Many of you know I have been a talk radio host on internet radio for 3 years. I feel it is one of the most powerful forms of social media available. I do not consider internet radio in the same way I consider traditional radio. Marshall McLuhan said "the medium is the message" which I feel totally applies to why my listeners follow my live shows and podcasts.
I could never have built the listening audience (followers?) I have today using traditional radio. First, my demographic is tight: business owners, and executives in Orange County, CA. Second, the cost model of traditional radio was far too expensive for me as an entrepreneur. Third, my listening audience finds it challenging to control their time and having my show available as a podcast immediately following the live show gives them control over when and where they listen to the show.
I am convinced internet radio is a distinct alternative to traditional radio, and as such will not replace it but further erode traditional radio's position in the competitive maketplace for information distribution and entertainment.