Beyond broadcasting: Key trends driving Radio into 2024 and beyond

In 2023, India celebrated 100 years of radio - one of the earliest mediums that provided news, information, and entertainment to the public at their convenience. In the past year, the radio industry thrived as a dynamic force, navigating the ever-evolving landscape of media consumption. With a resilient spirit, it continued to enhance listener engagement with diversified content, innovative programming, and the timeless charm of audio storytelling. In the face of challenges, 2023 presented an opportunity for the industry to continue to solidify its role as an indispensable medium in the digital age. With TRAI’s recommendations to boost FM broadcasting to the surge in ad volumes during the festive season 2023 was a year where the industry bounced back from the adversities of the pandemic. Yet the question that lingers is, “Is the industry in danger/dying?” OR “Has radio lost its relevance in the 21st century?”. To answer these questions, let's look at the trends/predictions for 2024.

FM meets digital

Our world is being disrupted by digital technology! Technology is heavily embedded in our daily lives, from using UPI to using APPs to buy groceries. What about media and entertainment consumption? That too is being disrupted by digital technology leading to the advent of novel avenues like audio and video OTT platforms, podcasts, short-form content on social media, etc. 

In 2024 digital transformation is deemed to serve as a driving force for radio. This agile channel of music, news, and entertainment will continue to evolve and disrupt itself. Building on its credibility, consumer loyalty, expansive reach, unparalleled content bank and hyperlocal might, radio will witness an accelerated shift towards integration with digital. For listeners, it will strengthen its multiplatform presence, including radio, digital (OTT platforms, online radio), and social media channels (Instagram, YouTube) where they can access content in a manner that’s convenient for them. 

Mirchi, which offers content properties like What Women Want, Shape of You, etc. on radio and digital channels like YouTube and Instagram is a testament to this. 

As radio continues to embrace digital, players across the industry can look forward to forging meaningful partnerships with digital platforms to build a stronger advertising revenue stream. 

Adjusting Frequencies: Tuning in AI

In 2023, the advent of Artificial Intelligence, among other nuanced technologies, introduced innovative solutions, automation, and efficiency thus creating a strong imprint across domains. In a fast-paced world, consumers and marketers fancy tech-driven content and campaigns alike. This inclination towards embracing technological advancements is expected to revolutionize how radio curates content!

As the industry treads through 2024, AI-powered algorithms will be instrumental in reshaping the landscape of radio broadcasting, introducing a new era of tailored experiences for listeners. By leveraging advanced data analytics, radio broadcasters will be equipped to deliver personalized content. This commitment to personalization is not merely a technological trend but a strategic move to enrich listener engagement and cater to diverse content preferences. 2024 will be a year wherein radio players widen their audience base to offer personalized experiences at the back of AI. Moreover, there has been a novel development in the digital landscape with the advent of AI influencers - virtual personalities powered by artificial intelligence algorithms. AI influencers will be reshaping digital marketing landscapes for brands, offering consistent engagement and controlled messaging. Their 24/7 availability and content creation capabilities provide a unique avenue for brands to connect with audiences authentically in an ever-evolving digital era.

Staying ahead of the curve, Mirchi created an industry-first innovation breakthrough with the launch of Mirchi on AI, the first-ever AI show on terrestrial radio, exclusively for its listeners in the UAE. Taking cognizance of AI’s power, in 2024 Mirchi will be driving more such innovations and collaborations that strengthen the brand’s position on the digital entertainment map globally and nationally.

Making waves with its hyperlocal strength

In India, there is a preconceived notion that the fastest growth occurs in metropolises, such as Delhi, Mumbai, Kolkata, Bengaluru, and others. However, the Economist Intelligence Unit (EIU) conducted a survey that indicated that Malappuram, Kozhikode, and Kollam are the three Indian cities listed in the top 10 of the world’s fastest-growing cities. Factors such as increasing aspirations, affordability, improved road, and air connectivity, growing internet penetration, the growth of local industries, and other conducive aspects would contribute towards strengthening the pulling factors in these regions. In 2024, despite the digital advancements, Tier II, Tier III markets and beyond will play a major role in driving growth for radio as they catch up with their larger counterparts.

Radio channels like Mirchi, which have a hyperlocal presence in 63 markets across the country, provide information and local news in regional languages, entertain listeners with regional music, and provide opportunities for local talents, such as writers, radio jockeys, producers, etc. These attributes inevitably make radio an appealing medium for local and community engagement.

The Age of Audio

Audio consumption has grown significantly during and post the pandemic. People find audio appealing given the convenience that the medium brings with itself, and the liberty that it provides individuals to stream content across formats − news and information, music, podcasts, audiobooks & stories, movies, shows, and radio − while they are attending to other tasks. Audio successfully offers niche content to consumers and caters to specific interests. This will lead to traditional radio broadcasters to diversify their programming to stay competitive. The rise of podcasts and audio content will encourage radio stations to explore innovative formats and collaborations with podcast creators, ultimately fostering a more dynamic and engaging audio landscape.

The growing popularity of podcasts and on-demand audio consumption has introduced new revenue streams through sponsored content and targeted advertising, attracting more investments in the industry. In line with this, Mirchi introduced a unique offering M-Ping – a one-stop solution for advertisers to reach and engage with relevant audiences across all audio OTT platforms. M-Ping takes a ‘consumer-first’ and ‘platform-agnostic’ approach to help brands reach their niche across affinity segments, spending capabilities, geographies, demographics, psychographics, categories of platforms, devices, OS, and interests. Brands including Dubai Tourism, Tata Motors, Piaggio, and Unacademy among others have successfully utilized MPing for their campaigns.

Radio – A Resilient Medium; 100 Years and Counting

The post-pandemic trajectory for radio has been gradual but rewarding, with an overall increase of 13% in ad volumes in FY 2023-2024. 2024 will be the year of radio’s amalgamation with tech and digital, personalized content curation, increased focus on localization and collaborations across platforms/formats. 

The story of radio's ongoing transformative journey can be beautifully summarized by Jamais Cascio's quote, "Resilience is all about being able to overcome the unexpected. The goal for resilience isn't to just survive but thrive."

This article is penned by Preeti Nihalani, Chief Operating Officer, ENIL, Mirchi.

Disclaimer: The article features the opinion of the author and does not necessarily reflect the stance of the publication.