What’s a radio show to do when its caller base dries up and revenue models go south? In the latest installment of Mediabistro’s So What Do You Do? Phil Hendrie, host of the eponymous radio show, discusses how the digital age has upended the radio industry and what he’s doing to keep his venture profitable. Among them, instituting a $9.99 per month paywall for his website. Here’s an excerpt:
What kind of person is signing up to your website at $9.99 per month?
People who totally get the show and love it and want to be a part of it, regardless of the generation… Those are stone-cold fans and that is stone-cold money. That’s about as direct as it gets in my business in terms of making revenue.
If you want to be real honest, the radio show is a billboard for the digital business. My subscription business makes really good money. The radio show right now, and for the last six years, has not. Radio just in general is in the sh*tter. So, what can I use my radio show for? Well, I can use it as a billboard for digital, which is exactly what we do. Now there may be a day when radio revenue comes up to digital. But for now, it’s the digital money that’s wagging the dog.
For more, read So What Do You Do Phil Hendrie, Syndicated Radio Show Host?