Slow-paying advertising agencies continue to be an issue for collection teams — an issue that seemed to worsen with the pandemic. Fortunately, a three-part plan from an industry expert who’s been in the media collections business for 50 years offers a solid structure, sound advice, and actionable insights for the best bet in collecting what’s due.
There is much discussion in the broadcasting world around digital ad sales, as evidenced by panel sessions at MFM’s annual conference, Media Finance Focus 2021. While one school of thought is that digital sales is still taking a back seat to traditional ad sales, one very astute ad sales leader is all in on digital ad sales. Here are some of its challenges and opportunities.
In just a few shorts years, esports has exploded onto the scene, attracting massive viewership and generating revenue in quite distinct ways. Will its exponential growth continue, or are there unknown risks in its uncharted territory?
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?
Facebook and Google lead the media industry as companies being most heavily targeted by the FTC, Congress and even the Biden Administration. The central question at the heart of scores of lawsuits files in the past year: Have companies such as Amazon, Apple, Facebook, Google, and Microsoft become too powerful, and do they exercise anticompetitive practices?
Adding employees while you are working remotely, and hiring for remote-work positions are something of two sides of the same coin: as the hiring manager, you need to virtually present your company as a great place to work, either to prospective employees who may soon return to the office, or to new hires who may work remotely. Here are some tips for both situations.
The Media Financial Management Association’s Media Financial Focus annual conference is just around the corner. There are some strong advantages to its being held virtually again this year. If you’ve not registered yet, today’s the last day to do so before rates increase.
Diversity and inclusion within the media industry were moving ahead at a respectable clip. Then the pandemic happened. How should organizations get back on track with their hard-fought efforts?
COVID-19 knocked nearly the entire media industry for a loop. How do credit and collection teams cut clients a break, but still collect what’s due their companies?
As the lines continue to blur between traditional and digital media, players scramble for a piece of the new and very appetizing pie.
Leaders and employees need to focus on self-care to avoid pandemic-related burnout. Staying healthy, and personally balanced is crucial as we continue to face an uncertain future. Here are some ways to work toward that goal.
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 need to be aware of online compliance regulations that could trip up media businesses looking to build online revenues.
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.
The disruption that defines 2020 seems to extend into every corner of our professional and personal lives. It’s even affecting the tax calculations and reporting responsibilities for media businesses’ accounting and financial professionals.
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.
The pandemic, coupled with racial and civil unrest, has devastated businesses and affected their advertising spend. When it comes to extending credit to, and collecting from, advertisers affected by this volatility, consider “thoughtfulness and creativity.”
The time to apply for trademark registration for a “new podcast, radio interview show, video game, online magazine or mobile app” is when the product is still in the development stage by filing an intent-to-use or ITU.
A good working relationship between the media and the FAA should serve both parties well as specifications are developed. There’s no question that both groups are committed to and concerned for aviation safety. “Given the news media’s support of the overall adoption of a remote ID regime, it is highly likely that the parties will be able to come to accommodations in the final rules,” says attorney M. Anne Swanson.
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.
With all businesses now forced to conduct business remotely, some are embracing employee flexibility as more than just a temporary solution. There are benefits to adopting flexible work schedules — flexibility, reduced turnover and lower expenses. With that, can come increased company loyalty. Offering this type of work-life balance can lead to increased productivity, even if the arrangement is part-time. Such offerings can also make the company an employer of choice, boosting both recruitment and retention.
While the COVID-19 pandemic has battered the live sports industry, including broadcasting and cable networks, creative minds have been working on a variety of new cross-platform opportunities to attract fans and advertisers.
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.
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.
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.
The recommended isolation to combat the coronavirus provides an ideal growth medium for a media business focused on immersive storytelling and social media interaction. Couple that with the recent suspension of most live sports and the resulting hole in television (and some radio) schedules and growth is almost inevitable.
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?
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.
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.
Mostly, it requires companies to pay careful attention to how they come across in social media and on their own websites, thinking of them as promotional rather than just informational. Always keep in mind that as you are checking out potential hires they are checking out you.
Media Financial Management Association (MFM) today announced the 2019-2020 officers and newly elected board members for the association and its BCCA subsidiary, the media industry’s credit association. The new slate was announced during the MFM/BCCA annual conference in New Orleans. Incoming directors’ terms run from July 1, 2019 through June 30, 2022. Effective July 1, the officers for […]
Although political and the Summer Olympics bode well for local TV, there are a number of factors that will affect advertising in 2016, particularly in markets that don’t have tight races. TV stations need to be ready for challenges like changes in ad agency operations and problems with collections, as well as maximize digital opportunities.
Stations are shortchanging themselves, says Gordon Borrell: “Traditional media’s relentless requirement to do more with less has led to underperformance in the…digital space… While I’d agree that digital media offers product extensions for existing newspaper, cable, TV, radio and magazine customers, I’d also say that a far bigger opportunity exists.”