Introduction.
The audio industry is evolving at a rapid pace. No one has a crystal ball, but we still need insight on where the industry is heading. So we can make meaningful decisions and investments now that carry into the future. To this end, we present this comprehensive report that gives a view of the future of audio, based on data collected from a survey. The survey was conducted in partnership with Radio.co.
We spoke to audio’s movers and shakers, from across Europe and America, to get their expert advice on what the audio industry’s future might look like.
Facing New Challenges
Challenges to overcome
Over its 100+ year history, radio has often seen fresh competition. From TV, to the internet, to podcasts and social media. Many have thought these would spell the end for radio. But it’s still here, even as its competition has cycled through periods of growth and decline.
Nonetheless, the audio industry as a whole is facing new challenges. Including:How it competes with the short-form content that plays into decreasing attention spans. How it deals with local radio stations becoming media brands mouthpieces.
How it innovates without losing the personal connection that makes audio content so cherished.
Over a third of experts surveyed believe the industry isn’t accurately sizing up the challenges it faces. One issue is being downplayed…
Youth Engagement & AI
The kids are alright?
Within this group, 27% of experts think the problem of youth engagement is being downplayed by the industry. While audio often goes hand in hand with video, audio content is inherently just that: audio. With increasing screen-time, audio in its traditional formats struggles to get in front of younger audiences.
On the other side of the coin, one issue is being overplayed…
The bots are alright?
21% of this group say the industry is over-exaggerating the threat of AI.
AI is undoubtedly getting a lot of attention. ChatGPT and Spotify AI DJ are examples of mass roll-out across huge swathes of society. With the audio industry, AI waiting in the wings to take over any and all aspects of audio content creation. But as governments play catch up in creating rules on transparency, it’s difficult to know what the uptake is.
Perhaps for this reason, over a fifth of the industry are unsure which area AI will impact the most in the next 5 years.
However, some experts think differently: 30% think AI will impact technical production the most. While 25% of experts think it’ll have the greatest impact on programming the most.
Interestingly, only 5% think it’ll have the greatest impact on editorial decisions. This could be the area where we won't allow AI to sweep in so swiftly. Until Artificial General Intelligence, AI remains a tool that requires human oversight. It rings of the age-old story of having machines do the labour to free up human creativity.
Balancing AI & Quality
Don’t just add to the noise.
While AI may remove access barriers, we need to ensure it serves listeners. At the moment, listeners experience roadblocks.
In an overwhelming sea of content, finding the right audio to listen to is the challenge for listeners. 79% of the industry acknowledges this, with 42.1% saying discoverability and the other 36.8% saying overabundance of content is the problem.
Whether content creators deploy AI or not, there’s still a need for high quality and relevant audio content. And this will rise to the top…
Innovating & Meeting Needs
Audio done right, reaps rewards.
Businesses and brands are wanting in on the action. But for some, audio is the untapped area of digital media. We’re in a period of economic uncertainty. The industry feels brands and businesses are most likely passing up on audio opportunities because they’re unsure about their return of investment.
Brands and businesses don't necessarily know how a listener turns into a customer.
But starting their own radio stations could be blocked by a different concern. The industry feels it’s probably down to a lack of expertise and limited staff resources.
Managed radio solutions offer the solution of enacting a brand’s identity into audio.
Filling Value Gaps
Progress happens by identifying gaps in the market, giving people something they need.
59% of experts believe the industry is lacking one thing or another. Over one fifth of this group feel that innovation is missing. Meanwhile 15% say it’s diversity in content, and 12% say it’s reliable, standardised analytics.
If the latter two are tackled, this could inadvertently bring innovation along with them.
There’s more than just content to create
There was one recurring dream audio product the industry wants to see. And that’s a highly personalised audio stream or platform that delivers the listener perfect audio content each time. Interesting, this answer suggests current discoverability platforms aren’t quite right.
