Should Hamish Blake and Andy Lee mirror their previous success the rewards will be greater than just their salaries with Southern Cross issuing the pair equity in the business as part of the package that lured them back.

Early indications are the duo will be well received, according to Southern Cross Austero chief content officer Guy Dobson, who said sponsorships for the show, to be broadcast in the afternoon drive timeslot between 4pm and 6pm, sold out quickly.

"We've got a line of people around the building that want to get on the show with the guys in terms of advertising," Mr Dobson told Fairfax Media.

"From a ratings perspective, they're going to give us a massively good platform in most of our geographies. Sydney is going to be a little harder; because Sydney is a breakfast battle and we're totally up for that."

Mr Dobson was candid in stating there is a lot of work to be done in the important breakfast timeslot in Sydney. Ratings for young duo Dan and Maz were struggling at 2.4 per cent of audience share, according to the most recent GfK radio audience survey.

They face stiff competition from former 2DayFM duo Kyle and Jackie O, who remain the top-rated FM show in the Sydney breakfast slot, with 10.2 per cent of audience share.

"We're under no illusions that our issues are breakfast in Sydney," Mr Dobson said. "They're young, there is good chemistry, so that's half the battle won. We're working hard on it."

Shares since Kyle and Jackie O left Southern Cross Media are still down nearly 50 per cent.

However, on the day the company announced the return of Hamish and Andy to drive,  shares jumped 12.9 per cent, and are up close to 20 per cent overall since the announcement on October 29.

Seven West Media chief digital officer Clive Dickens, who worked with Hamish and Andy in his previous roles at Southern Cross and in the business he co-founded in the UK, Absolute Radio, said that radio is heavily driven by personalities and expected the duo to have a positive impact on ratings across the Today Network.

"Whatever medium they turn their hand to they seem to succeed at. Clearly, live national drive time radio is in their blood. It will be a significant turning point for my former colleagues at SCA," Mr Dickens said.

Mr Dickens said that with the launch of Apple's music-streaming service, with its Beats 1 Radio Station, it was a great time for Southern Cross, and the radio industry, to put the spotlight on its local talent.

"Radio is so much more than a playlist of songs. Talent like Hamish and Andy remind the audience and marketplace of the power of storytelling," he said.

Southern Cross' Mr Dobson was also bullish about radio's battle against new streaming rivals.

"I think they've got put a bit more heart and soul in it than just an algorithm done by techs in the backroom. We know that after 30 years of research in music and listening habits," Mr Dobson said.

"It's about the stuff in-between the music for us, it's the stuff in between the songs, that's what sets you apart, even the commercials you play, the tactics, the promotions, the information and entertainment value."

Allan Gray investment analyst Suhas Nayak said that Hamish and Andy had been a successful duo in the past and it seems like there is a reasonable chance of success.

Allan Gray holds 17.4 per cent of Southern Cross Media.

"Revenues and earnings have already fallen a long way, since the departure of Kyle and Jackie O. [However] there are pockets of strength in the business, even after their departure," Mr Nayak said.

"For revenue and earnings to fall even further would be quite a pessimistic scenario. It's not to say that couldn't happen, and there are challenges that the company faces and needs to address, but from here, any further deterioration is probably baked into the price."