“Radio’s product offering and business model is under attack,” said Larry Miller, a radio veteran and director of the Steinhardt Music Business Program at New York University. “It is facing very stiff competition from (digital services) that didn’t exist a decade ago.”
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Miller wrote a recent report painting a bleak picture of radio’s future as the car dashboard — once the exclusive province of AM and FM stations — taps into a world of digital platforms.
Traditional radio, he said, is in danger of becoming irrelevant to a new generation of listeners.
“Listenership is declining and aging, a little bit every year,” Miller said. “Younger people are discovering and consuming music in other places.”
Those places include streaming services with customized playlists, podcasts, YouTube videos and Apple’s iTunes, all of which are integrated in the connected car through systems such as Apple CarPlay and Android Auto.
California-based Pandora rolled out its service in 2005, offering listeners a personalized digital radio experience over the internet. Last year, the publicly traded streaming service generated nearly $1.5 billion in revenue, with about 75 million active listeners, according to financial documents.
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