The richest, most innovative tech companies in the world are actively using data to refine their audio products and erode Radio's share of advertising revenue.
To combat them the Radio industry must coalesce around a common source strategy for distributing enhanced broadcast content and measuring Radio consumption. Doing so creates operational efficiencies, business intelligence for product improvement and the requisite measurement capabilities that prove the effectiveness of Radio and make it easier to buy.
While that may sound daunting, the good news is that in many ways, very little has changed.
Consumers want a good experience. Advertisers want to measure effectiveness. Owners want to see their investments grow.
The challenge comes in understanding where things have changed, the impact of those changes, and determining the best path forward.
Consider the elevated importance of Now Playing data.
Listeners have always sought it (“What's the name of this song?” “Who’s in the studio today?"). But in our mobile, digital, multiple-points-of-distribution world - Now Playing data has become the foundation of the Radio experience as well as the key that unlocks value for the industry.
When you play “Paul Revere” by Beastie Boys, people hear it, just like they always have. But consumers expect more - they want to see, interact, and get at least as much as they give.
That’s why somewhere, as you’re playing it, systems are interpreting the data set
<artist = beastie boys><title = paul revere><album = licensed to ill><duration = 221><cutID = 905332>
so that various technologies can deliver an enhanced experience to a legion of receiving devices.
Some of these receivers are highly measurable platforms, capturing usage information that can be leveraged into business intelligence for stations and advertisers.
How do you, as a steward of the product, use your Now Playing data to deliver value to your constituents?
Step one requires a willingness to adapt “how you do what you do” to take advantage of the opportunity.
Step two is to understand the tools available and how to flex them for maximum gain.
Step three is to do what you do: curate content, drive engagement, measure effectiveness, refine, repeat.
This playbook exists to help you navigate through these steps and have success.
Use it as a roadmap to derive maximum value from your Now Playing data and to deliver the value consumers, advertisers and owners expect.