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In 1978, Elvis Costello lambasted radio and the music business with his track 'Radio, Radio.' The lyrics to the chorus seem eerily prophetic about the attitude of radio for the last 20 or so years.

Radio is a sound salvation
Radio is cleaning up the nation
They say you better listen to the voice of reason
But they don't give you any choice 'cause they think that it's treason
So you had better do as you are told
You better listen to the radio

It seems to be payback time for traditional radio with the disasterous financial performance of the giants Clear Channel and Infinity Broadcasting. Last quarter, Clear Channel lost $4.67 billion and its share price has been in freefall

Radio as an advertising medium grew in 2004, but only at 2% as compared to 7% for all advertising.

Big radio finds the forces of change converging upon it simultaneously; the rise of the iPod and satellite radio,both provide consumers with viable outlets for their growing frustration over big radio's excessive advertising.

Ironically, Clear Channel recently instituted a new advertising sales program called "Less is More", that is probably 5 years too late.

However, radio is a whole is very much a live and thriving. The satellite scene looking vibrant and exciting, NPR's audience has grown by 1/3rd since 1999, podcasting has emerged as a new way for stations to connect with their audience in addition to new radio technologies for wireless.

In addition, the the Neo-Radio format has arrived as an interesting alternative to formula radio, with its eclectic playlists and engaging DJs.

The emerging new world of radio might by one really good example of the Long Tail in action. The tail represented by the fragmentation of radio into hundreds of channels that are brought together by technology and made financially viable through subscription.

In this case, the big guys need to change their strategic thinking in order to remain relevant. The very idea of Clear Channel's aggressive acquisition strategy where the goal was to drive significant economies of scale, seems to have finally met its match.

Bigger is not always better and when consumers are given a chance for better alternatives that are more relevant and put them in control, they usually grab them.