New research into the region’s radio industry reveals exciting opportunities for independent radio production companies in the North West, if they can embrace a new way of working.
Vision+Media, who commissioned the research, recognised that the region’s proactive radio production sector is a key element within the North West’s wider media economy, however, the changing media landscape presents both huge potential and significant challenges for the sector.
The aim of the research (Turning Up the Volume), conducted by Morris Hargreaves McIntyre was to identify new markets for audio content to help the region’s independent production companies thrive in the changing media landscape.
Turning Up the Volume highlights that the real potential for audio content lies beyond the traditional broadcast market. Potential commissioners of audio now include the advertising, publishing, third sector and gaming; brands and organisations who are open to and quickly able to see the benefits of audio to augment the consumer brand experience and their marketing communications. Independent radio production companies must become more commercially aware in order to make the most of these business opportunities.
Key recommendations include:
1. Evidencing value
To grow brands and corporate sector clients, companies need to demonstrate why they should use audio over other forms of content. The sector must develop a compelling case for using well-produced audio content and be able to show what impact it has, making it easy to evaluate and showing a return on investment for the client.
2. Showcasing
There is currently very low awareness of the regional radio production sector amongst potential non-traditional commissioners of audio content in the North West. When potential commercial clients are looking to commission audio content, they are looking outside the region.
3. Consumer insight
The region’s radio production sector needs to develop a clearer understanding of consumers in order to develop compelling content ideas to take to potential buyers. This will require thinking in terms of the consumer, rather than the commissioner.
4. Collaboration
Independent radio producers need to team up with other specialist content providers, as well as new buyers, to develop ideas and business models in a more collaborative manner.
5. Skills training
There are some very specific skills needs within the independent radio production sector around rights management, accessing international markets, new product development, business model development and project management processes, which will be required to enter and thrive in these new markets for audio content.
6. New ways of working
While indies are highly experienced in developing content for broadcasters, working within new markets will require new approaches to developing content.
Lynn Kelly, Head of Radio at Vision+Media said: “Our research shows that companies must adapt in order to meet the needs of the consumer, who are now engaging with audio in new ways, thanks to the widespread take up of mobile devices and multimedia platforms.
“There is then a clear role for Vision+Media to help the region’s independent production companies to make the most of the opportunities ahead. This research gives us an ideal starting point to put together a clearly targeted business development programme based around the demands of these new markets for audio content.
"Vision+Media believes that radio has a strong future in the region, and that’s why we’re determined to make radio, and its content, a core area of our activity in 2010.”