buying meal kits. Some of African Americans’ most common determinants for buying meal kits are to save time on grocery shopping (40% vs. 29% for non-Hispanic whites), on meal prep and cooking (43% vs. 34%) and on meal planning (42% vs. 33%).
“The breadth of Black America’s digital footprint has grown exponentially with the rise of smartphone technology and increased access to new mediums for content exchange,” said Kimberly Bryant, founder of Black Girls Code and a Nielsen External Advisory Council member. “The access to technology among Black consumers is a lightning rod for innovation that’s opening doors of opportunity to creativity, entrepreneurship and financial independence.”
For more details and insights, download From Consumers to Creators: The Digital Lives of Black Consumers at www.nielsen.com/africanamericans. Join the conversation on Facebook (Nielsen Community) and Twitter (@NielsenKnows) using #NielsenKnows #Consumers2Creators.
ABOUT NIELSEN’S DIVERSE INTELLIGENCE SERIES
In 2011, Nielsen launched the Diverse Intelligence Series, a robust portfolio of comprehensive reports that focus solely on diverse consumers’ unique consumption and purchasing habits. The series has become an industry resource to help brands better understand and reach ethnic customers. To learn more about Nielsen’s Diverse Intelligence research series, visit www.nielsen.com.
Revamped Nielsen Total Audience Report Packages An Unprecedented Look At Audience Behavior
Today, Nielsen (NYSE: NLSN) released a reimagined Nielsen Total Audience Report. The representative of first-quarter 2018, the industry-leading report offers a comprehensive view into the behaviors and stories developing across the dynamic media landscape. The Nielsen Total Audience Report expands upon its established cross-platform capabilities and provides a complete look at critical media sources and audience behaviors across both traditional and emerging platforms.
The redesigned report includes data on relevant subjects not featured in prior versions, including a detailed look at the usage of streaming content, as well as homes with a virtual multichannel video programming distributor (vMVPD) that provide streaming access to linear television. Additionally, the report features enhanced data from Nielsen’s wide-ranging suite of measurement solutions. This includes Nielsen’s Total Media Fusion, a cross-platform respondent-level dataset that best reflects activity on digital devices like smartphones and tablets, as well as Nielsen’s MediaTech Tender, a quarterly consumer tracking survey launched in first-quarter 2018.
“The way people consume content is vastly different from what it was five years ago, let alone 10 or 20,” said Peter Katsingris, SVP, Audience Insights, Nielsen. “Consumers have the luxury of more options now than ever before. They can watch videos or listen to music on their smartphone and then just as easily engage with completely different content on their television or radio—the opportunities for how marketers can reach them are endless. Understanding the trends of who aisconsuming content, what they’re consuming, and how are the foundations of the industry. Nielsen is uniquely positioned to accurately help the media ecosystem understand these behaviors.”
With the advertising industry shifting and the evolving way, marketers connect to audiences, understanding the evolution of the media and developing consumer habits is vital to marketers and media owners seeking to reach their best consumer. The revamped Nielsen Total Audience Report seeks to not only make sense of the relationship between consumers and the various sources of media but ultimately build the bridges that will empower media companies and advertisers to take full advantage of the growing opportunities to reach audiences.
Nielsen is committed to providing accurate and reliable third-party measurement and insight. The inclusion of these new datasets and capabilities into this updated report helps align it better with the shifting dynamics of consumer media behavior.
KEY NIELSEN TOTAL AUDIENCE REPORT INSIGHTS:
- 92% of U.S. adults listen to radio each week, the highest reach across platforms.
- On average, U.S. adults are spending over 11 hours a day connected to linear and digital media and almost six hours a day with video alone.
- Young adults 18-34 spend the largest percentage of time with TV-connected devices and digital devices compared to other demographics.
- Black adults are the heaviest users of media overall. Compared to the overall U.S., Hispanics listen to more radio, and Asian Americans spend more time with computers and tablets.
