Says the industry must embrace the opportunity
According to a story by Georg Szalai at The Hollywood Reporter, he signaled that he sees digital upside in terms of audience reach, engagement and financials, including advertising revenue.
Late last year, the former AOL COO, AOL Time Warner co-COO and MTV head bought a stake in Clear Channel and then took on an executive role at the company.
Since digital radio accounts for only 3% of radio listening right now, digital is the sector's biggest upside opportunity, he argued.
"We have work to do," he told the Ad Age Digital Conference. Sector players must "make the digital revolution come to radio" to get in front of it rather than being driven. "There are real benefits to the radio business and to our listeners," Pittman added.
Among the digital opportunities for radio firms, he mentioned online replays of shows, coupons, access to artists and social interaction. He also said that Facebook and other forms of social media are allowing radio to replace old-school telephone request lines.
In his conference appearance, Pittman said that digital also enhances radio for marketers as Web sites help people research products, which is traditionally a key step between hearing or seeing an ad and buying a product. For example, he said that 90% of buyers of cars and other products say they researched them before making a buying decision.