There are hundreds of radio companies. They're doing different things. We can see the results. We can also see what non-commercial stations do. Pretty much every option is being tried in some way and in some place. That's what competition is all about. If there was a strategy that worked better, everyone would jump on it. Right now, the main strategy the bigger companies are doing is diversifying revenue streams.
Just gaining more listeners doesn't matter if a gain in listeners doesn't result in more revenue. Weigel is having great success with its METV-FM oldies stations, but they're not doing it to attract advertisers, but attract viewers to their TV service. So that strategy won't help radio-only companies.
When revenue is down, you focus on fixing the revenue problem. That's what they're doing. Revenue to conventional broadcasting (that includes TV) is declining, so broadcasting is diversifying. So media companies are investing in streaming, podcasting, and other non-broadcast options. Just because you don't see it doesn't mean it's not happening. Right now the most growth is coming from digital options, not broadcasting. If advertising is not growing, then offer subscription options. That's why you're seeing growth in OTT video such as Peacock and Hulu. Radio options are also being considered, but it would take millions of subscribers for it to work. Sirius already has inroads in that area. So every option is being considered.