World Radio Day 2026: India’s Radio Industry at a Turning Point

World Radio Day 2026 arrives at a defining moment for India’s radio industry. FM radio continues to be one of the country’s most accessible and locally resonant media platforms. From metro cities to tier-2 and tier-3 towns, radio remains deeply embedded in daily life.

If Q3FY26 had one defining takeaway, it was the rapid transition of digital from an add-on to a central pillar of radio monetisation. ENIL's disclosures provided the clearest illustration of this trend. Digital revenues now represent 49.5% of core radio advertising revenue in Q3FY26, up from 26.9% in Q3FY25.

However, the business side of radio is under significant pressure. Advertising revenues are shrinking, margins are tightening, and competition from digital platforms is intensifying. As a result, radio networks across India are rethinking their revenue models, expanding into digital audio, and building new non-traditional income streams.

Let’s understand what Q3FY26 reveals about the future of India’s radio industry.

Advertising Revenue Under Pressure

According to the dentsu-e4m Digital Advertising Report, radio advertising expenditure (adex) has been steadily declining:

• 2024: ₹1,679 crore (2% share of total ad market)
• 2025: ₹1,501 crore (1% share)

This sharp drop reflects a broader shift in advertiser priorities towards digital-first platforms.

In Q3FY26, the industry recorded a 2% year-on-year decline in advertising volumes, indicating continued softness in demand.

Company-Wise Q3FY26 Performance

HT Media (Fever FM)

• Revenue: ₹34 crore (down from ₹51.1 crore in Q3FY25)
• Decline: ~33.5% YoY
• Sequential growth: 5% QoQ
• EBITDA: Around ₹5 crore loss

The company attributed the sharp fall mainly to a high event-led base last year.

Radio City

• Revenue: ₹46.47 crore (down from ₹65.38 crore)
• Total Income: ₹54.81 crore (down 24%)
• Net Profit: ₹3.60 crore (marginal decline)
• Digital Revenue Share: 6%

Radio City maintained profitability but remains heavily dependent on traditional FM advertising.

DB Corp (My FM)

• Ad Revenue: ₹41 crore (down 15.6%)
• EBITDA: ₹12.7 crore (down 32.1%)

Despite pressure, My FM remains profitable but with declining margins.

Entertainment Network India Limited (ENIL)

• Revenue: ₹164.94 crore (up 3.8%)
• Total Income: ₹171.61 crore (up 3.7%)
• Net Loss: ₹6.31 crore (vs ₹9.26 crore profit last year)

ENIL stood out as one of the few companies reporting revenue growth. However, profitability remains a challenge.

From Spot Advertising to Integrated Solutions

Earlier, radio stations depended mainly on spot advertising (FCT – Free Commercial Time). But today, the industry is moving toward:

• Branded content
• IP-led properties
• Events & activations
• Content partnerships
• On-ground marketing campaigns

Non-FCT revenues are no longer optional—they are becoming central to survival.

Companies now focus on delivering measurable brand outcomes rather than just selling airtime.

Digital Audio: The Game Changer

One of the biggest highlights of Q3FY26 is the rapid rise of digital audio monetisation.

ENIL reported:

• Digital revenue share jumped from 26.9% (Q3FY25) to 49.5% (Q3FY26).

This growth is driven by increasing platform engagement and digital user expansion.

Digital is no longer an add-on. It is becoming the core growth engine.

However, the transition is uneven. While ENIL shows strong digital expansion, Radio City’s digital share remains at just 6%, indicating different stages of digital maturity across players.

The Battle for Sustainable Margins

Revenue pressure is only part of the story. Profitability remains the bigger concern:

• ENIL moved from profit to loss.
• HT Media continues to report losses in radio.
• DB Corp saw EBITDA decline sharply.
• Radio City managed to stay stable.

The challenge now is balancing:

• Cost discipline
• Investment in digital
• Expansion of non-FCT streams

In a market with limited pricing power, efficiency will determine survival.

Beyond Music: The Need for Content Expansion

A long-standing industry debate has resurfaced—should radio expand beyond music?

Currently, private FM stations are heavily music-led. Industry leaders argue that allowing broader spoken-word formats, including news, could:

• Increase listener stickiness
• Strengthen differentiation
• Attract new advertisers
• Improve monetisation opportunities

Content diversification may become the next big strategic shift.

What World Radio Day 2026 Truly Highlights

Radio remains powerful in India because of:

• Mass reach
• Local relevance
• High frequency engagement
• Cost-effective advertising

But Q3FY26 results clearly show that the traditional FM-only model is no longer sufficient.

The future of radio depends on:

✔ Strong digital ecosystems
✔ Diversified revenue streams
✔ Scalable content IPs
✔ Integrated brand solutions
✔ Smarter cost management

Radio networks that evolve into full-stack audio brands will lead the next phase of growth.

The Road Ahead

India’s radio industry is not declining—it is transforming.

While advertising share may be shrinking, audience relevance remains strong. The shift toward digital audio, branded experiences, and platform-agnostic operations signals that the industry is adapting quickly.

World Radio Day 2026 is not just a celebration of radio’s past—it is a reminder that the future belongs to those who innovate beyond FM frequencies.

Radio’s strength has always been simple:
Mass reach with local connection.

Now, the challenge is clear—
Can India’s radio industry turn that strength into a sustainable, multi-platform growth story?