For media businesses, the COVID-19 pandemic, and related recession, accelerated trends related to the introduction of new advertising products and accepting new and different types of advertisers. It is also exacerbating the problem of slow payments and accelerating business failures. Given these changes, it may be time to re-evaluate credit approval and accounts receivable practices.
The pandemic has sharpened focus on new technologies, including virtual applications. “In the next five to seven years, you’re going to see multiple waves of virtual devices ingrained into mass consumer electronics,” predicts Ted Schilowitz, futurist for Paramount Pictures.
That is an inherently uncomfortable proposition. But, as we are seeing amid civil unrest and protests across this country and abroad, having frank and honest conversations on the subject, including the ability to air grievances without negative repercussions, is really the only way we can move forward. These conversations must be followed by meaningful actions. Learn about five such actions to help companies keep the lines of communication open while making the changes that need to be made.
Now may be the time for both media providers and advertising agencies to set aside their differences to adopt a middle ground that benefits all concerned.
Any new software process transformation should begin by asking three questions: What are the costs? What are the business requirements and pain points to be resolved? How will the software solution be implemented?
I know of no crisis communications manual or management course that instructs one on how to lead during a worldwide pandemic. The reality is that managers must continue to find ways to engage, motivate and lead an anxious workforce while dealing with those same anxieties themselves.
In March, when state shutdowns began, companies had only days to transition to work-from-home. No one could predict how long such arrangements might last. Now, it seems that some employees will be returning to offices soon, while others will work from home through the end of the year or indefinitely. If they haven’t done so already, now is the time for companies to evaluate the potential issues with these arrangements.
Enlightened businesses who will survive today’s challenging environment will realize the value of reaching customers via equally savvy media companies that can provide both core media products along with broader exposure for marketing messages via today’s emerging services like over-the-top, podcasting, geofencing, branded content and retargeted banners.
With every generation relying on media from a multitude of sources to inform and distract more than ever before, there is a huge opportunity for media companies to engage a captive audience. Forward-thinking media companies will be focused on creative solutions to keep engaging content flowing to consumers across a variety of platforms while continuing to find ways for advertisers to reach their potential customers.
The coronavirus hit and everyone has had to stay at home. While snags have developed, for the most part people have found workarounds. Reporters are filing stories, ads are being sol d and trafficked (admittedly fewer ads), and the quarter close happened on time. Here are some relevant ideas and good tips toward making the most efficient use of this new normal.
Broadcasters face new and complex political file requirements resulting from a series of decisions the FCC made in late 2019 that have resulted in what one attorney calls “a political quagmire.” While there are calls for the commission to reconsider its decisions, for now companies are required to comply with new and complex political file requirements.
Embracing the unknown helps us own the future. Self-awareness must come first, as it requires us to recognize the ways of behaving that we’ve developed over time. The challenge is that during times of uncertainty, like we are living through now, our comfort zones only get smaller and less easy to penetrate.
Filling a vacancy can be problematic. However, there are good candidates and good solutions for companies willing to think creatively. Such solutions may even improve a company’s overall results.
Why have the FCC’s decade-long efforts to liberalize the broadcast ownership rules been stymied by two judges and will that continue?
Just as a Super Bowl ad offers added value to advertisers, so too will political campaigns bring added value to media companies. Enjoy the uptick in revenues, but pay attention to the potential downside.
Robotic process automation and artificial intelligence are changing the way we do business. While experience still counts, good decisions tend to require more research and often involve other departments. There seems to be more process and less service. It may be time to consider adding some automation, especially for onboarding new clients, dealing with blocked orders and to streamline the entire ad sales process.
Selecting the right company leaders for coaching and helping them identify the coach that will be most effective for them can accelerate performance, success and career trajectory. It can make the delivery of key projects more rapid and successful.
Media companies and their employees’ union representatives both have an obligation to bargain in good faith. Here are some insights into what it takes for today’s media businesses to conduct successful union negotiations.
Manual processes and outdated back-office technology are the primary reasons that national spot buys are difficult to execute and have a tendency to underperform. The challenge in implementing new solutions generally boils down to two areas: technology and automation priorities and the associated costs.
The ability to take risks, a skill that can be practiced and mastered, can lead to improved outcomes. Challenges that require a risk-taking mindset are based on responding to external customers. Organization leaders face similar challenges responding to internal customers and employees.
In today’s music licensing scenario it’s not clear who owns a piece of music, or which performance rights organization each copyright owner is affiliated with. The lack of a competitive marketplace with ASCAP and BMI remains a sticking point and it’s sure this conversation is only just beginning to heat up.
Streaming is fundamentally changing consumer expectations around how they access TV and video content. And those changing expectations are, in turn, changing how consumers calculate the value of their subscription services.
Media businesses need to make sure their employees are protected, and they must find ways to build or rebuild community trust in their journalism. Here are some suggestions how to accomplish these objectives.
Change is ever-present in business, it can be difficult, and people often resist it. However, leaders must learn how their employees perceive change so they can develop an agile workplace culture.
For companies in the media advertising space, there is clear indication that an effectively installed blockchain network can be helpful to users as they review and reconcile data. Blockchain can improve the efficiencies of the existing process flows of media companies, specifically as they relate to the selling, buying, fulfillment and paying for advertising.
Your ability to influence can actually make or break your business. Communication within your organization is critical and can be the difference between leveraging or losing key talent. Here are some key points that can provide you with an approach.
More and more stations are expanding their presence on the Web and participating in the mobile DTV initiative. While the consumer’s ability to access news and sports via off-air broadcasts is cited as one of the drivers for cord cutting, the growing importance of retransmission consent revenues is a very compelling reason for stations to explore partnering with subscription TV providers and participating in their TV Everywhere initiatives.
Media economist Jack Myers expects online originated video revenues to climb from $350 million to $14 billion over the current decade. Additional categories of digital ad spending that will grow dramatically over the next decade include social media spending, which Myers see climbing to $46 billion, and enhanced television. Simulmedia’s Brian Weiser adds: “The focus for the majority of TV ad spenders is on protecting their market share and conventional video dwarfs new platforms for awareness. Digital is the second most important medium because it meets all of the advertiser’s engagement objectives.”
One of the common misperceptions about networking is that it’s only of value for sales people looking for new business, or for those who have lost their jobs.However, learning how to network effectively — and feeling comfortable speaking with new acquaintances can be hugely beneficial to all professionals as well as their employers.
It’s that time again, and communciations attorney Lee Shubert cautions against taking a cavalier approach to license renewal certifications. “Be mindful that your station license is probably your most valuable business asset, and that it is at jeopardy during the license,” he says in the latest issue of Financial Manager.
As non-traditional media revenue continues to increase in leaps and bounds, the need for more diligent credit sleuthing grows along with it. LIN Media’s credit and collections chief Greg Frost has some tips for how you can avoid coming up short when dealing the new breed of advertisers and their agencies.