TonyCinTX

Radio Value Opportunity Beckons: Calling Warren Buffett

I am not in radio but I do have half my investment capital in Berkshire, and having travelled extensively, I would add another point to that radio moat: It isn't just the license; it is the content. A strong station playing oldies, or acid rock, or talk, or religion, or whatever seems hard to tackle, to me. People find their station in a new town and seem to stick with it for life. I'm in Texas now, but I remember even ten years after leaving Illinois I could still recite the call sign and dial position of a radio station I had not heard in a decade. The only thing that ever prompted me to switch radio stations was a blatant racist comment (no, not that Imus one recently) by a disc jockey. I found another station, and even that idiot was fired, they eventually went out of business. So they are not invulnerable to complete idiocy, but no business is, and I think that whatever human psychology it is that gets people stuck on one frequency for LIFE is a moat in itself.