The company made the announcement on LinkedIn mentioning that 'the end for Radio is closer than you expect'.
Fever FM, owned by HT Media Group, has announced its decision to shut down operations. Ramesh Menon, CEO, Fever FM, updated about the news in a LinkedIn post.
The company attributes this decision to evolving trends in the media industry, adding that 'the end of Radio industry is closer than you expect'.
In a video attached in the post, Menon says, "We made this difficult decision to shut down our station. This decision comes after careful consideration and is due to the evolving trends in the media industry. The management would like to express its heartfelt gratitude to RJs, advertisers, partners, employees and listeners who built and supported the station in its journey."
However, while HT Media is a listed company, the stock exchange's website does not have a notification yet.
afaqs! reached out to HT Media for a comment. However, it has not responded until the time of publishing.
In an earnings call with investors on January 19, 2024, HT Media CFO Piyush Gupta said, "Radio has been a bit of a challenge in spite of our best efforts, Radio revenue has not come up to speed as much as we would have liked to. There is a marginal decline of 4% with revenues tracking to INR 40 crores, and operating EBITDA at INR 3 crores with a 7% margin as against 17% margin last year. Sequentially, of course, they were up 12%."
Fever FM was established in 2006 in New Delhi. It consists of four radio stations: Fever 104 FM, Punjabi Fever, Radio Nasha, and Radio One.