Barry Ritholtz has a great post about the radio industry as it stands today.
You are the product. What Radio sells is you. At least, you, as a member of a larger aggregated audience. Sure, it's packaged, demographically dissected, cross marketed and sold — but its still what Radio sells. You may think of yourself as a consumer when you listen to radio, trading your time in exchange for music, news, weather, talk, etc. But that's a false if common misunderstanding. Radio costs you nothing (except time). Advertisers are the actually consumers.
If you understand that simple perspective shift, than the decline of entities like Clearchannel Radio (previously discussed) becomes apparent and inevitable. The stock is off some 33% since April of this year — while the S&P500 is appreciably higher.