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The North America Media Sectors : A Company and Industry Analysis (July 2007)
Mergent, July 2007, Pages: 32
This report updates the previous North American media report, focusing on the markets in Canada and the United States
Current Environment - Key Points
- Over the past few months, movements and trends in the US media industry remained largely unchanged, as newspapers continued to face declines in circulations, readership and revenues
- Online newspapers rose even further in popularity, but newspaper companies still depended heavily on their print copies for revenues. - The financial results and stock performances of most leading companies in the US continued to be impressive. The Dow Jones Media Index 5500 started December 2006 at 351.66 points and ended at a period high of 381.54 points in on May 31. - Driven by a desire to acquire new technologies and break into emerging markets, the industry witnessed a high level of M&A activity
- The IPO market, on the other hand, was subdued, with the listing of television company CBS Corporation (CBS) (NYSE: CPV) the only significant listing over the past six months. - The Canadian media industry continued to flourish over the past six months as most leading companies turned in improved financial results. As in the US, newspapers in Canada were hit by declining circulations and revenues, but less severely. - The M&A market for the Canadian media industry saw some moderate activity as leading players made strategic acquisitions and collaborated with internet and technology companies. Some Canadian companies also off-loaded certain loss-making business assets abroad.
Industry Profile - Key Points
- The US media industry is one of the biggest and most vibrant in the world, producing content that is at the forefront of global trends. The new media sector is becoming increasingly popular and has challenged all other media sectors for market share and revenues. - Mobile television is increasing in popularity in the US, with media companies investing millions over the past few years to develop technology. However, the technology has not been able to draw in the desired amount of advertising revenues yet. - In an effort to digitalize broadcasting in the US, the FCC has introduced a number of new digital broadcasting guidelines over the past few months. Internet radio took a hit in April when the US Copyright Royalty Board (UCRB) upheld a decision to hike royalty payments for internet radio. - The Canadian media industry offers a wide variety of content, catering for its multicultural population. The Canadian Government has a well-outlined legal framework to protect Canadian-produced content, making it compulsory for broadcasters in Canada to carry a certain percentage of Canadian content in their program rotations. Market Trends and Outlook - Key Points
- Over the past few years, the print industry and newspapers in particular have been the key victims of the rise of new and online media. Recently, local and regional television networks have been negatively affected as national television networks bypassed them to reach viewers via the internet. - Newspapers have been diversifying for a number of years now and have recently abandoned television assets for online assets. Meanwhile, online news sites are seeing their traffic rise significantly, but are still struggling to cash in on it
- Broadcast digitalization in the US has not been going too well, with the US Congress mandating all analog signals to be switched off by February 17, 2009. The target is unlikely to be met as currently, less than half of television households in the US have digital-friendly hardware. - In Canada online media companies have succeeded in converting higher traffic into advertising dollars, with the industry-s advertising revenues breaking the C$1 billion (US$ 942.09 million) for the first time in its history in 2006. Specialty television services are also becoming increasingly popular and profitable in Canada. - The Canadian Television Fund (CTF) has come under threat, with private contributors threatening to stop funding until the allocation and management of funds is improved. - Newspapers in Canada have lost a traditional advertising revenue stronghold in classifieds and directories to online news sites, giving the industry greater cause for concern. The Canadian Government has set August 2011 as the deadline for full digitalization for the country-s broadcasting industry.
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