UTV is based in Belfast, Ireland, and has endeavors which include Radio Ireland and GB Radio. They have seen their profits for the radio division grow by leaps and bounds as their revenue stream from TV and other media dropped.
Via The Times Online:
Operating profit in the whole radio division rose 31 per cent year on year in the first six months of the year to £9 million, with total revenue up 15 per cent to £36.4 million.
GB Radio increased revenues by 5 per cent year on year to £25 million in the first half of 2008, fuelled by an 18 per cent boost in TalkSport’s revenue to £12.1 million.
As a counterpoint, TV advertising revenue dropped by 4% in the first quarter and TV operating profit fell a whopping 15%! It seems that as we look at the global picture radio is thriving, I keep pulling up reports from all over about radio thriving and innovating not only in Ireland, but also across eastern Europe, India and many many other places.
As I examine these stories, I tend to look at a lot of radio websites — a lot of radio station websites in particular. As I do, one thing keep coming to mind: innovation. Television was supposed to kill FM in the same way FM was supposed to invalidate AM when it arrived. We all know how that worked out. Now I see that radio is developing a face as well as a voice.
Look at how many radio station websites out there are actually leveraging video in addition to their other Internet-based content. It is astounding. The advent of the Internet and broadband in particular is allowing radio the opportunity to step out ahead of the other, younger media.
The big picture is a global one, and seeing the stories about radio that I see in the news, I have to say that the gestalt of profitability (when properly leveraged) and adaptation to the digital ecosystem of the World Wide Web help paint a rosy picture of the coming years.