“Why are these canny investors putting their millions into radio? Because they believe in the digital future, where, within the next five years, it is confidently predicted every television will be digital, every home have broadband. Radio will be something you download, time-shift, available through many devices other than that crackly old set that sits in your kitchen with flour on its face. They can also see that UK commercial radio is a business in decline. Some experts believe this is because there are too many stations, too much regulation, unfair competition from a BBC with its secure funding and freedom to change.”