Back in 1960, there were 8 AMs. No FM got ratings. But the numbers were pretty well spread out between WHK at one end and WABQ at the other.There is also supply and demand at work. In the days of yore, when Cleveland was a top market and there were maybe 10 major radio stations, with possible ratings of 15, 20, even 30 shares,
Pricing was based on national agency Cost Per Thousand or Cost Per Point goals based on how many people each share or ratings figure represented. In other words, the cost per point in Dayton was about half that of Cleveland.only 3 TV stations and a couple of newspapers, the supply of commercial availabilities was much smaller, hence radio could charge a high price for spots, often playing fewer spots at higher cost because they could.
Metro Cleveland in 2024 is 1,771,000 and in 1960 it was 1,789,000.Now, with dozens of radio stations, hundreds of TV channels, and an almost infinite choice over the internet plus a market that's half what it was,
The market has not grown, but it is not "half what it was". The market is not just one city. It is several counties.
The biggest shift in ad dollars is from newspapers, which overwhelmingly out-billed all radio stations combined in the 60's.the supply of advertising choices is far greater while the advertising dollars percentage wise are still much the same. That means proportionally lower spot rates and more spots needed to pay the light bill and other costs which have also risen greatly.
It's still a free market and ultimately the free market will shape the industry.
But the 60's and 70's saw the end of the Plain Dealer's afternoon paper and, then, the closure of the Press. And the money moved to TV and then cable and then the Internet.