Terrestrial radio stations do not charge their listeners for the product they create and distribute. Instead, they make a profit from the ads they sell, the special events they hold, the syndication of their most popular shows and in some cases the special services they can provide to other radio stations.
How much profit do radio stations make?
Year Average station revenue
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2017 $18,508,000
2018 $18,234,000
2019 $18,144,000
2020 $13,866,000
Is radio a dying industry?
Despite all of that, radio continues to be an effective competitor, mostly because it is the low cost alternative, both to listeners and for broadcasters. Anything can happen, but so long as there is a substantial audience and costs can be kept low, radio stations aren't at any real risk of dying.