Younger people DO a lot of their listening via podcast, but I think I have read that data still shows that Persons Using Radio is still decently high.
PUR is a deceptive measure. It counts the number of people who listen at least on quarter hour in a whole 168 hour week. It's only useful in trying to convince uninformed politicians and legislators to further protect radio.
A better measure is persons using radio, formerly PUR. It shows what percentage of all people, on average, listen to radio throughout the day or the dayparts. In the 6 AM to Midnight measurement, in 2002 between 18% and 21% of all people 12+ (depending on the market) listened. Today that figure is around 5%.
Unless the radio business is going to give up on the next generation, make what radio offers something they can't get in a podcast, and something they will tolerate commercials for.
One of the biggest issues for the formats preferred by those under 35 is the percentage of hits that can't be played on the radio due to content.
As far as listening on their schedule goes, do what NPR does and make the program readily available after broadcast. The commercials can still be on that podcast. But I am betting that if the programs are good and relevant, they will switch their phone over from the internet to the radio and listen in real time.
Over 30% of homes have no radio at all any more. People are not going to rush out to buy radios to hear some folks chatting about sewage or parks.
If the Block goes, plugging in another 24/7 cheap-to-produce music format is just rearranging the deck chairs. Simulcasting 880 is also a lost cause for significantly higher revenue.
That FM has deficient coverage and would not match the 880 signal. In the case of WINS, the FM added a lot of population to the west that is inside the New York MSA.
New formats are needed. Creative people work in radio - if money can be found (and I am sadly not sure that it can be), try somethings new and different.
If you look at broadly defined format categories, you will see that there are between one and two totally new ones per decade.
Most "new" formats like "Jack" (Adult Hits) are variations on old ones. New formats since the 1950's are rare: Top 40 and R&B (now called "Urban" by many) in 1951, "Beautiful Music" in the very late 50's / early 60's, All News in 1960, Album rock in the late 60's. AC in the 70's, Smooth Jazz in the 80's, Spanish Adult Hits in the 2000's.
Most other formats are variations: Urban AC, Rhythmic CHR, Hot AC, Smooth AC, Churban, etc.