- Nearly three percent of TV homes subscribe to a vMVPD which includes “skinny bundles.”
- Almost 20% of consumers say they use a smart speaker in the household.
- Two-thirds of U.S. TV households have devices capable of streaming content to the TV set.
- One out of 10 minutes of television use in streaming capable homes is streaming to the TV set.
- Over 8 in 10 non-television households still view video content.
Download the report here.
Urban One, Inc. Second Quarter 2018 Results Conference Call
Urban One, Inc. (NASDAQ: UONEK; UONE) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second fiscal quarter of 2018.
The conference call is scheduled for Wednesday, August 08, 2018 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1085; international callers may dial direct (+1) 612-288-0337.
A replay of the conference call will be available from 12:00 p.m. EDT August 08, 2018 until 11:59 p.m. EDT August 11, 2018. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 452281. Access to live audio and a replay of the conference call will also be available on Urban One’s corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management’s current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One’s control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One’s reports on Forms 10-K, 10-Q, 8-K, S-3 and other filings with the Securities and Exchange Commission (the “SEC”). Urban One does not undertake any duty to update any forward-looking statements.
Urban One, Inc.
Phone Manufacturer to Unlock the FM Chip
TagStation LLC, the owner of the NextRadio® app, announced today that Samsung, the largest Android handset maker in the world, is the latest device OEM to continue its support for NextRadio by unlocking the FM Chip in upcoming smartphone models in the U.S. and Canada.
Many smartphones in the world are manufactured with hardware capable of receiving free FM radio signals. Market leaders like Samsung are taking the step of unlocking the FM Chip, which will allow Samsung users to connect directly with the NextRadio app, listen to their favorite local stations, and use less battery and less data than streaming radio apps.
“Samsung should be lauded for taking this important step,” said Paul Brenner, President of NextRadio powered by TagStation. “They are providing their customers a more engaging, immersive radio experience and, as importantly, a means to connect with life-saving information in emergencies.”
When cellular coverage is congested or unavailable, the FM Chip will provide life-saving information from local radio stations. On the heels of widespread natural disasters in Puerto Rico, Houston, and the Florida coast, calls have increased for all phone manufacturers to unlock the FM Chip in smartphones as a public safety necessity. Samsung joins LG, Motorola, and Alcatel in taking this step to both meet consumer demand and to provide a lifeline in emergency situations.
New offering provides clear understanding of network performance impacting consumer experiences with IP-based video delivery
Today, Nielsen (NYSE: NLSN) announced the launch of Nielsen Mobile Video Performance, the industry’s first and most complete video performance evaluation solution for IP-based video content delivery. Developed for mobile operators, Internet service providers, device manufacturers and content providers, Nielsen Mobile Video Performance evaluates streaming video quality on mobile and WiFi networks, benchmarks data across the industry and rates individual players on the factors which contribute most to positive customer experiences.
According to the first quarter 2017 Nielsen Total Audience Report, monthly U.S. video consumption on smartphones jumped 81.5% year-over-year from 151 minutes in 2016 to 274 minutes in 2017. With mobile video viewing on the rise, the quality of the video experience is more important than ever. Companies that can consistently provide better streaming experiences than competitors have a distinct advantage in the fierce battle for subscriber acquisition and retention.
Nielsen Mobile Video Performance focuses on four key performance indicators that can make – or break – the video experience in the eyes of connected consumers:
- Video resolution: Percent of viewing time in different viewing resolutions ranging from mobile (Low Definition) to HD (High Definition)
- Startup time: The number of seconds it takes for video to load and play
- Rebuffering: The total duration in seconds that the video stalls during playback
- Video success rate: Ability to launch and play a video in 60 seconds
Nielsen Mobile Video Performance leverages a panel of 70,000 U.S.-based participants to conduct a combination of active and passive video tests on mobile devices around the country. Nielsen’s passive testing method captures critical data on daily consumer mobile usage including network speeds of popular video platforms. Proprietary active testing techniques focus on the delivery and execution of pre-selected content centering on a resolution, startup-time, and stalls. Combined, these tests provide mobile operators, Internet service providers, device manufacturers and content providers a holistic view of network performance by region, consumer consumption intelligence as well as marketing insights to maximize ROI, inform product development and refine market segmentation.
