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The basic problem in the Radio space in India is the excessive Government control and regulation. In order to let the industry to grow the government needs to give it some space. Though the Supreme Court decision in 1995 declaring airwaves as public property led to the entry of a number entrants challenging the monopoly of All India Radio, nothing much changed as regards to government control. The government charged a very heavy license fee for entering the market, did not allow broadcast of news and current events nor was there a scope of a foreign player entering the Indian market.

One way to get over the license fee crisis in the radio broadcasting industry is for the government to drop the bidding-driven process for setting radio license fees because it is this system that leads to the viability crisis. They should in fact, as recommended by the TRAI, go in for a system more prevalent worldwide - revenue sharing. Under this system, stations will pay the government a certain % of their gross revenue every year.

The Government should review its ban on private stations airing news and current affairs, currently a monopoly with All India Radio. This could attract potential listeners on the move who want their daily share of the happenings around the world. But with the government citing national security as the reason for not doing so leaves little hope of this happening, atleast in the near future.

A llowing foreign players to enter the Indian market could also spell a boon for the Indian company gain from the expertise and superior technology of the foreign player. The consumer will also benefit as the industry can now tap into a larger basket (the foreign players) for greater variety.

Conclusion

Radio has many natural advantages that make it an excellent choice for an advertising medium. These advantages include high amount of time spent listening, superior target ability, superior listener loyalty, ad recall and message retention, and much more which can be attributed to the ‘low cost of ownership' feature of RADIO as a medium.

Consumers spend 85% of their time with ear-oriented media, such as Radio, but spend only 15% of their time with such eye-oriented media as newspapers and magazines. Yet advertisers spend 55% of their money on eye media (print) and only 45% of their money on ear media such as Radio and television.

Radio's share in the total advertising budgets of companies is likely to grow from 2 per cent to 5 per cent in the next three years, with an expected growth rate of about 10 to 12 per cent every year. In fact, the fortunes of radio advertising are likely to change with the advent of private players like Star India, Bennett Coleman & Co, Living Media, Mid Day etc.

The opening of the FM market is a new phenomenon and the maturing of the market will take its own evolutionary path. Interestingly, the private FM players have a huge opportunity in grabbing a bigger chunk of the radio advertising pie as, despite All India Radio's enormous reach (97 per cent of the population), its revenues have declined.

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