Podcasts, Smart Speakers an Opportunity for Radio, Say Panelists

Radio faces increased competition from digital sources for ad dollars and little financial growth, Wells Fargo analyst Davis Hebert said Wednesday on a finance panel at the NAB Radio Show. “Radio has slightly underperformed” in grabbing its share of ad spending since the recession, Hebert said: “The reality is digital is taking its share.” Radio could perform better going forward because media consumption and consumer use of audio through podcasts and smart speakers are on the rise, he said. “The audio pie is growing,” he said. All the panelists noted the growing use of smart speakers and podcast listenership as important opportunities for radio. Smart speakers are “the new battleground,” said Townsquare CEO Dhruv Prasad. Hubbard CEO Ginny Morris said Hubbard is investing “deeply” in podcasting and said radio should gain a foothold in smart speakers now to prepare for the migration of smart speakers to car dashboards. Fewer people are buying radios, Prasad said. “We've got to win and make sure our content cuts through the noise.”