Our markets, customers, and competitors are further defined below. Small businesses have been slow adopters in the e-commerce industry. The radio industry includes 12,275 radio stations in more than 238 major markets. This growth had been fueled by radio industry marketing campaigns, the growth of the Internet, and the use of radio as a primary communication medium to drive consumers to the web. However, even Mr. Fries, like many radio stations, is not seizing the power of the Internet as a channel to automate traditional sales and expand the market reach and size.
Most radio stations have their own personnel to manage sales within their respective markets.
Radio advertising can be purchased on a national network and individual local market spot basis either direct or through advertising agencies. Spot radio programming formats vary widely from market to market, from talk shows to music. One-third of people surveyed indicate they listen to radio at work. Radio is also one of the only mediums that can reach the increasingly mobile American at home, from their commute to and from work, as well as throughout the day at the office. The 15 largest radio broadcasters, which own about 11 percent of all U.S. stations, accounted for about 42 percent of all industry advertising revenues in 1997, up from six percent of stations and 34 percent of revenues in 1996.