Though terrestrial radio no longer has the most influence in shaping music culture, it remains highly profitable. According to PricewaterhouseCoopers in 2019, the radio sector is projected to continue being more profitable ($48.2 billion) than either the live-music ($31.5 billion) or recorded-music sector ($33.7 billion). Unlike in other countries, radio companies in the U.S. are required to share only minimal revenue with musicians (who are supposed to be happy with the promotion) and they remain a highly lucrative business for advertising. The Telecommunications Act of 1996 dramatically deregulated the radio industry, no longer limiting the number of radio stations one company could own. Clear Channel, for instance, spent $30 billion to acquire more than twelve hundred radio stations, resulting in ownership of as many as seven stations in a single market, 60 percent of the rock radio market, and equity stakes in 240 international radio stations.

XREF: Connects to general media consolidation trends and the Telecommunications Act of 1996's broader deregulatory effects.

Andrew deWaard, Derivative Media, loc. 193