It's true that the broadcast radio cash cow has been milked dry of advertising effectiveness and the programming strip-mined of credibility by some of the large corporate operators.
It's true that many of the failures within the radio business past and present can be attributed to bad management or misguided ownership.
It's true that many talented and creative people have contributed to the art and craft of radio broadcasting throughout the past century, and that generations of listeners have been entertained, enlightened, amused and aroused.
But a century is a long time for any particular technology to be culturally dominant, especially a high-tech information and entertainment technology.
Nobody communicates by telegram anymore or attends the nickelodeon. Fewer and fewer of us write letters or read the newspaper regularly. Even books are starting to be supplanted by digital reading appliances. Competition from new audio and video media will continue to diminish the time spent listening to the radio in the daily life of the average person.
Accelerating audience losses, along with an ongoing economic contraction, have been steadily shrinking the dollars flowing into the mass-appeal commercial radio business over the past twenty years, and will likely continue to do so. Remember that the radio ownership consolidation of the 1990's was a result of that revenue shrinkage, not a cause of it.
Those exciting decades of boss jocks and elaborate promotions that we all remember so fondly were made possible only by the torrents of undiluted advertising dollars that were flowing through the industry in those days. Not to mention the incredible music and audacious programming that marked the American cultural zenith of the mid 20th century.
Those dollars and days are gone.
Broadcast radio technology has outlived the telegraph only because it is adaptable, inexpensive, effective, elegant and reliable . Its future, whether analog or digital, is assured. The future of the broadcast radio business model is less certain. Certainly any advertising-supported operations will be have to be very frugal ones. Maybe some listener-supported/commercial hybrid will emerge. Perhaps the volunteer-staffed, non-commercial model will prevail. In any event, there will be a future. It just won't be like the past.
As Paul Harvey would say: "Stay tuned for news".