“With the growth in mobile video usage, operators need to know how well they are meeting consumer demand,” said Mike Greenawald, Senior Vice President of Nielsen Service Quality. “Our initial results point to some wide variances in the ability to deliver high-quality video content consistently. As the industry’s first solution to evaluate video performance using active and passive techniques, mobile operators will now have the advantage of translating the benefits of fast speeds into high-quality consumer experiences.”
According to data gathered by Nielsen, the industry’s most notable mobile operators deliver HD (720p or greater) quality video 69% of the time. By contrast, services at the opposite end of the spectrum deliver HD quality video only 39% of the time. With the industry average at 53%, Nielsen Mobile Video Performance solution identifies which players are over-delivering and those that are heavily under-performing high-quality video experiences.
Diving deeper, Nielsen Mobile Video Performance data, based on 120,000 tests conducted on mobile devices from September through October 2017, reveals the following:
- Consumers in Orlando, Portland and Seattle enjoy the best video viewing experiences, receiving HD video more often than consumers in New York, Los Angeles, and San Francisco.
- Consumers in Salt Lake City, Las Vegas and Houston actually receive HD video less often than the national average.
By providing an understanding of how mobile operators measure up against competitors and industry benchmarks in addition to how well they work in specific locations and on individual devices, Nielsen Mobile Video Performance enables customers to focus network, product and partnership initiatives effectively as well as highlight key benefits in marketing efforts. Using this intelligence, the mobile industry can directly address slow video load times, rebuffering and playback failure, which is a critical step to increasing video consumption and usage.
Nielsen Service Quality has provided network evaluation and insights to the mobile industry for more than 17 years, helping customers identify the key attributes that drive positive consumer experiences and exceed subscriber expectations. Click here for additional information on Nielsen Mobile Video Performance.
Quotidian Technical Highlights on Selected Radio Broadcasters Stocks — Liberty SiriusXM, Sirius XM, Entercom Communications, and Pandora MediaPosted by:Consultant, December - 03 - 2017
In keeping with the commitment to dynamically provide members with timely information, WallStEquities.com has issued free tailored Stock Review on LSXMA, SIRI, ETM, and P which is a click away at www.wallstequities.com/registration. Featured on WallStEquities.com today is the Radio Broadcasting industry, which consists of broadcasting stations, networks, and syndicates that transmit audio programming through AM, FM, and satellite radio channels. Equities under assessment this morning are The Liberty SiriusXM Group (NASDAQ: LSXMA), Sirius XM Holdings Inc. (NASDAQ: SIRI), Entercom Communications Corp. (NYSE: ETM), and Pandora Media Inc. (NYSE: P). Wall St. Equities has a wide array of free research reports which include today’s stock picks, register now to access them at www.wallstequities.com/registration
Liberty SiriusXM Group
On Thursday, shares in Colorado headquartered The Liberty SiriusXM Group recorded a trading volume of 816,297 shares, which was above their three months average volume of 505,510 shares. The stock ended at $40.77, declining 0.10% from the last trading session. The Company’s shares have gained 18.11% on a YTD basis. The stock is trading slightly below 200-day moving average by 0.55%. Furthermore, shares of Liberty SiriusXM have a Relative Strength Index (RSI) of 44.64.
