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The first public radio broadcast was the Metropolitan Opera House performance of Cavalleria Rusticana and Pagliacci across New York City.
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Before 1912, there was no regulation or licensing required for people broadcasting on the radio. Amateur broadcasters had the ability to control the airwaves making it chaotic and kind of a mess. In 1912 they established that you had to be licensed in order to stop the interference that continued to occur with amateur broadcasting.
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The Radio Corporation of America (RCA) was a government-sanctioned monopoly created in 1919. The RCA was owned by Westinghouse, American Telegraph and Telephone Company (AT&T), Western Electric, United Fruit Company, and others. Later, it expanded into nearly every aspect of technology and communication.
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In 1926, the National Broadcasting Corporation (NBC) was formed by the RCA. They were a network broadcasting business and when more were created like CBS, ABC, and more ended up owning the majority of radio shows/stations that weren't local.
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The 1930's was when radio truly became one of the most popular forms of entertainment. Over 60% of households owned a radio in 1934 and one and half million cars had them. By 1940, there were 765 operating radio stations.
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AM radio had existed since 1892, invented by John Stone Stone. Edwin H. Armstrong invented frequency modulation (FM) radio which helped solve the issue of static. FM and AM frequencies could work side-by-side without interference, a huge accomplishment. These became essential to all radios, and later TV.