This weekend, IHeartMedia bankruptcy is about to finally happen. What is IHeart Radio? It’s the largest radio broadcaster in the United States. What is radio? That’s a different question. Ask your grandparents.
There’s speculation the broadcaster will file Chapter 11 this weekend. It won’t necessary end all the radio stations. It’ll just give the business a chance to restructure, kind of like a Chapter 13 bankruptcy, but a lot bigger.
With Sirius XM satellite, iTunes downloads, Spotify and Pandora streaming, music is delivered very differently — and more fragmented — than the old days of Radio Gaga. Think of it: music delivery has gone from CDs to mp3s to streaming apps on our phone. And that’s just the last 10 years. Radio is what you listen to for updates there’s a weather disaster or can’t get iTunes to load.
It’s a new world, and businesses need to adapt. The IHeartmedia bankruptcy shows that very lesson.