Surviving through cuts
The Philippines has lost another source of trusted information on the airwaves and online. CNN Philippines, which has been in operation for about nine years, announced that it will cease its operations by the end of the month. Speaking to one of their employees, the individual said that the announcement also caught them off guard and unprepared. The management did promise to give them a hefty amount as they start a new phase in their career. It is indeed a bittersweet goodbye.
The company explained that they have been on the losing end for years, with profit losses amounting to billions of pesos. While their employees continue to be fueled by passion to do good in the field of journalism, it cannot pay for its entire operation. It is indeed costly to run a newsroom, especially one in the broadcast industry. The owners would have to pay for equipment, enough manpower to run it, overhead expenses, plus the branding that they bought off the international headquarters of the company. One has to look into the viability of their products to be sold on the market. This will make it easy to understand how the political economy of the media works. If the content that they create is not palatable to the audience, then there would be no cash flow coming in to pay for their workers.
At the end of the day, a media entity is a profiteering entity. It is masked in standards and ethics only to be sold off to those who can afford airtime. According to some media monitoring websites, only newsrooms whose owners are involved in a conglomerate have a better chance at surviving in this industry. Advertisers also help tremendously but most of the cash comes from adjacent businesses of its leaders. When the going gets tough, they use the media platform for their own agenda.
We are all victims of the way the political economy operates. It is best to get a wise leader on top of the management chain. This person should balance the financial needs vis-a-vis the need to deliver enterprising stories to the public. It all boils down to being one of the many businesses that they need to operate and maintain. That is why it is most challenging for media entities to survive and thrive. One pro tip is to adapt to new media platforms in storytelling; it is a sure hit for a younger type of audience.
I also heard that some programs of big networks are shutting down due to budget constraints. It is honestly not a lucrative business but it indeed gives a sense of fulfillment. Unless you are up for the challenge of living uncertainties amid a seemingly shrinking space, then this is not for you. One thing is sure though, members of the media will continue to tell their story and amplify the voices of those in the dark. It may not be as glamorous as we think it will be, but it is a duty that warms the heart more often.