Broadcasting TV news as a business, has been placed in a precarious position during the past years. The media environment is not getting any better with the rise of social media platforms.
Many of the news-hungry younger adults prefer to stay ahead by obtaining information from Twitter or Facebook, since social media feeds can deliver news at a faster pace regardless of the veracity or accuracy of the news.
What’s the point of watching TV news if it is going to broadcast something that had trended hours earlier?
Still, the not-so-tech-gadget-savvy members of the older generations are there to keep local TV news stations still relevant. Older people ages 65 and above. are the ones who find it satisfying to sit comfortably on their couch to watch comprehensive versions of news stories already hyped up by social media sites hours before.
It is imperative for local TV news stations therefore, to prevent younger adults from cutting the cord. Once they do so and later become the new members of the older generation, only a few will likely go back to getting news information from local TV broadcasts.
What happens next if future viewers belonging to the older generation are all astute social media users?
Local TV News Perform Strongly During Election Periods
Currently though, local TV news stations are experiencing an upswing in sponsorships and viewership, in light of campaigns related to the forthcoming U.S. presidential elections; starting with the primaries by as early as February 03, 2020 up to the general election on November 03, 2020. In between those dates, there are rallies, debates and conventions that local tv news cover for the benefit of their respective region’s voting public.
Once the elections are over, it would bring the status quo to normal, which means sliding back to a stagnating, if not failing condition. Presumably, local TV news stations will wait two years for the midterm elections and for four years for the next round of presidential elections.
In the meantime, the waiting period will put them back in the same precarious position of having to struggle against the growing power of social media. Not unless the industry strategizes with what, when and how they deliver news content.
Planners and strategists though, must make it a point to work hand in hand with financial experts, preferably those connected with a reputable tax firm. That way, they can coordinate their strategic plans with any tax cuts or tax credits that they can leverage in easing their tax burden.