It’s been a turbulent 12 months or so in the UK’s local radio industry. Not surprising given the advertising market. Radio companies that had previously not changed hands for 5 or 6 years are suddenly changing hands every few months. We’re on the brink of having no UK radio companies listed on the UK’s Stock Exchange. Good or bad, that’s quite something.
There are a couple of problems with what’s been happening recently. The first is that there doesn’t ever appear to be anyone new around. The number of people who have investments in radio companies can probably be accommodated quite easily in the reception area at Leicester Square. And when one leaves the room, he comes back in the other door. It’s a closed club, and no-one’s knocking to come in.
That’s mighty depressing. Further, given the redundancies across all sectors of the industry, the commercial radio sector is likely to experience a longer downturn than most. From broadcasters to engineers, technology folk to promotions professionals, the industry is losing great swathes of the talent it once enjoyed. When the upturn comes, there will be precious few folk with talent in our radio studios, offices & backrooms. When the money starts to be offered once more by the advertisers, the commercial radio sector is likely to stare back with blank faces – particularly when they have disinvested in new technologies and divested themselves of clever people in all fields.
Commercial radio management will exclaim that “we can’t afford all these people right now”. That might be true, but this industry has singularly failed to grasp the clever way of getting through a recession intact, perhaps even better, to get stronger at the end. The motor industry had the earliest bright ideas – ask staff to do a three day week, get them to take a sabbatical. But – whatever you do – keep the talent, keep the people who have the experience and wherewithall to help your company grow when the time comes to grow again.
Those who know me may think this a rant at my recent experiences. It’s not – the consolidation in the company I once worked for – while I think it has been too drastic along the lines explained here – was probably a good thing for me in the long run, so I’ll state that here to avoid confusion. The point, though, is strong if there are people willing to hear it. We’re just never going to get fresh investment knocking on the door unless we have the ideas and motivation to make radio a key part of everyone’s media consumption. And that won’t happen unless there are good people around to deliver it.
