- On the first working day of the year, we bring to you some predications of hope and growth.
Prashant Panday, MD & CEO, Mirchi, Abraham Thomas, CEO, Reliance Broadcast Network Limited, Ashit Kukian, CEO, Radio Citytell us why they are bullish about 2022 and share a few trends they feel will dominate the radio industryin the year ahead.
Different radio players in the country have been focusing on giving both their listeners as well as their advertisers a little extra. Along with coming up with innovative shows through the year, different players also came up with innovative offerings for brands, to take them closer to their target audience. We also saw RJs become more than just being a voice on the speakers. Today a lot of RJs, be it from the metros, or from the smaller cities, have become influencers and have a massive social media following. This is a trend that is expected to get only bigger next year.
To understand how the year impacted the radio business and how different radio channels stood up to the challenge, innovated and started on their roads to recovery, we reached out to prominent leaders from the industry. We also spoke to them about what they think 2022 has in store for the industry. Here is what they had to say:
Prashant Panday, MD & CEO, Mirchi
2022 is likely to be a big year for radio! It is well known that radio is the best medium for consumer promotions, as well as for driving footfalls into stores. Therefore, when the economy is sluggish, and it is expected to remain so for a few years once the low-base effect of 2020/2021 wears off, then radio will grow smartly. While the economy was badly hit in 2020 and 2021, radio fell because the stores were actually shut. For radio to do well, it is important for stores to be open. Why does radio do well in economic downturns? Because advertisers mount more consumer promotions, and hence increase radio consumption. If this proves to be true, 2022 and 2023 could turn out to strong revival years for radio.
Abraham Thomas, CEO, Reliance Broadcast Network Limited
In 2022, the radio industry is expected to cross the pre-pandemic numbers as the economy bounces back as the brand count increases. Non-metros ie Tier II and Tier III markets are driving this growth, leading to a quick recovery in the industry.
Furthermore, the advancement of digitization in the audio space has opened up many opportunities for audio and digital to work together and we will see this flourishing further. Audiences today are already looking for some great audio content on digital platforms, which will lead to more brands and advertisers associating to leverage the confluence of audio and digital. This will enable the growth in programmatic audio spots as well as branded content in the digital. More and more advertisers from terrestrial radio will add digital audio to their media plan. The coming year will offer listeners a more immersive experience with a deeper level of engagement.
Ashit Kukian, CEO, Radio City
The Social Media Influencer trend continues to grow exponentially, owing to the rapidly expanding popularity of the digital domain. Influencer marketing is already a Rs 1000 crore market in India and is poised to grow to 2500 crores in the next 3 years. Over the next few years, brands will explore new ways of roping in influencers to capture the trust of the new age consumer, offering a myriad of immersive experiences for their customers. RJ influencers will be more relevant than ever in such an eco-system, and usher in a new wave of innovation, owing to the in-built trust and credibility the radio medium continues to enjoy with countless listeners. With radio influencer-brand collaborations already on the anvil, radio’s increasing influence in creation of content and communication will truly help brands exploit their true potential in the coming years, steering the future of digital collaborations.