Have you been following the stock market this week? If you haven't, I'm warning you now not to look at your 401k, IRA, or other investments. You won't like what you see.
But why is it happening? The economy has slowed, interest rates are rising, and recession concerns are real. But one of the biggest drivers in the market downturn recently is tech stocks. The tech-heavy NASDAQ is off 22% year-to-date, as the Wall Street stars are falling back down to earth.
There are many reasons this is happening, but to tie it back to our industry, one important trend that's taking place is that people are cutting their streaming services.
A new study finds that 57 percent are planning to cut some of their paid streaming subscriptions. Overall, the average person is dropping three out of five streaming services from their current arsenal.
People are pulling back and re-evaluating their needs. But one thing that was clear in the study is that people still want great content; it's just a matter of how much, or if, they're willing to pay for it.
Well, hello, radio!
This feels like the perfect time for radio to begin reminding its audiences and markets that it remains the ultimate free service for the user. Granted, I've noted in prior columns that radio would be wise to try and diversify its revenue streams by trying to find subscription-based angles that work for the consumer and are of value.
But in the meantime, if cutting is now the name of the game, yet people are always on the hunt for free content, there is no better time than now for radio to remind the world as to what it does best.
At the top of mind will be in-car listening. Would some cut satellite and return to terrestrial? Very possible. But let's not forget about the in-home options. The phone, which no one is ever giving up, is now the in-home radio.
So is Alexa. People have these devices or will continue to get them, regardless of their number of subscription services. It's a one-time purchase that provides enormous value to millions in the house.
In this survey, users were asked what would keep them loyal to a streaming service. The top three answers were: affordability, a wide selection of content, and a user-friendly interface.
You can't get more affordable than radio, the wide selection of content is not debatable, and the user-friendly interface… well, in fairness, that depends on the platform you use. But as the late Meatloaf said, two out of three ain't bad.
Many have written about radio's demise for decades, and while the platform is suffering from the same media fragmentation as every traditional platform, it's still highly valuable, listened to, and sought after. We forget that about ourselves sometimes and let the doomsayers have too much of a say.
But now, as the supposed new age, tech experts hit some bumps in the road, and radio has a chance to make a move. It's not easy, and it won't be happening overnight. But let's work on reminding anyone searching for great audio content that there is a place to get it.
And unlike every other new form of media looking for a credit card number and a few bucks per month, we aren't. And for millions, that in and of itself is a breath of fresh air, and hopefully makes them bring us new users and more occasions.
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