Project: Economic models of radio
Focus on business
It’s no mystery that radio has evolved over the years with the help of new emerging technologies and the Internet – however the task at hand is to focus on radio in the future. Somewhere within all of our deliberations during the longevity of this course, we realized that radio was far from a dying medium. Radio being such a trusted and respected form of media reinforced our belief that radio will prevail and thus made our main mission to enable radio to thrive in the future.
Our focus was on how radio business owners can make money in the next ten to twenty years. On the final presentation we will present revenue streams, integrated into five chosen business models, which each possess their own scenario enabling each model to come alive.
Our models are based on the trends analysis that says that people will still be willing to pay for services, especially for the cheap ones, will indulge greatly into multitasking and their attention will decrease even more. From the technological side we will rely on voice control and navigation over devices. We think that greater degrees of convergence between different types of media are to be expected in the future like bringing social media to radio, bringing Internet to radio, and morphing broadcast and on-demand radio. Main assumptions about the most important economic trends would be the dominance of free business model and package services.
As in our group, when it comes to choosing appropriate economic models, we decided we could either try to adjust the present models in order to accommodate changing markets – or we can decide to map about a lush variety of dramatically different future scenarios and the economic models that could sustain within these futuristic ideas.
In order to pursue our main idea, it entails having contact with various other groups in order to paint a vast range of possible futuristic outcomes and use these scenarios to tailor them to the business model canvas. Once the mapping out has been done we will try to illustrate the development of radio from an economic perspective. Naturally some of the solutions will be a contrast of the dream vs. the nightmare scenario.
We will entail everything from how to sustain/increase revenue streams to what models will falter or fail.
What is the likelihood of some of these business models killing radio or changing radio, as we know it? How big a part will advertising have on future revenues? Will product placement invade radio? Radio aggregation amplifying local radio?
The business canvas and various economic models will be used as the foundation of our project. The approach we have chosen to pursue is contacting different groups to outline their work so that economic perspectives can be related to all of them (or of the selected few). There will be a lot of creative work for the final presentation.
The ideas will be presented in a bold manner, and we will use various form of graphic illustrations to present our solutions. We have decided to present our results in the form of a film or video sequence so as to give the spectator insight to our findings.