Barack Obama used the words “Glimmers of hope” and the Chinese PM Wen Jiabao said that the economy is showing “signs of positive change” when they met in the G20 summit in London. So do these statements from the two most powerful economies mean that the worst is behind us?

 

For me in the TV media, already under severe pressure these statements alone do not bring too much cheer. But there is a silver lining. A fact which is much not talked about enough is that it is during these recession times people spend more time watching TV in their homes. Research data has suggested that TV viewership in the second half of 2008 has been much higher than in earlier years.

 

With the media industry grappling with marketing cuts from many industries, the key decision makers must not forget that the TV media is still in the B2C domain. “Recession equates to market share”. It is a huge opportunity for the established players in media to reconnect with their viewers and also a chance for the new entrants to carve out a strong viewer base.  It wouldn’t surprise me that when these bad times are over (phew!), the equations would have changed quite a lot. TV channels that can come out of the recession with a higher market share would be sitting on a golden egg.

 

Re-looking at channel branding and graphics to communicate well to the viewer, training of staff in production, editorial and technology, content and programming planning by relooking at key consumer trends across the target segment are some of the aspects that a broadcaster should concentrate on. The return over the years on every buck spent during recession is far higher than those spent in the times of prosperity.

 

Another key strategy during the times of recession is to network better. This works well not just for broadcast media but also for any other industry in these times. The old mantra of revisiting old contacts and establishing new ones is extremely crucial.

 

Going back to the Obama’s speech at the G20 summit, he said that “US alone cannot end recession”. There is no running away from the fact that the economies across the world today are interlinked. It is going to be the relationship with broadcasters, system integrators, content producers, marketers across the world that would help all. The best media company would be the one that is the most networked.