Learning to thrive in an uncertain economy (January 27, 2009)
From Krystina Russell ‘09…
The United States’ economic uncertainty affects broadcasting just like any other industry. The challenge for broadcasters is to find solutions to current economic problems as well as plan for future technological changes. I attended a session entitled “How Broadcasters Thrive in this Economic Climate” on Tuesday at NATPE. Some of these problems were addressed, and possible solutions were put on the table for debate.
In Ballroom F of the Mandalay Bay, a simple stage supported the knowledge given by some of the most influential figures in media. The luncheon included the power triplet of Ira Bernstein, co-president of Debmar-Mercury; Brandon Burgess, chairman and CEO of ION Media; and Ed Wilson, president of the Tribune Broadcasting Company in Chicago. As I sat feet away from the men who produce and distribute shows like Tyler Perry’s House of Pain and run the largest independent broadcast groups in the U.S., I could barely wait for the audience to finish their lunches so the discussion could finally begin.
While the wait staff cleared the tables, I listened to the influential men, and I began to understand how the economic failures we have seen in the past months have affected this field that I know and love. The lack of funds that stations are now experiencing has altered the way executives introduce new shows to audiences, the view of competition between media outlets, and employee duties.
They also discussed how media companies must now create new business ventures to keep afloat in this economy, and that the world of broadcasting as we know it is changing. They said the Tribune Company merged its TV and newspaper entities to easier sell its brand and cut costs. Additionally, incentives are now being used to motivate employees to sell, sell, sell the brand. Those efforts include mass emails naming the company’s top sales person and rewarding him or her with a $2,500 check.
Other proposals for the future included stations engaging in global news sharing, which a Fox executive described. This allows the various news network affiliates to retain a partnership and more efficiently cover news in their communities. Footage or information could be shared, while each station is still able to keep its exclusivity and originality.
With the overall theme of this discussion ending in “cutting cost equals success,” I realized the innovative ideas TV executives are creating to maintain their stations in this time of economic strife. While these TV executives are challenged to provide quality content for their viewers, they’re trying to keep costs at a reasonable level to preserve the stations. While walking out of the ballroom full of knowledge, I was satisfied with the inside look I was given into the future of broadcasting.
