News X sold out and NDTV Media's open letter in exchange4media this morning about taking a serious look on the economic meltdown in the industry impacting its organisation and necessary actions to be taken to cut flab and be a lean and mean company with also "compassionate" added in, UTV earlier taking similar kind of stance, gives reason for serious thoughts for media professionals like us.
We need to introspect immediately if this meltdown is so bad! Only last year all organisations were showing record increase in their revenues. A bit of a downslide prompts all of them to immediately put a freeze on recruitments, force pay cuts, cutting flab etc, all talks about showing that only having and paying for good people is the whole problem! Is it?
They need to start off somewhere thats all! All else which actually needs trimming is forgotten. Companies launched channels left, right and centre when the going was good. It was a great strategy, everyone claimed. We will have channels in every niche, because, tomorrow advertisers will look at specialised channels for a particular segment and will pour money into it. This gave way to more investments in everything. But today, when the going gets tough, it all falls back to square one.
These are hard times. But, everytime it comes to bottom, we can always look forward for something only better to happen soon. This meltdown I personally feel, is just letting cats out of the bags. Its just taking blame for many inaccurate strategies done by the media companies in India till now. Everything and everyone is blaming the economic meltdown for its or his/her problems.
Well, it is here to stay for some time only. After the financials are announced in march, and by august, we feel that the markets are going to improve and everything will again fall into place and every other organisation will start becoming aggressive in their plans.
Here's hoping for the future...
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