Abraham Thomas, CEO, Reliance Broadcast Network Ltd., writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
The radio industry saw rapid growth in 2023 with a significant unticking content consumption across radio, digital platforms and on-ground activities. This led to the industry implementing a multi-channel approach.
At BIG FM, our integrated solutions across avenues have been prioritising delivering value and ensuring a seamless experience for all stakeholders, further emphasizing on our radio plus proposition. For the industry, media sales have effectively transitioned to solution sales, creating a plethora of growth prospects.
From a challenges point of view, new media has been posing a threat to the radio industry for some time now. Another long-standing issue has been the limited audience measurement capabilities of traditional radio.
Success stories from 2023: Last year, the radio industry took a futuristic leap with the utilisation of diverse digital elements like audio shorts, augmented reality (AR) and virtual reality (AR), primarily through social media. Notably, there was a surge in the popularity and consumption of podcasts.
At BIG FM, with our BIG WORLD offerings, we were able to effectively turn passive listeners into active participants, generating substantial revenue for us. We had a great line up that included smart audio, gamification of IPs, on-ground activations, engaging podcasts, and much more. By levering these avenues, we were able to provide a highly customised and captivating experience for users across all devices.
Learnings and realizations from 2023: As a long-standing medium, radio has consistently demonstrated its resilience and credibility. BIG FM credits its staying power to its wide-ranging influence, noting that it has made significant influence not only into Tier 1 cities but also into Tier 2 and Tier 3 markets.
The development of media solutions as a vertical is the second noteworthy discovery. After ad spots, it now generates the second-largest revenue for us. Not only has this transformation broadened our understanding of revenue streams, but it has also impacted strategic decision-making.
2023 highlights and takeaways: 2023 was a year of great personal and professional learning. With regards to work, attending prestigious events such as Radio Asia, the Red Tech Summit in Paris and the World Radio Summit yet again provided a platform to connect with diverse minds, giving significant insights about the global radio industry. These encounters highlighted the value of unique viewpoints and showed how they may be absorbed and used to effect meaningful change.
Looking at 2024: First, the convergence of technology and content is a major trend. Real-time, customised interactions will be made possible by AI-driven personalisation, and the rise of virtual influencers will blur the lines between reality and fiction by creating immersive brand narratives.
Furthermore, experiential marketing is on the rise, leveraging virtual and augmented reality to create seamless virtual ecosystems, transforming traditional events into immersive digital experiences.
Finally, micro marketing will take centre stage, emphasising authenticity and niche influence using micro and nano influencers. Campaigns that are hyper-targeted and resonate intimately with viewers will result from this trend, fostering genuine connections and trust.
Some advice: I recently came across this interesting thought that said God is an Indian, by Nilesh Shah, MD at KMF, emphasising how it is a great time to be in the country with its booming economy. This extends seamlessly to the Radio Industry, an evolving sector that mirrors the country’s growth trajectory.
In light of witnessed trends and changing perspectives, India’s economic landscape is experiencing notable shifts, reflecting in the dynamic nature of the Radio Industry. Additionally, it invites sustained engagement, whether from an economic standpoint or within the radio industry.
My Mantra for 2024: I strongly believe in ‘Be Here Now’ – they say life happens while you are busy making plans so it’s important to enjoy the present and make the most of each moment!
My personal favorites from 2023
Campaign I liked in 2023: While there were many interesting and engaging campaigns throughout the year, the one that stood out for me was #MyBirthdaySong by Cadbury Celebrations. Its effective introduction of new technology to the market and personalization of the campaign made it accessible for the audiences to craft a distinctive gift, engaging with them in a new style.
A book I liked in 2023: Walter Isaacson’s ‘Elon Musk’ was one of the best biographies that I read this year. It gives a deep insight into how Musk pushed the barriers and became a conventional businessman over the years with his sheer brilliance and strategic vision.
A show/movie that I liked in 2023: I absolutely enjoyed watching the last season of Ted Lasso. The show touches upon many crucial aspects of life in a sensitive yet light hearted manner, with every episode leaving you with a smile. Some other shows that I enjoyed this year were ‘The Morning Show’ and ‘Farzi’
My 2023 hobby-career connection: Travelling has been a passion that I love to indulge in as often as time permits – it allows me to learn about diverse cultures, experience local food, meet new people and learn about them.
