Front Office

Two legislative bills that stand to protect newspapers from Big Tech’s power to dominate advertising currently hang in the balance. Here’s a closer look at why they were written, where they stand today, why they’re imperative to the future of the already-shaken newspaper industry — and why the midterm elections may hold the key to newsrooms’ ultimate survival.

Broadcast and print news organizations have for the past years found themselves in an employers’ market, able to pay talented young journalists in both small and larger markets low salaries for long hours. But reporters are quickly learning they can make more money and experience less stress in related fields, and many are leaving journalism, or moving to new types of news platforms. How can news-gathering organizations hang on to talent, which these employers need to remain competitive?

While the war in Ukraine disrupted a number of cyber threat groups and the world was fooled into thinking cyberattacks were declining, cybercriminals have reorganized, are on the rise and show no sign of slowing again. Here’s some very tactical, practical advice and information media executives should consider as they’re forced to ramp up protections against cyber threats.

Now commanding 28% of all video viewing time, over-the-top services have exploded in popularity. Borrell Associates found that they Increased from just 13.7% of all locally spent advertising in 2021, with more than a third of local media managers calling OTT their hottest-selling digital product. Find out why OTT is commanding such rapidly growing attention — and an equally growing piece of local advertising spend — and why OTT players like YouTube and TikTok are likely to take an increasing piece of the ad pie.

Media companies seeking to expand their presence are turning to podcasting as a great way to attract advertisers and solidify their brands. As podcast listenership continues on an explosive trajectory, advertisers are following, media companies are acquiring and investing, and more local companies are getting on board to take part in this disruptive, creative medium.

Highly regarded macroeconomist Diane Swonk provided a keynote address at MFM’s recent annual conference. While just a few months ago the media industry was pivoting to a revamped, brighter future, storm clouds in the form of rapid inflation, a potential recession and the ongoing impact of food shortages and supply chain disruptions caused by the war in Ukraine appear to have at least temporarily derailed those plans.

The media industry is evolving to a hybrid workforce model, with some companies offering their employees to continue to work remotely full time. How do managers keep their staff motivated when they aren’t able to interact in person? Today’s leaders need to shift their mindsets and take new approaches to building and maintaining highly functional teams.

TV and radio stations had to contend with large losses during the pandemic, between the absence of political revenue and the nearly non-existent live sports and automobile categories. Then, sports betting came along, offering salvation for many broadcasters. But will state-by-state regulations and other issues hamper its promise of replenishing local broadcasters’ coffers lost during the pandemic?

As the U.S. grapples with inflation set into motion by the pandemic, the war in Ukraine has exacerbated the problem. All is not lost, however. A top D.C. economist helps unravel the complicated factors surrounding inflation by examining the history and causes of, and cures for, what may feel like an economy spiraling out of control.

Third-party political ads, taken out on behalf of candidates by individuals, advocacy groups or organizations, and airing on radio and TV stations across the country, may seem an easy way for broadcasters to rake in money. While highly profitable, they are also replete with legalities. With midterm elections upon us, here’s a refresher for broadcasters.

Confirmation bias is our propensity to cherry-pick information that confirms our existing beliefs or ideas. It’s how two people with opposing views on a topic can see the same evidence and come away feeling validated by it. Failing to interpret information in an unbiased way can lead to serious misjudgments, but by understanding this tendency, we can learn to identify it in ourselves and others — and to face our fears around it.

As Russia continues its attack on Ukraine, the suffering of its citizens and damage to the concept of democracy is playing out via broadcast and the internet. The media industry has joined much of the world in its response to Russia’s bullying, with media and tech companies throughout the U.S. stepping up and enforcing a variety of sanctions and taking other actions against the superpower in an effort to stop a madman.

The temptation to get a leg up on rivals by trying to trademark a URL seems like a more solid gamble these days, thanks to a recent U.S. Supreme Court decision. While one well-known online travel company single-handedly turned the tide, it might be a trickier proposition for media companies looking to do the same.

Between legalized sports betting, political advertising, retransmission fees and an overall economic bump and as the U.S. emerges from the nearly two-year-old pandemic, television and radio broadcasters will both regain lost momentum — though at different rates and for different reasons. It’s all cause for optimism.

Have you just been promoted, or likely to be soon? You might be surprised to suddenly feel like you’re not capable of handling the move. But a very specific set of steps can relieve the feeling that you’re faking it when you step into a higher position.

As the new year gets underway, financial managers in broadcasting should look at building — or solidifying — their relationships with their business unit heads. Becoming a trusted adviser to your unit head can be critical to the business’s success, as well as your own.

Advances in credit-checking technology have made the task far less painful than it has ever been. But when technology fails — as we have all seen it do — relying on a single source of credit checking can be risky business. Fortunately, there are some other resources, including some old-school tactics, that you’ll want to add to your toolkit to complement your current practices, and can offer a safety net if your credit vendor’s technology falls through.

As we learned at Media Financial Management’s Media Tax Summit earlier this year, those who act as tax leaders within their media companies have a tougher row to hoe than ever. As new challenges such as Big Tech taking local ad dollars away from print, broadcast and other media, tax leaders will need to step up in new ways to watch out for their companies.

What happens when companies try to maintain — or even rebuild — their culture during and after a crisis? Is culture something that becomes so ingrained in a company’s DNA that for good or bad, it cannot be changed? Or can and will companies adapt their cultures for a reemergence after a crisis, or even a seismic event such as a merger?

The media and entertainment industry has disproportionate influence over society’s attitudes, feelings and behaviors. When we take time to embrace and mentor people of color in our business, as the late Jeana Stanley of Hearst did, good things happen — we foster advancement while combatting stereotypes. Here’s to the time in our country when everyone can clearly see what they can be.

Companies must find ways to improve communications between the two departments. That will pay big dividends as you select and upgrade financial management technology. Additionally, this sharing of information should not be limited to managers; it needs to be encouraged among all members of both teams.

TV station values are impacted by a series of sobering conditions this year. Yet there are several reasons for optimism, not the least of which is ATSC 3.0.

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.