MediaBuyerPlanner: As the world of consumer media widens, the radio industry must develop new methods of reaching listeners and new forms of media to populate with content if it hopes to prosper, believes Mark Mays, Clear Channel CEO.

Greater Media CEO Peter Smyth believes that, as the industry expands, people need to take chances and "not be afraid to fail. We are on the way to great renaissance in American radio," he is quoted as saying in Radio Ink. Their comments came during a panel at the NAB Radio show.

Mays also said that radio must further consolidate over the next 10 years if it wants to stand "toe-to-toe" with other, more consolidated industries that use their scale to improve. He pointed to cable, newspaper and television industries, all of which have consolidated.

Some in the newspaper industry, however, are beginning to grumble, claiming that in order to thrive newspapers must unconsolidate and go back to being locally owned.