LOCAL: #1 FOR BREAKING NEWS
Over Half of all Americans still turn to local broadcast news, local news websites, or national news networks for breaking news stories, according to a survey fielded between April and June 2023. Of note, these numbers are true for Gen Z as well. And while cable news continues to slide, it’s still “more of a go-to for Baby Boomers). (CivicScience: 7/1/23)
POLITICAL AD SPENDING NEARS $500 MILLION
Political ad spending for the 2024 election cycle is approaching $500 million at the halfway point in the year, according to ad tracking firm Ad Impact. It’s largely driven by “outside groups supporting Florida Gov. Ron DeSantis or former President Trump” and makes up 17% of ad expenditures across the country. The current figure ($477 million) is outpacing previous non-election years ($435 million in 2021 and $232 million in 2019). Other factors in the rise in spending include inflation, Super PACs (non-existent prior to 2010), and the fact that “people are declaring their candidacy earlier.” Other significant campaigns include spending behind the Wisconsin Supreme Court race, the Chicago and Philadelphia Mayoral races, and governor of Kentucky. (Newsnation: 7/5/23, Twitter, 7/3/23)
FAST REVENUE FORECAST
Revenues from free ad-supported streaming television (FAST) distributed TV shows and movies are expected to reach $18 billion by 2029, three-times the “$6 billion generated in 2022, according to new data from Digital TV Research.” The US contribution, $6 billion in ad revenue between 2022 and 2028, makes up “half the world’s $12 billion additional revenue.” While fragmentation will continue, Paramount’s “Pluto TV, the Roku Channel and Samsung TV Plus will account for half the global total by 2028.” (MediaPlayNews: 7/3/23)
GAME SHOWS FOR THE WIN
Despite the impact that streaming has had on viewing habits the game show “genre continues to thrive”, according to a report in the New York Times. From a ratings standpoint, Jeopardy! and Wheel of Fortune are consistently “among the most watched programs in television” (outside of live sports), attracting “around nine million viewers on a typical night”. The latter just announced Ryan Seacrest as Pat Sajak’s replacement in “an emphatic vote of confidence. Family Feud, with host Steve Harvey, draws nearly eight million viewers per episode, among the highest in syndication. And over on CBS, The Price is Right, one of their longest running shows, will be getting a new studio. (NYTimes: 6/29/23)
