One thing I’m always keeping an eye out for in radio is any non-traditional revenue opportunities. That’s because I’ve worked with some very creative operators over the years who have sustained and thrived by thinking outside of the box and selling more than just 30 and 60 second radio ads. Right now, there’s a market growing in every city I travel to that radio is in a prime position to tap into, studio rentals for podcasters and content creators.

I don’t know the exact statistics on the amount of time within a day the average radio studio is in use, but it’s got to be somewhere in the four-hour range if not considerably lower. Granted, most radio studios aren’t setup well for podcasting. Although I would argue that they should be. But, they are all full of high-end audio gear, should all have cameras anyway at this point, and could easily be retrofitted to work better for podcasting. Plus, no one is running with the same amount of staff they used to have. So, most radio buildings have an empty office or two that could be converted to a podcast studio or content creation studio built specifically for that purpose.

There are three big questions I get when I start talking about this. ‘Is there a market for this in INSERT LOCATION HERE?’ Yes, google it in your area and there’s almost certainly someone already doing it that doesn’t have their own radio station megaphones to promote it. ‘Can I actually make any money renting out my studios?’ Again, yes. The going rate right now is $75 to $200 per hour depending on the market and the quality of the studio. Plus, there are a whole host of add-ons, recording engineer, editing, marketing and more. That means a single studio averaging 4 hours of rentals per day would generate $2,100 to $5,600 a week and $109,200 to $291,200 per year before add-ons. Once I’ve answered those I generally get something along the lines of ‘but who will handle it, we’re short-staffed as is?’ It should all be setup to be as automated as possible, booked and paid in advance through a website, turnkey – push to record, with minimal time commitments from staff. However, once it starts generating revenue it might be worth it to have someone manage/oversee it.

Studio rentals can also be a great way to make some inroads with local influencers the station should partner with. They’re always looking for fun new places to bank some content. If they have enough of a following to qualify as a local influencer, which is different in every market based on the pop count, then it’s worth offering them the studio for free initially as long as they mention and tag the studio. It’s also quite possible that a future on-air talent is discovered through this process. Who better to hire than someone who is taking the initiative to create the kinds of digital content we often have to beg or force our on-air talent to create? There’s also a possibility that having more digital creators in the building inspires those reluctant on-air personalities to create more of their own digital content.

Need help with renting out your studios or retrofitting them so they’re better suited to rent out? We can help. Schedule a meeting to find out more.

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What do you think? Have you tried renting out your studios before and if so how did it go? Comment below or email me at Andy@RadioStationConsultant.com.