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I first heard talk radio locally in the early '90's when the local AM station started carrying Rush Limbaugh from 11-2 everyday. From 2 PM on, it was still music. Then, more talk shows started airing until finally the station went 100% news/talk. This was around '95 and they have not looked back.
Despite what the "know it all" radio programmers believe, I think there would be an interest in an oldies station. I have a large stash of records and CD's that contain oldies that are not heard even on the "oldies" stations. Sometimes, I'll play something for someone that comes over and they will get all excited and tell me that they have not heard that in years. These struggling oldies stations could do better if they'd play more than the same 300 (or less) songs over and over. From what I hear on most oldies stations, they mostly play top 10 material. Who wants to hear "My Boyfriend's Back" or "The Lion Sleeps Tonight" 50 times in a day! How about "1900 Yesterday" by "Liz Damon's Orient Express" , "Heavy Music" by "Bob Seger & the Last Heard", "Friend, Lover, Woman, Wife" by "O.C. Smith, etc. I could go on for days. Those are just some records that are within my reach at the moment. There are tons of songs from the '40's through the '70's that don't get the airplay they deserve.
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