New Revenue Opportunities in a Rapidly Changing Environment

New Revenue Opportunities In A Rapidly Changing Environment Project Stakeholders COVID19 – The Tech Accelerator Three Transformative Elements Media’s Transformation What Is Radio? Radio 2021 Radio On Demand + Podcasts What Is Television? Content Distribution & Diversification Unlimited Competition Changes in Media Usage Since COVID-19

jacobsmedia.com Covid 3 Research Methodology

• 355 commercial radio stations in the United States and Canada • N = 27,049 • Interview dates: September 29-October 1, 2020 • Most respondents are members of radio station databases. Some responses were gathered via station websites and/or social media pages. • All responses were collected online and weighted by market population and ethnicity. • This is a web survey and does not represent all commercial radio listeners or even each station’s audience. It is not stratified to the U.S./Canadian population. Changes In Media Use Since COVID-19

Net Using More Streaming video services (Netflix, Hulu, etc.) 2% 41% 39% General internet browsing 3% 37% 34% Social media 9% 25% 16% Music streaming services (Spotify, Pandora, etc.) 3% 21% 18% THE STATION THAT SENT YOU THIS SURVEY 15% 18% 3% Cable TV news channels (CNN, Fox News, etc.) 8% 17% 9% Local TV stations 10% 17% 7% Network TV (ABC, NBC, etc.) 11% 15% 4% Podcasts 3% 13% 10% Other AM/FM radio stations in your city/town 15% 10% -5% National newspaper (physical paper/online/app) 5% 9% 4% Local newspaper (physical paper/online/app) 5% 9% 4% SiriusXM satellite radio 4% 8% 4% AM/FM radio stations from other cities/towns around the U.S. 8% 6% -2% NPR/Public Radio 4% 6% 2%  % Using Less Now % Using More Now➔ Radio Listening Platforms

Among Those Currently Listening to Their Home Station, % Using Each Platform “A Lot” to Listen to the Station

Regular radio in the car 53%

Regular radio at home 28%

Regular radio while working outside your home 20%

Stream on the station website (computer/laptop, smartphone, tablet, etc.) 20%

Stream on the station’s own mobile app 16%

Stream via an app that has many stations (iHeartRadio, Radio.com, etc.) 13%

Stream on a voice-command smart speaker 11%

Wireless audio system (Sonos, Bose, etc.) 9%

Podcast produced by THE STATION THAT SENT YOU THIS SURVEY 7%

0% 20% 40% 60% Radio Listening Platforms

Among Those Currently Listening to Their Home Station, % Using Each Platform “A Lot” to Listen to the Station Regular radio in the car 53% 47%

Regular radio at home 28% 27%

Stream on the station website (computer/laptop, smartphone, tablet, etc.) 20% 24%

Regular radio while working outside your home 20% 20%

Stream on the station’s own mobile app 16% Total 21% CV2 (May 2020) Stream via an app that has many stations (iHeartRadio, Radio.com, etc.) 13% 13%

Stream on a voice-command smart speaker 11% 14%

Wireless audio system (Sonos, Bose, etc.) 9% 12%

Podcast produced by THE STATION THAT SENT YOU THIS SURVEY 7% 9%

0% 20% 40% 60% Traditional Media Model

Radio/ Newsletters Television New Model: Media As A Content Platform

SocialSocial MediaMedia

Email Podcasting

Radio/TV Content Streaming/Alexa

Newsletters Web Sites

Events Mobile Where The $$$ Are Where The $$$ Are Question #1

What business do you want to be in? 1. Traditional media, because it’s a great cash business 2. We want to grow digital, but it’s a five-year transition 3. It’s time to stop investing in our traditional business and expand into new opportunities Human + Organizational Transformation MSNBC’s Platform The Gray Lady Digital Subscriptions NY Times Audio & Video Targeted Mobile Apps Question #2 What is the greatest barrier to your company’s transformation? 1. A lack of funding 2. A lack of leadership and vision 3. Difficulties changing the internal culture 4. We see no reason to transform our business 5. No barriers at all Shopping Transformation The Traditional Dealer Model The Carvana Experience The Carvana Experience Car Buying Support For Local & Small Businesses

% Agreement (Strongly Agree + Agree) Don't Strongly Know Agree Total 79% 1% 34% Strongly Male 78% Disagree… Female 80%

Disagree Gen Z 79% 1% Millennials 76% Gen X 79% Neutral Boomers 81% 17% Greatest 76%

White 80% Hispanic 77% Agree Black 73% 45% Markets 1-50 79% Markets 51+ 80%

“For my holiday shopping this year in particular, I feel 0% 20% 40% 60% 80% 100% I should support local/small businesses in my area” Online Holiday Shopping

% Who Say at Least Half of Their Holiday All Shopping This Year Will Be Done Online Unsure/ 5% None undecided Total 67% 4% 11% Male 65% Female 69% Just a bit Most 11% Gen Z 66% 38% Millennials 76% Gen X 71% Less than half Boomers 62% 8% Greatest 53%

White 68% Half Hispanic 70% 24% Black 69%

Markets 1-50 69% Markets 51+ 62% “What portion of your total holiday shopping this year do you anticipate will be ONLINE (rather than in-person at stores)?” 0% 20% 40% 60% 80% 100% In-Store Safety Protocols

% Who Say Each Store Service/Rule Is “Very Important” to Their In-Person Shopping

Requires facemasks for all shoppers and employees 55%

Hand sanitizer at the door and/or throughout the store 43%

Social distancing guidelines are well-marked throughout the store 41%

Offers online shopping 37%

Limits the number of people allowed in the store 33%

Option for curbside pickup 22%

Home delivery 21%

You must first make an appointment to shop in the store 3%

0% 20% 40% 60% 80% New Revenue Models

jacobsmedia.com eCommerce Solutions For Local Retail Town Crier Wire Cincy Savers Local Mobile Apps Partnerships/Acquisitions/Diversification Partnerships/Acquisitions/Diversification Digital Agencies: Radio Digital Solutions: Television Question #3

What is your sense of today’s business climate as it relates to your company? 1. This is a time to be bold and aggressive 2. This is a time to wait and see what happens 3. This is a time to look for an exit strategy New Revenue Opportunities In A Rapidly Changing Environment