Capital Radio, as the station was originally called, was the first Independent Local Radio contractor to take to the air on 20 July 1989. The station was owned by a consortium of Irish media and entertainment figures and managed by Mike Hogan. Although initially moderately successful, following the launch of rival 98FM, the station consistently trailed in the ratings. In May 1991, the station relaunched as Rock 104, however this was unsuccessful and in late 1991 it underwent a restructuring under new CEO Dermot Hanrahan, who relaunched the station in April 1992 as Dublin's FM104, using the tag-line "Superstars of the 80s and 90s". This format was moderately successful allowing the station to reach financial stability. However, the station still lagged behind its competitor 98FM. A change in programming direction in 1995, together with the introduction of the highly successful "The Strawberry Alarm Clock", saw it finally overtake 98FM, though 98FM would itself undergo a (less radical) relaunch, dropping the "Classic Hits" moniker, and poaching Chris Barry for a time. In April 1996 FM104 moved into the Number 1 slot in the Dublin market for the first time. Since then, FM104 and 98FM have been keen rivals, however in the JNLR survey published in October 2012, FM104 has almost double the daily listeners and market share of 98FM.