Profits, it seems to me, are a wonderful thing.
It's been called sickly by analysts for years, but with growing ad revenue, dusty old radio isn't dead yet, Toronto's Globe and Mail reporter GRANT ROBERTSON discovers:
"These are heady days for the radio business. For an industry believed to be in decline thanks to the Internet, iPods and satellite radio, advertising sales have never been stronger. For the first time, commercial FM radio in Canada surpassed the billion-dollar mark for revenue this year. And together with AM radio, the industry pulled in a total of $1.33-billion. Combined pretax
profits for AM and FM were up 24 per cent to $255-million. Those numbers, well-known within the industry, would probably come as a surprise to people outside the business. As media companies grapple for advertising dollars in an increasingly fragmented market that has seen the Internet emerge as a major threat to broadcasting and print in the past three years, dusty old radio is making an improbable stand. "