TV Stations Must Reinvent Local News To Survive
Here’s a little-known fact: Local TV stations depend heavily on their news operations, which typically account for about half their revenues. As a result, they’re also highly vulnerable to the death spiral that’s overtaken newspapers as news migrates to the Web. But there may be a way out, if these stations can reinvent their business strategies by playing up their unique ties to community news makers and advertisers. Troubles are clearly mounting for grassroots broadcasters, thanks to rising bankruptcies, plummeting advertising revenues and faltering ratings. Local stations are also rapidly losing turf to a new strain of hyperlocal Web sites and social networks. Although their local news generally represents almost half a station’s operating costs and largest single expense, it…
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