As we start the new year 2023 by ringing the bell for a new beginning. It is also the perfect time to oversee the previous year and leap into the current one. Besides, 2022 was already paving the way for the new normal. Industries focus on their new business and marketing strategies after a significant downfall due to the pandemic.
Sunil Kumaran, COO of BIG FM, opens up about the growth outlook of the radio industry. However, like any other industry, radio has also witnessed a crash in ad spending in the Covid era but picked up later. The sector had seen a sudden pace for viewership—the time when the world went to a halt. And India was among the many countries to impose lockdowns within the territory.
Now the world is adapting to the new normal. Let’s read how the leaders react to the growth outlook for this year.
“While 2022 has already set the ball rolling, in 2023, it’s time for the radio industry to pivot on the back of our core strengths – audio, influencer advocacy, and localization. The coming year will see radio players galvanized, taking massive strides to revolutionize the space. The audio space is booming like never before – be it storytelling, podcasts, or smart speaker solutions. Globally, India is the 3rd largest market for podcast listeners, behind US and China. The growing video fatigue is giving a further impetus for audiences gravitating towards audio.” Says Kumaran.
“Over the last couple of years, RJs owing to their incredible reach, have forged a personal connection with the listeners building a strong sense of trust. Their credibility has turned them into the ideal local influencers brands can capitalize on to get their message across, even in the remotest of towns. Lastly, localization will be the mantra for brands in 2023. Being colloquial is cool. Regionalization of content and experiential marketing will lead to us witnessing extensive growth in Tier II and Tier III markets.”