As much as the Covid-19 crisis has brought much of the economy and thus also advertising business to its knees, it is also interesting to note that the same crisis has now put of all things the classic media back into spotlight of advertisers.
In the blog posts of the past few weeks and months we have focused intensely and at length on the main topics in audio, and we are happy to note that the feedback has been very positive. A number of you, however, also wanted shorter texts or summaries to get the gist of what we have to say faster, for busy radio professionals and managers.
The digital transformation of business, of our entire lives and times, is already well underway. Digital shopping, dating, conferencing, coordinating, learning, booking appointments, listening to podcasts, streaming films and so much more – all this is a normal part of our everyday lives.
Local and regional advertising inventory could be sold on electronic platforms now. On online booking platforms nationwide or even around the world.
The crash of the local advertising market due to the lockdown drove many private radio stations to the brink. Not just in Germany, but everywhere in Europe. Because advertising is and remains the only source of income of private radio publishers.
We all know that digital media providers like Google, Instagram or Facebook have been using vast amounts of data for a very long time to enrich their own advertising inventory and make targeting possible. They would lead us all to believe – and I would even go so far on purpose as to say – fool us all into believing that they have the exact information as to when and where e.g., women around the age of 50 from the Munich metropolitan area can be found online that are looking for a hairdresser right this very minute.
At first glance, the current pandemic would seem to prove those right who think classic (private) radio has been side tracked for quite some time. Because during what has already been difficult "digital" times, their advertising income melted away in 2020 like snow in the sun.