News & Insights

4/07/2018

It’s a wrap – Honner’s quarterly media roundupby Rebecca Thurlow



What’s news?

New business channel in the works

Nine Entertainment and News Corp joined forces to launch a new free-to-air business and personal finance channel Your Money, replacing Sky News Business.  

Led by Kylie Merritt, the joint venture will seek to capitalise on the rise in self-managed super funds and growing interest in business beyond specialist corporate coverage.

It hopes to reach a broader group of consumers and will carry content ranging from financial market updates to real estate news insights.

Your Money will be launched later this year on Channel 95, which is part of Nine’s digital spectrum, and on Foxtel.

AAP announces redundancies

Australian Associated Press revealed plans to make up to 25 staff redundant after demand for its wire services fell. The cuts represent about a ten percent reduction in AAP’s total staff. 

Some media customers have cut back or stopped AAP services as traditional media companies bleed advertising revenue to digital search and social media giants.

Ten owner CBS to launch streaming service in Australia



Network Ten owner CBS announced plans to bring its subscription video on demand service to Australia by the end of this year, as it looks to grow its international streaming footprint.

Last year, CBS surprised the industry with its acquisition of Ten, which had been placed into voluntary administration after its billionaire creditors Lachlan Murdoch, Bruce Gordon and James Packer backed away from guaranteeing a new line of credit. 

Tech giants face off against lawmakers; Facebook shareholders plan revolt



Facebook wasn’t the only social media platform feeling the heat. WhatsApp was blamed for circulating false information in India, Brazil, Kenya and the UK.

Study finds Australians trust the ABC most; Liberal Party council votes to sell

A new survey found the ABC is the media brand most trusted by Australians. Conducted in May by Roy Morgan, the MEDIA Net Trust Survey revealed that while Facebook – and Social Media generally – is deeply distrusted in Australia, the ABC is by far the nation’s most trusted media organisation, followed by SBS. Half of all Australians (47 per cent) distrust social media, compared to only 9 per cent who distrust the ABC.

Many members of the Liberal Party faithful might disagree. The Liberal Party council voted 2:1 to privatise the ABC. The vote has no binding power over Prime Minister Malcolm Turnbull or federal MPs and the call was swiftly rejected by cabinet ministers.

In the May federal budget, the government cut $84 million from the ABC’s budget. Treasurer Scott Morrison said the reduction was justified because “everyone has to live within their means”.

Insights & opinion

Mark Zuckerberg is a single point of failure at a company that is systemically important to the internet, says Jim Edwards at Business Insider

In light of the Facebook data breach, it’s time to switch to Google, says Forbes contributor Anthony Karcz

Public trust in Facebook has been severely dented by the Cambridge Analytica data privacy scandal, according to new research ­by market research firm Nature.

News Corp is playing the long game in its war on Facebook, writes John McDuling in the Sydney Morning Herald

Small businesses may be planning to abandon Facebook in droves, according to a survey by MyBusiness.

Quotable quotes

 “Our entire industry is in a crisis of trust. All of us are now recognising they are prophets … They saw it coming.” - Marc Benioff, chief executive of software company Salesforce.com, on the three unlikely insiders holding the tech industry accountable on privacy and addiction.

“It’s that feeling of being in on a secret that people love.” - British journalist and author Camilla Wright on the appeal of sharing gossip through WhatsApp.

 “Finally, life for younger journalists today reminds me of the 1950s and 1960s. I believe the good times will return and reward those who can be patient and entice those who have left to return — just as happened to me.” - Robert Gottliebson musing on the future of journalism in his Order of Australia acceptance speech.

“Fake news is simply easier. Shaping a fake story takes less time than digging out true stories. In fact, it’s so simple that bots can do it. This means that the sheer volume of manufactured news overwhelms true news.” –  The Walkley Foundation in its submission to the ACCC digital media inquiry.

“We didn’t take a broad enough view of our responsibility, and that was a big mistake,” Facebook CEO Mark Zuckerberg addressing a US Senate hearing on privacy concerns.

“Politicians wold kill to have the level of trust the ABC has.” Kerry O’Brien tells The Australian’s new Behind the Media Podcast.

“Digital platforms deny they are media companies, yet have managed to monetise the carriage of news items in ways that have created despair across the Australian media sector,” the Media Entertainment and Arts Alliance in its submission to the ACCC inquiry into digital platforms.

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