Overview Of Business Model
More and more people are listening to real-time audio streams broadcast over the Internet while they’re working or relaxing. This is known as Web radio. Web radio has seen growth due to the falling costs of technology, the wide acceptance of the Internet, and the increase in high-speed access.
Many radio stations now broadcast their signal over the Internet for all to listen to. They combine the power of today’s technology, their Web site, and their traditional programming to optimize operations. This increases their geographic reach from a local perspective to worldwide. Web-only radio stations are now becoming extremely popular as well.
Web radio is interactive and global, and it creates a superior, engaging experience allowing heightened communication with users and listeners. Advertising in this case can be extremely effective because it allows oratory discourse and online banner ads as well as content to be presented simultaneously. A majority of your income will come through advertising opportunities on your site and audio broadcast.
You will need experience in radio and the technological requirements associated with various media communications. Having clear and concise oral and written communication skills is important, and you should be able to update the Web site, so basic Web publishing skills are needed.
Cost To Start This Business
Your initial setup costs will include a personal computer and hardware to broadcast the show on the air and over the Web. Investigate the appropriate software programs that Web radio disk jockeys currently use. You will also need to pay for the design, development, and hosting of your Web site. Remember, sending quality streaming audio over the Internet requires a significant amount of bandwidth. The cost to set up and run this type of business ranges from $3,500 to $20,000. If you already have a computer, then deduct from the amount accordingly.
Number Of Employees Needed To Start
This business can easily be started with one part-time individual.
The international reach of this business is dependent on language and the genre of music or popular discussion featured on your radio station. People all over the world will be able to hear you in real-time audio, and how broad your audience is globally will be dictated by the international appeal of your content. Always remember that content is king on the Internet.
Important Business Issues To Be Addressed
Web radio is heavily dependent on advancements in audio file transfer and compression technology.
While constructing your business plan, make sure to consider the evolution of your Web radio station by programming and designing the site so that you can adapt to changes in the future that could optimize your business. For example, you could implement banner ads that are programmed to relate to the song currently playing or advertisement prompts. Your primary source of revenue is advertising, so make sure that your site delivers a superior and engaging marketing opportunity that integrates visual, content, and audio penetration for each advertiser.
Interact with listeners in real time through chat and e-mail so that they appreciate the tangible quality of the Web radio combined medium.
Online Marketing Techniques
- Develop a comprehensive link strategy. Negotiating and reciprocating links from other, related sites is an excellent way to bring targeted business to your Web site. You will want to be linked from sites that cater to your target market. Establish links from Web radio directories and meta-indexes as well as music and entertainment sites.
- Develop a sponsored listings campaign to bid on appropriate keyword phrases with the popular search engines.
- You might also consider using a viral marketing technique like “Tell a Friend about This Web Radio Site.” This will allow your listeners to refer your site to their friends.
- Have constant promotional activities happening, like contests, raffles, and games.
- Get your site mentioned in ezines and online publications that are likely to be frequented by your target market. There are many online entertainment magazines.
Additional income can come from profiling new artists and their music. You could publish an associated ezine in which you include articles about the specific genre of music and related news. There is also opportunity to become a reseller or affiliate site for suppliers of products and services that would interest the listeners who frequent your Web radio site. For example, while playing a particular artist’s song, you could have your site display their CD with the option to “Click here to buy now.”