"What makes us excited about radio is the ability to capture audiences online, on-air and on-site," he said. "And we can take that story to the advertiser."
Like local TV
One investor pointed out that the radio industry's steady ad decline is likely due to the glut of similar stations competing for the same market. "This is a business that doesn't realize its own inventory," Mr. Frazier replied. "There's all these shoe stores and none of them ever closed down. If you look at radio's play and its competition, it's local TV."
He added that the radio buzz words of the '80s -- return on investment and accountability -- need to be revisited.
"Every CMO focused on an internet marketing strategy -- which is great, but it doesn't build the brand. Our opinion is that we keep seeing little data points where advertisers are going back to brand building. We hired a senior VP of digital media so we could [compete on all platforms.]"