What Business Is the Media In ?

The Media For the purpose of this presentation, the media are defined as businesses that create or distribute content and that are supported in part or in whole by advertising: – Television – Online – Radio – Magazines, Newspapers – NOT Outdoor, Direct Mail, or Commerce websites.

What Business Is The Media In? Communication? Television? Radio? Online? Print? News? Entertainment? None of the above. THE ADVERTISING DELIVERY BUSINESS

What Is a Business? Business-As-War Metaphor – Mission – Purpose – Goals Objectives – Strategies – Tactics

What Is the Mission of Most Media Executives? Enrich themselves Gain power and fame Enrich stockholders

What Is the Mission Of TV Journalists? OLD: To Protect and enhance: – Freedom – Democracy – Free enterprise NEW: To Gain wealth, fame, and power

What is the Purpose Of a Media Business? Make a profit – Serve themselves and stockholders Serve advertisers – Customers (Customers buy a product) Attract an audience – Consumers (Consumers use a product) Serve the Public good, convenience, and necessity? – Who must do this?

What is the Purpose of a Media Business? OLD - Broadcasting (TV and Radio Stations, Which Are Licensed and Under Old Regulations): – Serve the Community – Serve the Audience (Consumers) – Serve Advertisers (Customers) – Serve Stockholders (Profit) NEW – Serve Stockholders (Profit) (New Regulations, Pressure From Wall Street)

Content/Programming Goals? 1 To get people to watch, view, read, listen 2 To get em to W,V,R,L more often and longer 3 To imbed and enhance brand image (promotion)

Content/Programming Strategies? 1 Create a DISCERNABLE, RELEVANT, PROMOTABLE, DIFFERENTIAL competitive advantage 2 Create and reinforce a brand image: – In local TV news: journal of record, warm and friendly neighbor, action/sensational – Online: New music, conservative punditry, new techie cool 3 Appeal to audiences needs, wants, aspirations, and prejudices (selective perception)

Content Programming Strategies (Contd) 4 Become the preferred provider 5 Innovate (new content, new technology, new distribution channels)

Remember The media are businesses – driven by the bottom line No one knows what the future holds – So innovation and adaptability are critical to survival The media are not in the business of making you a star or meeting your personal needs The media are unbelievably competitive The media are in the advertising delivery business – Rarely with a sense of public service responsibilities