As iTunes approaches its ten billionth download, the victory of MP3s over older formats is hard to deny. We've seen the decline of CD sales, but another waning format is also beginning to reach its death knell: the radio station.
As Billboard reports, radio revenues fell a staggering 18 percent in 2009. Granted, they still brought in $16 billion, but the sudden drop in revenue points to a bleak future for the dying format. One major issue for the drop was the fact that advertising sales were down 20 percent. However, mirroring other aspects of the music industry, digital radio revenues increased by 13 percent.
The Radio Advertising Bureau, the organization that released the figures, remains hopeful that 2010 will see a major turn around in revenues for the industry, but that seems like wishful thinking. When MP3 players and satellite radios are being purchased across the generation gap, it's only a matter of time before the world grows tired of hearing the same payola pop on repeat.
As Billboard reports, radio revenues fell a staggering 18 percent in 2009. Granted, they still brought in $16 billion, but the sudden drop in revenue points to a bleak future for the dying format. One major issue for the drop was the fact that advertising sales were down 20 percent. However, mirroring other aspects of the music industry, digital radio revenues increased by 13 percent.
The Radio Advertising Bureau, the organization that released the figures, remains hopeful that 2010 will see a major turn around in revenues for the industry, but that seems like wishful thinking. When MP3 players and satellite radios are being purchased across the generation gap, it's only a matter of time before the world grows tired of hearing the same payola pop on repeat.
