News of the Week: Media
Lightbulb Leadership Solutions works with clients across a number of sectors, which means we always keep a close eye on all of the key industry news that may affect not only their business, but ours too. This time, we're focusing on the fast-moving media sector and all of the latest news and reports we've been discussing and debating in the Lightbulb offices this week.
We're pleased to learn that the London Evening Standard and the Independent have launched an apprenticeship scheme that aims to encourage greater diversity in UK newsrooms. The initiative has received backing from Goldman Sachs, Peabody, the Worshipful Company of Stationers & Newspaper Makers and the Journalism Diversity Fund, who will all act as partners in the project.
Speaking of the initiative, Mayor of London Sadiq Khan said the creation of these editorial apprenticeships would be "increasing diversity and helping to produce the next generation of world-class journalists.” We certainly hope more media outlets follow suit to provide opportunities like this and we'll be keeping a close eye and championing any that emerge in the coming months.
This article provides an interesting look at the challenges Channel 4 faces in taking on TV favourite The Great British Bake Off and what really captured our attention was the advertising revenue the show looks set to generate. According to the story, bidding for the headline sponsorship slot could start at as much as £8m per year, putting Bake Off in the same price bracket as ITV's The X Factor, which commands £10m from its TalkTalk contract.
Sources from the industry believe Bake Off would command a premium of around 40% on typical TV ad rates and could charge close to £200,000 for a 30-second ad, and as much as £280,000 for the final, if it was to attract BBC1 levels of 14 million viewers.
However, the potential spanner in the works is that TV and media buying agency executives are predicting the show on Channel 4 is likely to attract a significantly lower audience, with a forecast of about 4 to 5 million. Whatever the audience projections, Channel 4 will no doubt be celebrating signing up such a popular show. At the moment, its highest-rating show is Gogglebox which attracts 4 to 5 million viewers. As much as we'll miss the BBC format, we'll be interested to see how the show performs on Channel 4 and which big brands snap up those valuable advertising slots.
On the topic of advertising, outdoor ad giant Clear Channel has sparked fears for the future of the classic billboards following news it told landlords it would not pay its fourth-quarter rent. The company claimed in a letter that the value of roadside billboards has been “materially reduced” because the rent now “exceeds” the advertising income they can generate. Clear Channel indicated that some traditional, analogue poster sites may have to be decommissioned if they are no longer economic as advertisers shift their money into digital screens.
While digital advertising has been cannibalising classic poster spend within the overall outdoor market, we firmly believe there's still a place for old fashioned billboard posters as bright and eye-catching ways to sell products and services out of the home. We'll quite literally be watching that ad space to see how the industry reacts to this news from Clear Channel.
It's difficult to keep up with the latest trends in social media, especially when it comes to finding the most effective platform for advertising. At the moment, there's no debate that Instagram and Snapchat are the current favourites among millennials and Gen Z and the rivalry between the two platforms has certainly heated up. This was particularly exacerbated this summer when the Facebook-owned Instagram added disappearing stories to its platform in a move that clearly mimicked a feature that's been key to Snapchat since day one.
This article looks to answer the ultimate question: Which is the best platform when it comes to advertising? Adweek commissioned a survey that asked Instagram and Snapchat users aged 13-34 how they feel about the apps and their impressions of the ads. If you're looking to explore advertising options on either platform this article is an absolute most-read.
John Lewis Christmas advert: When is the 2016 ad released, what will the song be and how can I watch it?
It's that time of year when a certain British retailer that has gained a reputation for producing the most memorable Christmas adverts in recent years unveils its latest (and most likely tear-jerking) offering. The big question is, will John Lewis manage to repeat its successes of previous years with another blockbuster, or will another retailer take the crown? If you're feeling festive and can't wait for the John Lewis advert, take a look at this article for everything you need to know about one of the most celebrated Christmas TV events of the year.
Stay tuned to our blog and social media channels for our regular news updates covering a wide range of industries. If you have any questions or want to find out more about us, please don’t hesitate to get in touch with a member of the Lightbulb Leadership Solutions team today.