At the Eastern Economic Forum, as part of the BRICS Creative Innovation Forum, a session was held that brought many interesting ideas and forecasts about the future of the radio industry. In his speech, GPM Radio CEO Vadim Tereshchuk stressed the importance of mergers and acquisitions for the market.
“M&A transactions indicate the development and prospects of the market, and that there are investors who believe in it. Now is a very good time to further consolidate the radio market,” Tereschuk stressed.
Tereshchuk noted that it was a good time to continue the process of consolidation of the radio market: over the past four years, large radio holdings that manage many local radio stations have grown noticeably in the regions. These processes are being driven by the economic growth of the radio industry and, according to Tereshchuk, big stories about asset consolidation are yet to come.
The panel also included experts from independent music labels, creative agencies and streaming services, who discussed the digital transformation of the industry and changes in music consumption in Russia.
During the discussion, Vadim Tereshchuk also touched upon the issues of speech synthesis and the role of artificial intelligence (AI) in the radio industry. Tereshchuk drew attention to the fact that companies such as Yandex, VK and SBER are actively using AI technologies to create realistic synthesized speech, including in audiobook services.
He suggested that AI could soon start playing a role in forming radio playlists, analysing digital data about current listening, allowing it to suggest upcoming tracks within a given format. However, Tereshchuk expressed doubts about the rapid transition to using neural networks as the main business model in radio, noting that these are just experimental projects for now and mass adoption of this approach is unlikely.
The BRICS Creative Innovation Forum included sessions aimed at supporting projects at the intersection of high-tech and creative industries. The “Music of the Future: How Technology is Changing the Music Landscape” debate brought together senior executives and specialists from streaming platforms, creative agencies and record labels to discuss the future of these sectors.
The 9th Eastern Economic Forum, which will be held from 3 to 6 September, is largely focused on the search for new formats and technologies that can change industries. The event’s media partner, Gazprom-Media Holding, to which GPM Radio belongs, actively supports these initiatives and the ideas presented.
