Some of the businesses that pay their workers the best are media stations, both television and radio. They are the ones that keep us entertained and informed. Since the start of the Covid-19 pandemic in early 2020, everything in the world felt like it had come to a standstill. People stay at home, their forms of entertainment the internet, television, and radio. In this article, we are going to take a look at how radio stations make money.
This is one of the radio station’s revenue earners, on-air advertising. When companies want to reach out to more customers, they reach out to the radio stations and request for air time. The positioning of the ads varies depending on the time, popularity of shows, and length of the ads. During peak times is when the radio stations charge the highest rates, such as during prime news.
When the radio station websites are loaded with traffic, they can place ads on them, generating even more revenue. This also works for their social media channels, such as YouTube, Facebook, etc.
There are those radio presenters who are very popular with the listeners and have huge, god-like followings. The listeners trust them and are willing to do anything they ask of them. Advertisers as these presenters to endorse their products on radio, through their websites, and using their social media handles.
This is done by many media stations, whereby they charge their callers when they call in or text. It is important for the media stations to ensure that they inform their listeners that they will be charged extra when they call or text.
Hosting events or holding roadshows is a way to attract new listeners, sell merchandise, and collect money from ticket sales.
It is common to find radio stations selling their stories to other stations. This especially happens with news stories. The stations buy the stories and air them without necessarily having had reporters on the scenes.
Making Your Budget Plan
Still on money matters, we are now going to take a look at personal finance. We are going to take a look at how to make your budget. A budget is planning how to spend your money. Read the tips to planning your budget below:
What is Your Income?
How much is your income per month, weekly, or even monthly? This is the first step to take when planning your budge
Write Down Your Expenses
List down all of your expenses from the basic ones such as food and utilities to secondary ones such as leisure, and finally to how much you intend to save. This way, you can determine where the money goes.
Allocate the Money
Assign the money by figuring out how much you are willing to spend on each group. The 50 – 30 -20 – rule would be a good place to start, with 50% on utilities, 30% on leisure, and 20% on savings.
Put your budget in an app, or you can write it on a sheet of paper and implement it.
Radio stations make money in many ways and that money is also budgeted for using the budgeting plan above. You too can now plan your budget stress free.