The task force held its first meeting this week to discuss the design and development of the metric, which it wants to introduce across the industry “as soon as possible”.

Arbitron EVP Alton Adams said: “Given the industry’s challenges, this timely and important endeavour is bringing the insights and expertise of advertisers, agencies and broadcasters together to help measure radio’s true value.”

Companies that have signed up to be involved in the project, which is being funded by Arbitron, include Coca-Cola, ESPN, the Radio Research Consortium, CBS Radio, Subway and the Radio Advertising Bureau.

ESPN’s vice president of audio research and special projects, Tom Evans, said: “Radio is at a critical crossroads today. This initiative will help relevant industries understand radio beyond the traditional quantitative metrics and comprehend what radio can uniquely contribute to a media plan.”