At first glance Clear Channel’s announcement this morning of The IHeartRadio Music Festival looks like another in a long line of over-hyped national contests and events from Clear Channel.

While the mega-concert taking place in Las Vegas on September 23 and 24 will generate much of the early attention, Clear Channel has just produced a two month long promotional campaign centered around two important issues facing the radio industry. Two things that the remainder of the industry has the ability to capitalize on.

1) Streaming. The entire purpose of the IHeartRadio Music Festival is to promote Clear Channel’s mobile streaming suite featuring their hundreds of radio stations and a new platform with Pandora-like custom playlists that will launch at the concert.

With listeners becoming aware of the IHeartRadio app, the remainder of radio should be jumping in the pool to generate the same awareness about theirs. Radio.com, RadioPup, and TuneIn among many, many others have the opportunity to be building their brand awareness just as high.

2) Reversing Radio’s Negative Connotations. The name of the app says it all. If IHeartRadio can help turn the tide in just a small manner against the way people think about radio (and Clear Channel in particular) it will be doing its part to reverse the way people think about the medium.

Clear Channel is putting its money and promotional muscle behind streaming and mobile apps. How the rest of radio follows suit will go a long way in determining who will join them in establishing the new radio paradigm. If you’re station is not streaming or available in some form of mobile app time is running out to change that.