This was the very station! It was always so much better than XFM's narrow landfill indie playlist, for me at least, but XFM had the signal and the marketing, Revolution had neither. 96.2 was "fine" in most of the city, but 97.7 and 106.1 were both 1kW from a stick on a tower right in the center of the city, whereas 96.2 was (from memory) 100 watts from about 7 miles out. There was also the factor that a lot of the indie-alternative audience are in the south and west of the city, places like Fallowfield (students) and Chorlton (trendy professionals), and Oldham is in the north-east. The 60dBu doesn't make it into those suburbs.If you're referring to the late, great 96.2 The Revolution, which I also loved, there may be a bit more nuance to that situation, imo.
Looking at the figures shown on the station's Wikipedia page, it appears they were doing decently (4.6 in the 2nd book of 2005, around a 5 share through 2006) and then plunged to 1.5 and 0.8 in 2007. So after the flip, it looks like they actually gained audience. I don't know what exact month in 2005 they changed format.
XFM in Manchester, the metro Rev (Oldham) was a rimshot for, signed on in March of 2006. So it appears the sign on of XFM was a huge blow to them. Then you had Rock Radio 106.1 sign on in May of 2008, so they got squeezed on both the indie and traditional rock sides, which would be a difficult scenario to continue in.
Now, they may well have been unable to monetize that 5 share to advertisers in their home town, but it appears from a ratings standpoint when they had an exclusive, there was some significant audience. I imagine it's like a number of other situations I've seen, rimshot independent against well financed full-market competition and lack of marketing/sales leverage on the part of the indie.
That being said, I have no idea how good the 96.2 signal was or wasn't in Manchester proper. It may have been no one in Oldham listened or bought ads, and that half of Manchester proper couldn't hear it clearly.
They never seemed to attract advertisers from the wider area. They only ever surveyed in Oldham, and the advertisers that stuck around that I recall were all based around there. It was a great station - indie/alt didn't really encompass the whole of its format or output, it had quite a big dance component because of the musical heritage of the area it covered, and played a lot of Black music that was ignored by the "white guys with guitars" XFM-style station. The people involved either went on to bigger things (OJ Borg, now on BBC Radio 2; Clint Boon, recently finished at XS Manchester) or disappeared from radio altogether the moment the station flipped (whatever happened to Phil Beckett, Steve Shanyaski, or Steve Coogan's brother Martin?).
For some reason, one ad from that era survives on YouTube: