MUMBAI: After Red FM hiked its advertising rates by 12-15 per cent, Synergy Media's radio venture 94.3 My FM announced an increment of 20-25 per cent in its ad rates across all 17 stations.

The ad-rate hike comes as a reflection of changing market dynamics, with advertisers, both local and national, realising the effectiveness and efficiency of the medium. The increment also reflects the position of My FM as a market leader in its markets and its strong rapport with advertisers.

Commenting on the hike, My FM CEO Harrish M Bhatia says The decision to hike rates reflects current market dynamics, the acceptance of radio as an effective and efficient medium by local advertisers and My FM's strong hold in these markets. Our advertisers understand the value proposition we offer and come to us because of a proven track record, our leadership in market shares and because of our strength of providing customised communications solutions. Our new prices are in line with increased deliveries in terms of reach and engagement....

Over the past years My FM has shown consistent performance in revenue, owing to its understanding of the markets it operates in and its specialised offering of content. Owing to its keen marketing strategy the station also achieved operational break even in the last financial year. The new price structure is designed keeping both the listener and advertiser interest in mind and maintain the low clutter on the stations.

In the last quarter, the station had announced the launch of its specialised activations agency and the past few weeks saw the promotional campaign on My FM's extensive reach in the market.