WHO IS TO PAY FOR BROADCASTING AND HOW? A Contest Opened by RADIO BROADCAST in which a prize of $500 is offered (Part 1 of 2)

“A workable plan which shall take into account the problems in present radio broadcasting and propose a practical solution.  How, for example, are the restrictions now imposed by the music copyright law to be adjusted to the peculiar conditions of broadcasting? How is the complex radio patent situation to be unsnarled so that broadcasting may develop?  Should broadcasting stations be allowed to advertise?

These are some of the questions involved and subjects which must receive careful attention in an intelligent answer to the problem which is the title of this contest.”

from Radio Broadcast, May, 1924, page 69, and June, 1924, page 161

On today’s PI Window on Business Show I will be joined by bestselling author and Internet guru Shel Israel (Twitterville: How Businesses Can Thrive in the New Global Neighborhoods), to discuss the ongoing viability of social networks in the absence of a tangible revenue model.

As discussed in my August 28th post “The American Football League, American Basketball Association and Blog Talk Radio?,” while quality content and the broad appeal of social networks which is reflected in growing membership numbers are exciting, the ability to generate revenue is crucial to long-term sustainability (re survival).

However, and as we discovered in the September 4th post “Monetizing Twitter is Like the Cat Stevens’ Song About Getting a Date for Your Sister on Saturday Night,” the apparent unwillingness on the part of members to pay to access a network means that generating revenue is an easier said than done proposition.

Today’s headline from a May 1924 article would seem to demonstrate that identifying and implementing a viable revenue model for new mediums transcends both eras and technologies.  What this means is that today’s social media entrepreneurs are not alone in terms of having to figure out a way to make money from a service in which the cart has not only been put before the horse, but is in reality a few miles down the road.

I can hardly wait to hear Shel’s feedback on this as well as other facets of what is now becoming a major issue in the world of social media.

You can access today’s broadcast, which airs between 12:30 PM and 1:30 PM EDT through the live on-demand player below.

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Remember to join us on Wednesday, September 16th as we delve even deeper into the question of social media models with Blog Talk Radio’s Director of Programming, Philip Recchia.

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In Part 2 tomorrow, I will provide the details for the 1924 contest including the winning submission . . . what is the old saying that those who fail to learn from history are doomed to repeat it?

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