85% reach is sad considering that number was well into the mid 90s just a decade ago. It's a massive shift! Nevermind that this is just "reach". The amount of time listening to terrestrial radio has also decreased as there is now more competition for consumers' attention.
It's a loss of around 9% in the last 22 years. Significant, but still leaving radio with a huge footprint
That's great and all, but your gains pale in comparison to what the industry used to be pre-2008 (and it also doesn't tell the whole picture as your gains could be smaller than your competitor's losses).
2008 had huge changes due to the introduction of the PPM, which changed time spent listening by over 30% in the top 50 markets, home to nearly 60% of the 12+ population of the US. The decline in radio usage overall began in the late 90's due to... what nobody here mentions... computer gaming!
2008 was a benchmark year, to be sure, as radio was hit with a perfect storm of the PPM, the recession and the introduction of the smartphone.
Radio can definitely be profitable today. There's no question about that. But the same may not be said in a decade or two. It is a dying medium which will soon be dominated by non-profits and religious broadcasters.
You are stuck with a definition of radio as being AM and FM. In fact, radio is really any live audio-only program service. Some would say that the word "free" should be attached, but either way radio is a pure audio service.
The issue is that, other than AM and FM, nobody has found a way for free audio services to be profitable. The rights fees for digital streams make any effort to be profitable unsuccessful so far.
It wasn't that long ago where we had the discussion about finding good salespeople in radio. The good salespeople who knew how to interact with existing and potential clients are on their way to retirement. Small operators are having a hard time replacing the staff that is slowly trickling out of the industry. Finding someone that is willing to do cold calls and maintain good relationships with local businesses is hard. And when you do find someone, keeping them is harder as the pay just isn't there.
That is not a radio problem. Over dinner yesterday, a relative who manages a region for an industrial supply company was telling me how he believes that there is a generational problem: among those under about 45 it is hard to find a self-starting motivated seller. His reaction is to look among people who have been forced into early retirement in businesses that have migrated almost totally to Asia.
This industry is in its twilight years.
We can say that about walk-in retail, too, just to name one example. But that is a much deeper-seated issue of American society and way beyond the scope of "radio".