After My FM and Fever FM, it is now the turn of Radio Mirchi to announce an increase in ad rates, ranging between 10-20 per cent, with immediate effect.
Both My FM (owned by the Dainik Bhaskar group) and Fever FM (owned by HT Media) increased their ad rates by 20 per cent in the past one month.
Stating the reason, Hitesh Sharma, COO, Radio Mirchi, says, "We are facing an inventory crunch so we needed a correction in the rates. Today radio attracts a large number of advertisers as the number of people consuming content on the medium is increasing."
He adds that the radio industry is growing at a rate of 12-15 per cent per annum.
The radio channel has about 5,500 advertisers on board from auto, government, media, entertainment, education and other sectors. Sharma adds that the genre of advertisers vary from station to station.
The channel is available in 32 markets and claims to cover all the towns that have a population of two million plus people. It also boasts 30-35 per cent market share across the country.
Radio Mirchi is owned by Entertainment Network India Limited (ENIL), a subsidiary of Times Infotainment Media Limited (TIML), the holding company promoted by Bennett, Coleman & Company Limited (BCCL), which is the flagship company of the Times of India Group. It was incorporated in 1999.