Everyone I've talked to has advised me against spending money radio promotion, for the same reasons others have stated above. Don't do it unless you're frequently touring in and have CD product available in those markets.

The only thing I would add is don't overlook internet radio and podcasting as a means to get "airplay" for your music. You may have to waive performance royalties (most podcasters are hobbyists) but it's literally pennies compared to what you'd spend on a radio campaign.

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Scott Andrew
Lo-fi acoustic pop superhero!
http://www.scottandrew.com/music