The Financial Crisis, Networks and Future of News
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Transcript of The Financial Crisis, Networks and Future of News
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The financial crisis, networks and the future
of news
Rolf Rosenkranz
Editor. Devex
ICGFM conference. Miami. 5/19/09
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The problem• Downturn in global growth
• Decline in commodity prices
• Tightening of credit
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Francis Fukuyama
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Why?• Asset prices rising unsustainably
• Debt resulting from prolonged credit expansion
• Inability of regulators to keep up with new financial instruments
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The mediaIFAD. EU Financial Crisis News. Crisis Talk. IMF’s Public Financial Management blog. Economist. OECD Observer. Financial Times. Inter Press Service. Devex.
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Coverage• USA: no credit for Dr. Doom
• South Korea: trial vs. “Minerva”
• Russia: “We do not have it”
• NL: “Withdraw cash from ATM machines while you can”
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Ignorance. Lack of access. News grind.
Cause + effectIgnorance. Desensitization.
Mistrust. Fear.
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Pew: Bleak economic outlook causes U.S. to…
Sept. Oct. Dec.
Cut back vacation spending
48 % 59 % 62 %
Change savings or investments
39 % 48 % 60 %
Adjust retirement plans
23 % 26 % 32 %
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Pew: Understanding the economic situation
Very well
Fairly well
Not well
Total 24 % 49 % 27 %
Men 30 % 50 % 20 %
Women 19 % 48 % 33 %
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Pew: What the U.S. public knows
Gov’t wants banks to… (lend more money)
83 %
Who holds most U.S. debt (China)
71 %
Timothy Geithner’s job (Treasury sec.)
58 %
Current unemployment rate (ca. 8 %)
53 %
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“Considering the wall-to-wall media coverage of the financial crisis, it is startling to see how few Americans have a grasp on
the most basic economic facts.”
-- James Bowers. managing director.
Ctr. for Economic & Entrepr’l Literacy
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News coverage milestones
• August: U.K., Japan and others enter crisis mode
• October: Iceland financial crisis
• April: London G-20 summit
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Media trendsConcentration. Privatization. Ad wars. Less collective bargaining. Pay decreases. Generation shift. New media. Decreasing quality.
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Information = news
Media = press
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Audience segment: Traditionalists
• 46 % of the public
• Older, less educated, less affluent
• Heavy reliance on TV news
• Strong interest in weather
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Audience segment:
Integrators
• 23 % of the public
• Middle-aged, well-educ., affluent
• TV is main news source, but regularly online
• Strong interest in (political) news
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Audience segment:
Net-newsers
• 13 % of the public
• Relatively young, well-educated, affluent, male
• Read political blogs > watch network news
• Strong interest in tech news
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2008 U.S. TV news coverage
• Pres. elections (ca. 3,700 mins)
• Economy (ca. 2,800 mins)
• International coverage (1,900 minutes)
-- Tyndall Report
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International coverage on U.S. TV
• Iraq: 244 minutes (88 from Iraq)
• Beijing Olympics: 236 minutes
• Afghanistan: 126 minutes
• Sichuan earthquake: 119 minutes (94 from China)
-- Tyndall Report
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Pew: Foreign news coverage online
• 27 % of total news
• Key topics: Pakistan, Israel-Palestinian Territories conflict, Zimbabwe elections
• Press: 17 %
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Foreign coverageOverseas bureaus closing. Reliance on wire services. More freelancers. More competition. Parachute journalism. Multimedia. Time pressure. Global audience.
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Journalism’s cardinal sins
• Publish easy-to-gather stories
• Select safe facts and ideas
• Provide “false balance”
• Give audiences what they want-- Nick Davies, author, “Flat Earth News”
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“News organizations will have to do more than adapt to changing technology; they will have to solve their economic problems in a manner that will benefit their customers.” -- Stuart Loory, editor, Global Journalist
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Winners?Trade publications. Bloggers. Software developers. Mobile
phone companies. Consultants. Nonprofit media. GlobalPost.
Content sharing. Pay-per-view. Custom-tailored news. Google.
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ONA: Online journos optimistic
• 54 % say journalism heading down wrong track
• 57 % say Internet is changing journalism values
• 82 % are confident profitable business model online will be found
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News sought onlineWeather. Science & health. International. Technology.
Business & financial. Politics. Sports. Entertainment. Local.
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Social media
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Blogs• South Korea
(92 % read, 72 % write)• Philippines
(90 % read, 65 % write)
• France (78 % read, 31 % write)• Canada (56 % read, 22 % write)
-- Universal McCann
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Online communities• Philippines (83 %)
• Brazil (75 %)
• China (64 %)
• United States (43 %)-- Universal McCann
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Social media:
The business case• Mass media
• Creative consumer
• Viral marketing
• Human touch
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Credibility
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Networks• Public Expenditure Management
Peer Assisted Learning Network
• Jordan Professional Communities
• Devex
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100,000 develop
ment projects
1 million developm
ent professio
nals
200 major donor agencies
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She needs a filter
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We’re learning from…
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Network science“the organized knowledge of networks based on their study
using the scientific method”-- National Research Council
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Cesar Hidalgo
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Worlds apart…
United States
Kenya