Radio shows and radio networks are nothing more than products, which radio stations offer to listeners. However, no actual purchase takes place when a listener tunes in. Rather, the act of listening acts as a surrogate purchase. Enough surrogate purchases over time and it becomes clear which radio products are big sellers. The stations that offer these products through affiliate contracts account for the "supply" of the radio programs.
For instance: if you want to hear Rush Limbaugh where you live, you will have to turn to the station that carries his daily show. That is the extent of the supply in your area and the station offering the supply will attract the listeners and be able to demand certain advertising rates.
The Product Fails
Air America Media's product ultimately failed in the marketplace because it could not create demand. Was the product inferior and therefore not interesting enough to build a substantial listenership or was the product a great listening experience but there just weren't enough potential listeners available in the audience interested in supporting it?
Some might argue the venues (stations) that Air America Media was broadcast on were not powerhouse operations and in our economics model somehow limited supply. In other words, If Rush Limbaugh is on a 100,000 watt FM station in your city he is easily accessible to many people but if Air America Media is on the 1000 watt AM station; its sphere of physical broadcast is limited. In other words the "supply" is not equitable.
But, conservative radio has proven long ago that it can make money for radio stations and in a commercial environment, radio stations are not going to dump a sure thing for one that isn't. Maybe if Air America Media had come along at the same time as Rush Limbaugh and the conservative programming it spawned, things might have been different.
Unfortunately, there is no room in the capitalistic marketplace for woulda', coulda' and shoulda'.
