I read an interview recently with Les Moonves of CBS. He was explaining why he sold CBS Radio. He sold it because it's strictly an ad-supported medium. He feels that is a declining market. The audience is fragmenting, and as a result, ad rates are dropping. He's also seeing it in TV, for the same reason. The audience prefers to watch on its own schedule, rather than on the network's schedule. The bad news is the network only gets credit if you watch a TV show within a few days of its airing. If you wait a few weeks or months, and binge-watch, as some people do, the network doesn't get credit for you as a viewer. That affects the ad rate. That's why Moonves feels the future for him is in subscription TV. Thus, the paywall. They can't do that with broadcast radio. The expense of digital radio (streaming) is prohibitive, so it's not a business he's interested in. Pandora, the most popular streaming service, seems to be telegraphing some major changes. They've already launched a premium pay service, but even that isn't delivering the kind of money they need. OTA FM stations that stream on TuneIn also pay a high royalty rate for the music, and they don't benefit from the ad revenue. So that is a loss leader. At some point, FM stations will no longer be able to afford free streaming. It's a huge expense with no real upside. That's why I say at some point, all media will be behind a paywall. It's either do that, or go out of business. Either way, the future won't be like the present. So be prepared.