The number of independent radio stations in the UK is booming and set to grow exponentially for the foreseeable future – multiplexes are being advertised and awarded at a rapid rate making this an incredibly exciting time for radio.
Speaking to our members, one of the biggest challenges faced by these new stations (and existing ones) is how to generate the revenue they need to survive. This challenge has been made even tougher by the fact that, up until now, it has been impossible for these stations to provide any accountability in terms of both what they have broadcast and the size of audience it has reached.
Advertisers crave three key things – confidence in delivery, accountability in terms of results and an easy way to buy the media. Now, thanks to Local Radio Support and our technical partners, they can have all three…… we would like to introduce IRIS – Independent Radio Income Stream.
In a nutshell, IRIS uses the bespoke technical system AIMS (Audience Impacts Measurement System) to track when an ad is broadcast, measuring the real time delivered impacts through IP tracking and produces a total campaign delivery figure for the advertiser.
What Does This Mean For Advertisers?
Again, putting the answer in a nutshell, it means for the first time non RAJAR stations will be able to prove to advertisers that they broadcast the ad and in addition tell them how many people heard it.
Firstly, this technology provides stations with the accountability every advertiser craves, giving them irrefutable proof that the ad was played and at what time. A million miles away from a station written ad log.
Secondly, through LRS and our technical partners, we can measure exactly how many people heard the advert online each time it was played – a game changer.
Thirdly – using an industry accepted formula, we can calculate the total listening impacts that specific advert delivered across all listening platforms, providing a total advertising campaign performance for the client.
Fourthly, we can offer advertisers scale for their campaign through a one stop shop – LRS offers advertisers an easy way to buy campaigns using any of our growing list of member stations. We can amalgamate individual stations into an overall campaign delivery.
What Does This Mean For Radio Stations?
For the first time independent stations can offer advertisers what they want and need from a campaign. This means that, through LRS, stations can be part of a network that is attractive to bigger local businesses as well as regional companies wanting to reach the highly engaged local audiences that independent local stations can offer.
This opens up a whole new revenue stream for independent stations across the UK – whilst campaigns for the giant national advertisers maybe still be a way off this is a massive step forward in making those stations a viable option for clients advertising budgets.
What Do radio Stations Need To Do?
The short answer is not a lot!
IRIS is available to Local Radio Support members so stations need to join us first of all.
Secondly our technology partners will run some quick streaming compatibility testing.
Finally you agree to IRIS T&Cs which outline what is expected in terms of broadcasting the ads.
How Does The Revenue Split Work?
Each station on an ad campaign will need to deliver an agreed number of impacts based on the number of times the ad will be played and the number of IP connections at that time – don’t worry all this is calculated by us.
The amount of revenue due to the station is calculated on a cost per thousand (cpt) impacts delivered so each station gets their fair share based on what they deliver.
Send an invoice to LRS and when we get paid you get paid.