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Radio Suffering Through Worst Year Since 1954

November 26, 2008 2:39 PM ET

Like pretty much every other industry during a recession (except maybe the alcohol and fast food sectors), terrestrial radio is seeing record declines in 2008, with the entire industry having its worst year financially since 1954. Revenues are off seven percent from last year's numbers, and 2008 marks the eighth consecutive struggling year for the industry. To put things in perspective, things haven't been this bad since the main attraction beaming to antennas was The Lone Ranger and Joseph McCarthy's hearings against supposed Communists and the Dodgers were still in Brooklyn. Things are somewhat more optimistic in the small markets, where radio has seen their revenues grow by 0.6% over the last 20 months. In the bigger markets, however, the market has lost 4 percent of revenue monthly. One can't fully blame satellite radio for the downturn, as SiriusXM has its own struggles as its stock currently hovers at the 17 cents mark at press time.

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Widget Hopes To Save Pandora, Internet Radio
Sirius and XM Finally Merge, Become Sirius XM Radio

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Song Stories

“I Was Made to Love Her”

Stevie Wonder | 1967

Stevie Wonder discovered true love while still a teenager, writing this ode to young love when he was only 17. The song, Wonder explained, "kind of speaks of my first love, to a girl named Angie, who was a very beautiful woman. She's married now. Actually, she was my third girlfriend but my first love. I used to call Angie up and we would talk and say, 'I love you, I love you,' and we'd talk and we'd both go to sleep on the phone.” The Beach Boys, Chaka Khan, Whitney Houston and Boyz II Men have all recorded versions of "I Was Made to Love Her."

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