Media running scared of credit crunch

There is an interesting debate going on in the journalist forums and UKPress and the impact that the credit crunch is having on publishing and the media.
Falling ad revenues, dropping sales and rising costs for fuel etc means that journalists are running scared – 140 jobs are being axed at ITV, 40 at Channel 4 and at many local and regional newspapers editorial staff are suffering death by a thousand cuts.
A lot of freelance journalists in the forumns are complaining that commissions especially from national titles and the trade titles are drying up as editorial budgets are cut.
This poses an interesting challenege for PRs and how we can help our journalist contacts keep their job and continue to serve our clients best interests.
Here at GREEN we have been tightening our belts in spite of the fact that many of our clients are in a very robust position. This is because we are conscious that marketing budgets are the first to suffer. It’s a false economy of course and PR does offer an cash efficient alternative to spending hundreds of thousands on an advertising campaign that it no more than eye candy.
Moreover, our position in the social marketing sphere means that we can get clients a bigger bang for their buck by working with the bloggers and social networks.
We’ve been through two recessions before and the best advice we can give when credit crunches is to bite back.

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Comments...

October 3rd, 2008 at 11:54 am

#1 Ian Green

Through the work we do with Leeds University Business School and the Credit Management Research Centre we have been privy to some very frigtening statistics which point to a major rise in County Court Judgements.
At the root of the problem is companies taking debtors to court for non-payment, forcing them into liquidation. When the debtor goes down it often drags down the creditor with them.
The key issue is late payment with some major companies (especially retailers) pushing for payment terms of between 90 and 120 days!

April 17th, 2009 at 2:59 pm

#2 ChabrellIgan

God dag! Kan jag ladda ner en bild fran din blogg. Av sak med hanvisning till din webbplats!

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