Nisha Narayanan, Director and COO, Red FM

For the radio industry, the headlines in recent months have been traumatic. Last month, HT Media pulled the plug on Radio Nasha in Mumbai, Radio One in Delhi, Mumbai and Bengaluru, and Fever FM in Chennai, surrendering the licences for the popular stations. Last month also saw TV Today’s retreat from FM with the shutdown of Ishq 104.8 FM and the completion of asset transfer to Abhijit Realtors. Earlier in the year, the Sun TV Network-owned Red FM surrendered its MagicFM Mumbai licence.

Private radio players cite the unsustainable licence fees and spectrum usage fees as a huge structural challenge. Broadcasters must pay an annual licence fee based on either 4 per cent of their gross revenue or 2.5 per cent of the non-refundable one-time entry fee (NOTEF) for a city — whichever is higher. As the NOTEF bidding prices were very high in metro cities a decade ago, stations have been locked into paying huge fees that don’t match their current dwindled income. Ad revenues have fallen since the rate cuts made during the Covid-19 pandemic never really corrected. Adding insult to injury, audio streaming platforms, which pose a big threat to FM players, carry none of the costs nor content restrictions. FM radio operators have been petitioning regulatory bodies to de-link annual fees from the entry fee, and allow them to broadcast news and current affairs — something that the TRAI has also recommended.

Despite the challenges, some players have survived and grown their audiences. How have they done it? In fact, DB Corp-owned MyFM actually acquired 14 channels at last year’s auctions. Conversations with the leaders of Red FM (which has 68 stations across 67 cities), MyFM (44 stations, including the 14 new ones) and an energised Big FM (67 stations), which was acquired by Sapphire Media from Reliance Broadcast Network, are illuminating. These players have rewritten the audio playbook to cater to a multi-platform audience. Not just on airwaves, they are also on ground with live IPs, creating experiential platforms and digital content, and expanding into tier-3 towns.

Red FM’s Director and COO Nisha Narayanan, who has been vocal about the need for a level-playing field for private radio, points out that the exits seen last month were not creative failures but “cost-structure math meeting market reality”. Besides the licence fees, GST at 18 per cent vs 5 per cent for comparable media adds to the burden of FM channels, she says.

According to her, the survivors share one trait: They stopped being single-format businesses well before the financial pressure became visible. “We do on-ground, we do digital, and we do content and radio,” she stresses.

For Red FM, live IP has become a core business line and not an add-on, she says. Its annual South Side Story cultural event, showcasing the South in northern cities, is a big hit and heading into its eighth season. Last season, it attracted 12,000-plus people on ground and, as Narayanan points out, the event lives on on the airwaves for months afterwards. “Brands prefer long-term IP partnerships instead of standalone sponsorships because they provide consistent audience engagement,” says Narayanan.

Red FM has also been building artist/concert partnerships — for instance, Seedhe Maut Tour, Anoushka Shankar Tour and so on.

On the same frequency is Ashit Kukian, CEO, Big FM, who says the channel’s new philosophy is ‘One Big World’, its integrated media and entertainment ecosystem, which brings together radio, digital content, creator-led storytelling, experiential platforms, live entertainment and emerging media solutions. “Through Big FM Experiences and Big Vibe, we are building IP-led platforms that allow brands to engage with audiences beyond traditional broadcasting,” he says.

Interestingly, MyFM CEO Rahul Namjoshi, while acknowledging the station does a large number of on-ground events, says, “We prefer to remain a radio-first company.” On the nature of the events, he says most are local in nature because that’s where radio creates the strongest impact. “On podcasts, our approach is also radio-first. We create podcast-style content featuring our popular RJs, who are celebrities in their own markets, and we also collaborate with well-known personalities whenever relevant.”

Why did MyFM bid for more channels in the Phase 3 auction last year, at a time when most people shied away from participating? Says Namjoshi, “The environment is definitely challenging, but every challenge also creates an opportunity if you have conviction. Our decision to acquire 14 new stations was based on our strong belief in the growth story of Bharat.”

Namjoshi believes that in tier-2 and tier-3 markets, where local businesses are expanding and consumers have a strong affinity for local content in their own language, local media has a tremendous future.

FM broadcasters are doing multiple things and assert that their audiences are growing. However, Narayanan rues that there is no robust audience measurement framework for radio.

“Over 12,700 brands advertised on radio in 2025 and ad volumes grew 2 per cent year-on-year, which tells you demand exists,” she says. “Radio continues to be a highly resilient and relevant medium, driven by its trust, accessibility, hyperlocal connect and ability to build a strong sense of companionship with listeners,” asserts Big FM’s Kukian.

There are many problems that Narayanan says the industry can solve collectively. Radio is not losing India; it’s deepening its hold, she insists. All that the broadcasters want is a level-playing field for their voices to become louder.

Published on July 13, 2026