On November 09th, 2017, Liberty Media Corporation, which comprises Liberty SiriusXM Group, announced the latter’s results for Q3 2017. Revenue for Q3 2017 was $1.4 billion, net income was $276 million, and diluted EPS was $0.06. Adjusted EBITDA was a quarterly record of $551 million, operating cash flow rose to $521 million, and free cash flow grew to a quarterly record of $434 million. Follow the link below to your free research report on LSXMA at www.wallstequities.com/registration/?symbol=LSXMA
Sirius XM Holdings
New York-headquartered Sirius XM Holdings Inc.’s stock finished yesterday’s session 0.36% higher at $5.50 with a total trading volume of 15.93 million shares. The Company’s shares have gained 1.10% in the last one month and 23.60% on a YTD basis. The stock is trading above its 200-day moving average by 3.02%. Furthermore, shares of Sirius XM, which provides satellite radio services in the US, have an RSI of 54.36.
On November 08th, 2017, Sirius XM announced a new line-up of exclusive programming for its Urban View channel on Sunday mornings. The new Sunday line-up features thought-provoking programming, including powerful sermons from today’s leading pastors, discussions on financial security, civics, health, wellness, and more. These new programs air Sundays on SiriusXM Urban View Channel 126, starting at 6:00 a.m. ET. The free technical report on SIRI can be accessed at www.wallstequities.com/registration/?symbol=SIRI
At the close of trading on Thursday, shares in Pennsylvania-based Entercom Communications Corp. saw a correction of 4.13%, ending the day at $11.60. The stock recorded a trading volume of 6.32 million shares, which was above its three months average volume of 3.39 million shares. The Company’s shares have advanced 4.98% in the last one month and 12.62% in the previous three months. The stock is trading 1.52% and 1.91% above its 50-day and 200-day moving averages, respectively. Moreover, shares of Entercom Communications, which operates as a radio broadcasting company in the US, have an RSI of 51.08.
On November 22nd, 2017, Entercom Communications (ETM) and the Philadelphia Eagles announced a seven-year agreement to extend their 25-year partnership with SportsRadio 94.1 (WIP-FM) beginning with the 2018 NFL season. This deal is part of ETM’s strategy to expand on its position as the unrivaled leader in sports radio after the Company’s successful completion of its merger with CBS Radio. Sign up for free on Wall St. Equities and claim the latest report on ETM at www.wallstequities.com/registration/?symbol=ETM
California headquartered Pandora Media Inc.’s shares ended the day 1.38% lower at $5.00. A total volume of 10.38 million shares was traded, which was above their three months average volume of 8.76 million shares. The stock is trading 26.29% below its 50-day moving average. Additionally, shares of Pandora Media, which provides Internet music platform services in North America, have an RSI of 30.80.
On November 03rd, 2017, research firm SunTrust downgraded the Company’s stock rating from ‘Buy’ to ‘Hold’.
On November 07th, 2017, Pandora Media announced ‘Up Close’ with Luke Bryan, an intimate live concert experience celebrating the release of his sixth studio album, What Makes You Country, due out on December 08th, 2017. The live concert will be held on December 06th, 2017 at the Altman Building in New York City. Bryan curated an exclusive mixtape for the Company’s listeners to hear music from his new album and receive details on the free, live event. See the free research coverage on P at www.wallstequities.com/registration/?symbol=P
Wall St. Equities:
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Jacobs Media Strategies, jācapps and Sonic Ai Reveal New Online Study Showing Smart Speaker Penetration Set to Surge During 2017 Holiday Shopping SeasonPosted by:Consultant, November - 30 - 2017
Study also finds more than one in six online households already owns a voice-controlled smart speaker such as an Amazon Echo or Google Home
The “Alexa Revolution” continues. Detroit-based research and consulting firms Jacobs Media Strategies and jācapps, along with partner Sonic Ai, today revealed details from a new national online study showing that one in five (20%) respondents age 13 and older with Internet access plan to purchase a voice-controlled smart speaker such as an Amazon Echo or Google Home during the 2017 holiday season.
Notably, more than one in six online households (18%) now own at least one smart speaker, with 40% of this group already having two or more of the devices in their household. Smart speaker owners are also especially likely to purchase another of these voice command gadgets for themselves or as a gift this holiday season. In fact, six in ten smart speaker owners (61%) plan to purchase at least one more device during this all-important gift-buying cycle.
