Radio 1 Economic Factors Exam Question
Explain the significance of economic factors to media institutions and their products. Refer to the Radio One Breakfast Show in your answer. The vast majority of UK radio stations are commercially owned, giving the BBC a unique advantage over its competitors as it is publicly funded by the license fee (£159 from each UK household annually to fund all areas of the BBC). While commercially owned stations rely on listener figures for revenue, as advertisers will only pay for promotion on more relevant stations, the BBC is able to experiment with different formats on its shows, as well as promoting new music which may not be as popular with audiences, as their funding is guaranteed no matter how much their audience continues to listen. This security is useful in periods of change - such as 2017, in which the Radio One Breakfast Show recorded its lowest ever listener numbers - as it gives the station the opportunity to alter its output in order to maintain or bring back lost listeners (e.g....