Traditional media has faced numerous challenges over the years.

Newspapers and magazines are struggling in a world in which we get our information faster than it can be printed and delivered to our door. Television has been slow to move into the internet era, and the massive costs of creating content and distribution are pulling down revenues. Radio has been in some turmoil as it has tried to go “HD” (unsuccessfully) and monetizing online activities.

About radio, here’s a brief summary from veteran Fred Jacobs about where the medium is now, and what the essence of its challenges is:

(It) isn’t about “To stream or not to stream.”  It’s about the difficulty of facing change and about the eventual challenges to aggregate audience, and to generate profits from these efforts.  In the early days, few new businesses are profitable in their embryonic stages – Amazon, Google, Facebook, and now Pandora are all modern examples.  All of these brands have done what radio’s pioneers did eight decades ago – focused on consumers, recognized opportunity, took a risk, built infrastructure and access, created content and functionality, and then developed a business model that made the venture successful.

While specifically about radio, I think the comment has broader application. In today’s media world every new venture has great potential, and every “traditional” effort faces challenges – and oppportunities.

Read more from Fred Jacobs, including his thoughts about what he calls “CX,” right here.