The study also shows that one in ten online households (11%) specifically owns an Alexa-enabled Amazon smart speaker such as the Echo, Echo Dot and Show devices; the majority of these owners (69%) have at least one Alexa “skill” enabled, while 45% have two or more Alexa “skills” enabled.
This study was designed by Jacobs Media Research Director, Jason Hollins. “New technologies such as the proliferation of smart speaker devices undoubtedly bring challenges to the AM/FM landscape, but with that comes vast opportunities for radio as well as audio consumers alike,” said Hollins.
Bob Kernen, COO of jācapps, notes, “With Black Friday and Cyber Monday now in the rearview mirror, both Amazon and Google continue to compete heavily to get as many of their smart speakers, now at their lowest price points ever, into as large a number of households as possible. This data strongly suggests smart speaker ownership will take off in the coming weeks.”
“Smart speakers are clearly the must-have gadget for the holidays. Like anything else, habits will form quickly which is the remarkable opportunity for broadcasters and podcasters. They need a smart audio strategy for smart speakers,” said Steve Goldstein, co-founder of Sonic Ai.
To download summary slides, visit:
From November 17 to November 21, 2017, Jacobs Media Strategies, jācapps, and Sonic Ai conducted a nationally representative web survey among 1,005 online respondents age 13 and older using the Survata Publisher Network. Survata’s full methodology can be found at survata.com/methodology.
About Jacobs Media Strategies
Jacobs Media Strategies is a Detroit-based research and consulting firm, specializing in work with commercial radio, public radio, and digital media companies to inspire innovation, as well as to generate audience and revenue growth.
jācapps is the leading developer of mobile applications for the radio industry. With over 1,100 apps developed generating more than 25 million downloads, jācapps focuses on creating strategic mobile solutions. Developing smart speaker skills is part of the company’s App Everywhere™ strategy, providing mobile connectivity on smartphones, in cars via Apple CarPlay, Android Auto, and Ford’s Smart Device Link.
About Sonic Ai
Sonic Ai is a partnership between jācapps and AmplifiMedia, designed to create smart speaker software for radio stations, podcasters and media companies for the Amazon Echo and Google Home voice assisted devices.
In the absence of large deals, Q3 2017 registered the lowest quarterly deal volume of the year…
U.S. broadcast station mergers and acquisitions volume reached $189.6 million in the third quarter of 2017, according to estimates from Kagan, a media research group within S&P Global Market Intelligence. This is the lowest quarterly deal volume of the year, but the previous two quarters were skewed by two billion-dollar deals. The volume of Q3 2017 is still higher than Q4 2016 volume ($116.1 million) and that of seven other quarters since 2008.
$123.0 million came from radio deals, with almost 50% attributable to the sector’s top deal. In the absence of bigger commercial deals, the largest radio deal of the quarter was announced on September 26 by non-commercial Educational Media Foundation, which agreed to pay $57.75 million($3.75 per pop) for three FM stations that Entercom Communications had to spin off after its merger with CBS Radio.
Q3’s second-largest radio deal was the $19.5 million sale of four AM and fourteen FM radio stations and two FM radio translators from Alpha Media LLC to Dick Broadcasting Company Inc. The stations are located in four small markets in Georgia and the Carolinas.
There were ten other radio transactions between $1.0 million and $7.0 million, with all other radio deals in Q3 worth less than $1.0 million.
In the top TV deal of the quarter, announced on July 21, OTA Broadcasting (PSP) LLC sold its two stations in the Palm Springs, California, market to Entravision Communications Corporation for $21.0 million. We estimate a 7.5x forward seller’s multiple, while Entravision reported a buyer’s multiple of less than 6.5x.
EVINE Live Inc. sold its TV station WWDP in the Boston market to WRNN-TV Associates Limited Partnership for $10.0 million. EVINE Live also entered into a $3.5 million channel-sharing agreement with WMFP, allowing NRJ TV to operate that station on one-third of WWDP’s spectrum.
