Radio listening in the United States fell by more than 10% between 1998 and 2003. During this time, broadcast radio faced new competition from satellite radio and the Internet while the industry was also undergoing significant changes due to increased radio ownership caps. This article quantifies the effects of these factors on audience sizes and explores the implications for audience composition and programming content. The results show that industry consolidation played a larger role in decreasing overall listening than new technology. New technology did have a role in altering the distribution of listeners among programming formats.