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| Entercom's Field Named Radio Executive of the Year |
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As CEO of Entercom, the third-largest U.S. radio group in terms of revenues (behind Clear Channel and Infinity), David Field could focus singularly on the financial performance of his company’s stations, working to make each of them a competitive market leader in the midst of an increasingly difficult media environment. He could be excessively preoccupied with Wall Street’s obsession with net revenue growth, free cash flow, EBITDA, and share price. And he could be motivated simply by growing the size and power of the company his father, Joseph Field, founded in 1968, without regard to the overriding issues facing the broader radio industry.
Rest assured, as a consummate businessman Field most certainly is consumed with each of these facets of corporate success, and more. But in an industry that’s increasingly under siege from new media, where technological evolution and marketing hype threaten to diminish radio’s influence and value as a major communications medium, Field has demonstrated a commitment and dedication that’s uncommon in today’s fast-paced and time-crunched corporate environment.
Example: In addition to his corporate role at Entercom, Field currently serves as chairman of the National Association of Broadcasters’ radio board of directors, and also is a board member of the Radio Advertising Bureau. In these capacities he has played a key role in creating numerous industry-wide initiatives to promote and market the benefits radio to advertisers, agencies, and consumers. Additionally, just last month Field signed on as a charter member of the HD Digital Radio Alliance, calling for a rapid and thorough roll-out of digital radio in the U.S. With these endeavors and numerous other initiatives, Field consistently has exhibited leadership qualities that encourage and inspire others to action.
“The radio industry's future is quite bright,” says Field. “Twenty years ago, radio reached 96 percent of Americans; today, radio still reaches 96 percent of Americans. Despite an explosion of new technologies and new gadgets like cell phones, CD players, video games, the internet, and satellite radio, Americans still spend 20 hours per week with free, local radio. The recent Arbitron/Edison study reveals that new audio distribution technologies do not materially reduce listening to free and local radio; rather, they increase the size of the pie by creating additional listening time.
“In a world of exploding consumer gadgets, we will likely see moderate erosion to TSL in future years,” Field continues. “But we will remain an enormously powerful medium that still reaches the vast majority of Americans with extraordinarily long TSL. The fact is, we principally compete with media such as newspapers, television, yellow pages and a handful of other media that account for the vast majority of ad dollars in the U.S. Are these media immune from the changes in our world today? Of course not. In fact, they have experienced vastly more erosion than radio and have significant issues going forward. The bottom line is that radio is the single best value proposition for advertisers today. Now is the time to capitalize on the very positive Radio Ad Effectiveness Lab studies and the other industry improvements of the past two years to shift more dollars from other media in to radio.”
A former investment banker at Goldman, Sachs in New York, Field holds a BA from Amherst College and a MBA from the Wharton School of the University of Pennsylvania. He joined Entercom in 1987 and has served in numerous executive capacities with the company, including chief operating officer since 1996 and president since 1998. He was named chief executive officer of the company in 2003.
It is because of David Field’s leadership both within his company and the greater radio industry that Radio Ink this year recognizes him as Radio Executive Of The Year.
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