London Broadcasting sold KTXD in Dallas to Cunningham Broadcasting Corporation, the local marketing agreement partner of Sinclair Broadcast Group Inc. for $9.5 million and Southern California License LLC sold KAZA in the Los Angeles market to Weigel Broadcasting Co. for $9.0 million. KAZA, which in April sold its spectrum at the Spectrum Incentive Auction, entered a channel-sharing agreement with KHTV-CD, owned by Venture Technologies Group LLC.
All other TV deals in Q3 registered $6 million each or less, bringing the total quarterly TV deal volume to $66.6 million.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we know that not all information is important—some of it is vital. Accurate, deep and insightful. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities globally can gain the intelligence essential to making business and financial decisions with conviction.
S&P Global Market Intelligence a division of S&P Global (NYSE: SPGI), provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/marketintelligence.
SOURCE S&P Global Market Intelligence
RADIO ON THE DIGITAL CLIFF: A Study of the Changing Audio Entertainment Paradigm and Radio’s ResponsePosted by:Consultant, August - 30 - 2017
New Report Examines Changing Market for Audio Entertainment and Threats to Traditional Broadcast Radio
Highly respected music industry expert, and head of the Steinhardt Music Business Program at New York University, Larry Miller, released a special report today, titled PARADIGM SHIFT: WHY RADIO MUST ADAPT TO THE RISE OF DIGITAL, which details the current state of terrestrial radio in the United States. The report examines the significant business and social challenges faced by one of the country’s oldest media sectors. The paper was published this morning on Mr. Miller’s website, Musonomics.com, and provides an in-depth analysis of how and why audiences are abandoning radio as their primary source of music discovery and enjoyment and the resulting diminishing economic importance of radio to the music industry.
“Terrestrial radio is facing monumental challenges as streaming continues on its path to becoming the go-to place for current and future generations to enjoy and discover music,” says Professor Miller. “The emergence of new platforms and the corresponding behaviors of Gen Z listeners have reduced radio’s relevance to a very important and growing demographic. Advertisers are challenging radio’s audience targeting and measurement methods as they seek ways of connecting directly with consumers via mobile telephones and other platforms. Radio is at a crossroads as an industry.”
The report also reveals that the rise of digital music services like Apple Music, Spotify and Pandora are causing traditional radio listeners, particularly younger ones (12-24 years old), to flee terrestrial radio on a massive scale. This exodus is creating a dire situation for radio where the format’s long-held monopoly as the only audio choice behind the wheel is overthrown by new technology. Additionally, radio’s dominance as a promotional vehicle for popular music and as a taste-making platform for new recording artists is being contested like never before.
Among the report’s conclusions:
- New research confirms that Generation Z, who are projected to account for 40% of all consumers in the U.S. by 2020, are showing little interest in traditional media, including radio, having grown up in an on-demand digital environment.
- AM/FM radio is in the midst of a massive drop off as a music discovery tool by younger generations.
- By 2020, 75% of new cars are expected to be “connected,” breaking radio’s monopoly on the car dashboard and relegating AM/FM to just one of a series of audio options behind the wheel.
- Year over year, radio advertising revenue dropped 4% while digital/mobile spend was up 11% according to Standard Media Index’s Q2 2017 report, showing that even in local advertising, radio cannot sustain its dominance.
- Notwithstanding the digital radio platform developed by iHeartRADIO, for which the payment of a performance royalty is required, broadcast radio does not pay a sound recording performance royalty to artists and rights owners. Economists have concluded that innovation has stalled out, because, in general, the business remains focused on driving EBITDA through reduced content cost (no sound recording royalty obligation) as a result of government price suppression (to $0) by current public policy.
- As a result, radio’s importance to music industry revenue is rapidly diminishing. In a business now driven by access to music versus ownership, record labels have shifted their focus to digital platforms to introduce new artists and monetize back catalog.
The full report can be downloaded for free at musonomics.com.
United Way Final