Baby Boomers remain some of radio’s most loyal fans. Edison Research shows that of the average three hours, thirty-nine minutes per day that those 55+ spend listening to audio, 56% of that is AM/FM. While there are large gaps that radio companies are trying to overcome with the aging demographic, like how only 15% of Boomers stream audio on their smartphones, there is one massive Achilles heel that audio is missing out on.
Edison’s newest study in conjunction with NPR has found that while podcast listening has grown significantly for those 13+ over the last five years, listeners in the “Baby Boomer” age group (55+) remain largely untapped. Only 4% of 55+ audio time is spent with podcasts.
The study, “Hit Play, Boomer,” revealed that if Boomers’ levels of listening to podcasts matched that of younger groups, monthly podcast listenership would increase to over 150 million and finally include half of the US. The gulf between Baby Boomers knowing what a podcast is, yet not listening to one is growing even wider than it was years ago.
Radio companies are missing out on big revenue by letting this generation go untapped. The report also highlights that the 55+ age group historically shows higher numbers for direct response advertising and for direct appeals for funding, making them potentially attractive to advertisers and other financing models.
One of the largest challenges is framing, but it could become one of podcasts’ greatest advantages. Most Boomers think of podcasts essentially as strictly on-demand radio shows. If there’s already this association made, that could mean there’s an open door for those 55+ to show the same loyalty to podcasts as they do to OTA radio.
If Boomers level of listening to podcasts was at the same level as younger age groups, as the article suggests, then radio listening would take a severe, probably deadly, decline from a revenue stream that takes dollars, not pennies, as the podcast business does.
At 66, I feel totally abandoned by radio, and I worked in it for 45 years! Sirius 70s on 7 is pretty much where I go now.
Boomer Dollars, Appreciation for Music and Radio go together. Very delighted to have a rescued AM on air, on Alexa, Anytime Anywhere on 1220watx.com and soon to Add FM.
1220watx.com Our audience has taste and spendable income. WATX Serving the Southside of Connecticut.
This is something on which the radio, TV, and print industries need to collaborate. Today’s 55+ listeners are much more well off and much more active than those from 30 years ago. it’s up to us to change the narrative about the value of these listeners. Check out some suggestions in my recent Radio Ink column here: https://radioink.com/2023/03/13/marc-greenspan-selling-the-value-of-your-older-audience/
The managers who instruct their agency media buyers on what to buy by age, are just downright stupid.
See that table? TONS of money over there – but it might be that media buyers aren’t being trained to look for the best value for their clients. Where are the studies showing who has the buying power? This world of research might be missing an opportunity to find out who’s got the money and what inspires them to spend it.
It’s surprising to read that anyone cares about the 55+ demo. Stations are so focused on reaching the almighty 25 to 54 group that was once a lot meatier when Boomers were younger. But we live in an artificial world in which the 25-54s are all that media buyers value. I think it’s an ignorant rule that is causing overall loss of cume and revenue.
Jona – the number of Millenials actually surpassed the number of baby boomers a few years ago, so there is definitely a large population to reach: https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/
The main question is, which generation can “show me the money”? The data shows that the 55+ audience has a lot of money to spend.