Here's a perspective that may help.
Think of AM as like a shopping mall. Now let's go back to 1978 in San Francisco and look at AM Mall. It's an old-school, air conditioned, indoor mall.
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1. KFRC-AM (Top 40): 8.4
2. KGO-AM (Talk): 7.6
3. KSFO-AM (A/C): 6.5
4. KCBS-AM (News): 5.8
5. KFOG-FM (Beautiful): 4.4
6. KIOI-FM (A/C): 3.9
7. KABL-AM (Beautiful): 3.5
8. KSFX-FM (Disco): 3.4
9. KNBR-AM (A/C): 3.3
10. KDIA-AM (R&B): 3.2
Seven of the ten hottest stores are in AM Mall. They draw people in and while they're there, those people might dial around the other stores.
Let's flash forward to 1985---seven years later and 37 years ago. How's AM Mall doing?
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1. KGO-AM (Talk): 8.8
2. KCBS-AM (News): 5.3
3. KYUU-FM (some called it A/C, some called it CHR): 4.1
4. KIOI-FM (same as KYUU---if these were A/C, they were very hot A/Cs): 3.5
5. KSOL-FM (R&B): 3.4
6. KABL-FM (Beautiful): 3.3
7. KSAN-FM (Country): 3.2
8. KFRC-AM (CHR): 3.1
9. KNBR-AM (A/C): 2.8
10. KFOG-FM (AOR): 2.7
10. KRQR-FM (AOR): 2.7
Uh-oh. Only four of the hottest stores are in AM Mall now. KGO and KCBS seem to be hanging in, but big stores like KFRC and KSFO aren't bringing people to AM Mall anymore, and that's depressed KNBR's numbers and pushed KABL out of the top 10 (11 because it's a tie).
Maybe it'll get better. Maybe just those big anchor stores (KGO, KCBS) will be enough to keep the mall going. Y'know, like Macy's and Nordstrom.
Well, we know how that wound up.
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Did Macy's suddenly suck? Nordstrom? Bloomingdale's? No. They starved because people stopped shopping where their stores were---AM Mall. So, no. Compelling content won't bring people back to AM anymore than solid stores saved malls.
A lot of places have re-purposed their malls, turning them into "power centers". What was once a Nordstrom is now a Walmart. And what was once KGO Newstalk 810 is now a sports betting station.