I have no answers, but I do have some observations.
Myself, the only time a broadcast radio station has my ear is in the car. If I had wifi in the car I wouldn't bother with terrestrial. My favorite audio is from these guys,
http://allamericangold.com/index.html I don't miss a day, they are funny entertaining and informative. I am not a fan of talk, but these guys are funny and entertaining, broadcast on a Christian radio station.
I don't find terrestrial entertaining, Frosty Forst, in spite of the huge number of commercials was entertaining, Wally Crouter, Jim Brady, Jay Nelson, and many more, also had a certain magic about them.
The corporations must know they have a future and present problem, but like the U.S. government, they will probably do exactly the opposite from what they need to do to fix things. Old paradigms die with difficulty, and usually the person who screwed things up won't be the best choice to fix things. They seem to think that narrow play lists and no entertainment will keep them alive. In Canada it has always been a "follow/copy the leader" kind of business. Sadly no one is out there leading. They are cutting it back to the bone, but like deflation it is a pit that has no bottom.
Radio is like a street with stations in every store, with a speaker out front, so what is going to attract me to one over another? (And the street may have got too long) Less and less "excitement" is offered, playing 1970's Canadian content over and over again will not attract the audience that grew up in the 80's and 90's who seem to have been ignored and have drifted to other delivery systems.
Where are the showmanship, pizzazz, and outrageous antics, (that are sharp and not crass)? Tried and true, can also be repetitive and boring.
However this may be a natural progression of events. In the 50's radio was dying because of TV taking the advertising dollars, Rock and Roll and top 40 gave it life again. It is in times like these that new formats and ideas will pop to the surface. Corporate radio is not where it will come from, so it will take some time, and a few corporate bankruptcies. Then perhaps some half crazed guy will pick up a station after winning the Lotto Max.