This was the statement of Mel Karmazin, CEO of Sirius XM.

During the Bank of America Merrill Lynch Media, Communications and Entertainment Conference earlier this week, Karmazin said traditional radio should do something and invest in technology and programming.

“Ten years ago radio revenue was $20 billion and satellite and Internet radio were zero. Today, radio is a 14-15 billion dollar market, Satellite radio gets $3.4 billion, and Internet radio gets between a half and one billion. In the future, terrestrial radio’s share will go down and satellite and Internet radio will go up.”

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