First it was newspapers, then magazines, then TV - now the latest report of sinking traditional media revenues comes from radio. According to Radio Advertising Bureau (RAB) stats 

released late last week radio ad revenues have sunk 7% in the first half of 2008 compared to the same period last year, and the decline accelerated to 8% in the second quarter. But, as has been the case other media, there was one bright spot for radio - you guessed it - online. 

Radio's off-air revenues (which the industry defines as sources other than over the air broadcasting - primarily online) is soaring at double digit rates. MediaWeek wrote "...radio off-air revenue is "exceeding expectations," increasing at a compound annual 

growth rate of 12.3% over the past two years. The RAB has forecast off-air revenue, made up primarily of online activity, to pass $2 billion in 2009."

CL King & Associates anaylst Jim Boyle told MediaWeek that the radio industry has failed to recognize that their traditional over-the-air revenue streams may not come back unless they come up with some revolutionary changes. "There is a notable sense of denial of how harsh the prospects have been and continue to be for radio," Boyle said. "The classic CEO reply is radio is not bleeding as badly as newspapers." None the less all of the traditional media sectors are bleeding - today only one medium continues to grow ad revenues at double digits rates - that is our medium - the Internet.

P.S. If the radio photo above looks a little dated that's because it is. That's me at age 18 in broadcasting school, long before anyone had even dreamed of the Internet (in fact radio had barely been invented when that photo was taken!). 
(Posted August 25, 2008)