It seems Video and music streaming have killed the Radio star
For decades, FM radio was the pulse of India’s urban commute. It soundtracked morning drives, filled office cafeterias, and gave cities their sonic identity. But in recent days, HT Media Limited signalled something far more sobering: that pulse, at least in the form the industry has known it, may be fading.
HT Media’s board, alongside those of its subsidiaries Next Radio Limited and HT Music & Entertainment Company Limited, approved the surrender of multiple FM radio licences across key Indian markets. The affected stations include Radio Nasha 91.9 FM in Mumbai, Radio One 94.3 FM stations in Delhi, Mumbai and Bengaluru, and Fever 91.9 FM in Chennai. Applications for surrendering the licences have been submitted to the Ministry of Information and Broadcasting, with closures expected to take effect from June 15, 2026.
The financial case is stark. The affected stations collectively contributed Rs 29.19 crore in turnover during FY25, accounting for 1.62 per cent of HT Media’s consolidated revenue. They also reported a combined negative net worth of Rs 172.08 crore as of March 31, 2025. With licences otherwise valid until 2030 and 2031, the decision to walk away early is not a reluctant concession as much as it is a deliberate strategic retreat.
HT Media described the stations as ‘financially and strategically unviable.’ That phrase carries weight. It is not merely a reference to short-term losses or a rough financial quarter. It signals a broader industry reckoning: that the FM radio model, as it exists in India today, cannot generate sustainable returns against the structural headwinds it faces.
Those headwinds are well known even if their cumulative weight has taken time to become undeniable. The migration of urban listenership to streaming platforms such as Spotify, JioSaavn and YouTube Music has been steady and relentless. Advertisers have followed audiences online, chasing targeted digital placements over traditional broadcast buys. Meanwhile, the cost base for FM operators has not scaled down proportionally. Licence fees, operational overheads and content investments remain significant regardless of whether audiences show up.
The irony is that radio as a medium is not dead. It retains genuine reach in tier-2 and tier-3 cities, in regional language markets, and among commuters in areas where data connectivity is still unreliable. But that is a very different proposition from maintaining premium frequencies across India’s four largest metros, which is precisely what HT Media is now walking away from.
Industry observers will note that this is not an isolated event. FM radio, as a sector, has been quietly struggling for years. High licence fee obligations under Phase III, combined with a slow advertising market and audience fragmentation, have compressed margins across the board. HT Media’s decision to surrender licences voluntarily rather than continue absorbing losses may well be the most honest signal yet that others are privately contemplating similar moves.
For listeners who grew up with Radio One’s cosmopolitan identity or Radio Nasha’s retro sensibility, there will be a moment of genuine loss. But what HT Media’s exit really forces into view is a policy and commercial question the industry has deferred for too long: what does a viable FM radio business look like in 2026, and does anyone have a credible answer?
