Terrestrial radio remains more profitable than live or recorded music.

Evidence

Moving from recording to radio, another prominent PE buyout occurred when Bain Capital and Thomas H. Lee Partners, fresh off their “success” with WMG, set their sights on an even bigger target: Clear Channel, the largest operator of radio stations in the United States. 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). — Andrew deWaard, Derivative Media, 193