The economic and social changes that have occurred in the past few years worldwide - especially due to the outbreak of the corona pandemic - have had a significant impact on countless industries. While for some the effect was a negative one, some sectors were able to profit from the situation. If we look at the latter, broadcast and other classic media are clearly among them. Here’s why:
Social media, king of news – that‘s history. In 2022, trust in social media networks has reached its lowest point since 2014 (EBU, 2022). Fake news, paid content and online disputes are just a few of the reasons why the majority of users have lost trust in the platforms, especially when it comes to sensitive topics. Recent studies show that trust in social networks has steadily decreased over the past few years. Almost 70% of those surveyed now state that they do not trust them at all or tend not to trust them.
From time to time one might get the impression that digital media are gradually replacing the classic ones. Young people in particular are apparently more likely to use laptops instead of TV sets and digital subscriptions instead of printed paper. But the facts and figures show a different picture: people’s trust in TV, radio and press is the highest.
The corona pandemic has clearly shown that people rely on quality media that they trust, especially in crisis situations. In the German-speaking countries alone, television usage suddenly rose by around 11% at the beginning of March 2020.
Likewise, the Russia/Ukraine war has reaffirmed the great value of high-quality news media. Following the escalation in the region, consumption of traditional news sources, especially television, has increased again. When a crisis hits, there is simply no room for misinformation and untrustworthy reporting.
In the US, the daily television time has increased by almost a third from 275 minutes to 354 minutes. Thus, the average American currently spends around 6 hours a day in front of the television.
Increased use of TV and radio in combination with the changing needs of consumers also has a major impact on the TV advertising landscape. During the first part of the corona pandemic in America, beer was advertised over 200% more often than in the same period in 2019, online media 150% more often, and the increase in advertising measures for convenience foods was almost as high. At the same time, advertising for restaurants, vehicles and vehicle accessories as well as clothing have decreased significantly.
It is precisely the sectors that struggled with high losses at the beginning of the pandemic that have seen a recovery in the past year due to the easing of measures and the tendency to move back to “normality” - at least in Europe and North America. In the US, for example, global radio spend has increased from US$ 30.1 Billion in 2020 to US$ 36.1 Billion in 2022 (Dentsu, 2022).
In this respect, broadcast media are not only a reliable source of information for many people during the crisis, but also an important indicator for changes in the global economy - so it pays off twice to tune in.
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