Last month, we wrote about Rupert Murdoch purchasing MySpace.com - an incredibly successful site that now has more page views than Google. It's essentially a social network site where teens and college students meet each other, make friends, and hang out on the Internet.
In this case, the boss of Fox realizes that there's a lot of money in youth marketing, as evidenced by his success with the Fox Network. And he also realizes that reaching them via conventional, traditional media has become more difficult.
Gen Y is an audience that is coveted by marketers - unless, of course, they work in radio. Murdoch isn't a crackpot who's taking a shot in the dark at a niche audience. He realizes that the path to long-term riches is to invest in youth - NOW. Murdoch is a marketing genius who knows where the treasure is buried. And now, he's bought a great Internet map.
When will the radio business wake up and invest in youth?