"TV is your hobby; Radio is your companion," says Pittman.

Bob Pittman, chief executive officer of Clear Channel Media Holdings, talked up his industry, during the 4A's Transformation LA event.

"Radio is your view to the world -- nothing intrudes," he says.  Best of all, he says it's a "cheap way of getting a lot of value." Case in point, the average TV cost per thousand viewers, across all dayparts is $12.50. Radio? That comes to a $5.35 CPM.

Radio was the original "social media". "What radio does it replicate word mouth." What else for radio? Pittman says you can change the copy of commercials in less than a day.

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