Feature

Business-news brands benefit from financial crisis

LONDON - There can be few media companies finding much cheer in this recession but business-news brands, across various platforms, are fast becoming indispensable sources of information for up-to-date financial and economic stories - and therefore benefiting from the financial crisis.

CNBC Europe
CNBC Europe

Quick to cash in on the demand for business news have been niche broadcast operations such as CNBC, CNN and Bloomberg, as well as targeted print titles such as the Financial Times, The Economist and The Week, all of which have provided some much-needed light in an increasingly darkening media scene.

Mainstream broadcasters such as Sky have also realised the benefits of being associated with quality business news - Sky News, for example, has extended its Jeff Randall business show to four nights a week.

This growth of interest in the previously staid world of business journalism has piqued the interest of a raft of advertisers not traditionally associated with the sector. CNBC, for example, has long attracted advertisers with a need for business consumers. Of late, however, it has also secured campaigns from a wide range of consumer brands. Charlotte Blenkinsop, director of marketing at CNBC, says the European channel has posted an increase of 29% in ad revenue this year.

'We're a natural platform for financial-services brands and we regularly feature campaigns from the travel industry and brands that are trying to reach our audience. Brands such as Shell, IBM and BT have all worked with us, due to the high calibre of audience that can't always be reached by other broadcasters.'

Simon Davies, publishing director of The Week, which recently posted its 20th consecutive ABCs increase, said people were looking for a sense of perspective on news. 'We give people a real understanding of the issues that are affecting them - and we have seen an uplift in sales again in recent months.'

High-end print titles, including The Week, The Economist and The Spectator, have been profiting on two fronts: circulation is on the increase because of a demand for business news, but they are also about to be boosted further by the annual pre-Christmas uplift in advertising. Dan Pimm, head of press at media agency Universal McCann, explains: 'There is a lot of trust in these brands, and at this time of year luxury brands are trying to target the people who have money to spend.'

The mainstream broadcast media has also been quick to benefit and resource itself appropriately. Nick Phipp, executive producer of the Sky News Business team, says the current economic issues will permanently change the face of business news.

'We expected business news to become crucial this year so we had an expanded team in place from early summer,' he explains. 'Business news has been a specialist area but now it is as mainstream as politics and sport and it will remain that way.'

But can business-media brands expect their audience to remain loyal once the economy stabilises? Blenkinsop believes the challenge is to develop innovations that will sustain interest beyond the current crisis.

'We are constantly looking at fresh initiatives to bring us forward and interest viewers,' she says. 'From life-style programmes that will attract people at the weekend to other projects, the challenge is to ensure there will always be something that interests people, no matter what's happening in the world.'

So, while not welcoming the recession, at least some brands are managing to prosper from it, though it's a small crumb of comfort.