"The demand among conservative-news consumers for the unhinged is obviously high." - Jason Zengerle, The New York Times, January 13, 2021.
At the top of the list of the unhinged are conspiracy theories. The current one with the most traction is that the U.S. Presidential election had been stolen and Donald Trump should have a second term.
But, not all conservative media outlets continue to feed that demand. At least, not with the former gusto.
For instance, as The New York Times points out, Fox News has been stepping somewhat back from the pile-on of conspiracy thinking. That could be a factor in its recent ratings decline. It has lost viewers to the more outrageous Newsmax, However, media tycoon Rupert Murdoch, who oversees Fox, could use that negative development to reset the cable network's tone and content to more moderate. He is returning to a more active role at Fox.
If Fox becomes more middle of the road, that could turn out to be the smart business move of 2021. The demand for conspiracy material, like most demand patterns, could peak and then go into a rapid descent. Most phenomena are cyclical. Demand for the McMansion, as Wharton explains, came and gone and returned. The Tiny House is catching on.
A subdued Fox could attract more advertising and at possibly a higher rate. Other media outlets, both far right and far left, could take note and fall into line.
Currently, more corporations are going beyond the bottom line. They are embracing the need to be responsive to other stakeholders, not just investors. One attribute is social consciousness. And, an offshoot of that is becoming more political. A sign of that, of course, was the recent pause in donating to PACs. Pragmatism might steer them away from partnering with enterprises whose core competence is conspiracy theory.
A similar dynamic is taking place in the BigLaw niche. The classic example is that Bard Karp, chairman of Paul Weiss, had been an early mover in establishing an initiative throughout the legal sector to aid COVID-19 victims. Interestingly, later Paul Weiss launched the ESG practice - Sustainability and Environmental and Governance Advisory Practice. That approach to corporate leadership and management is often referred to as focusing on the Triple Bottom Line. The business of business might no longer be business, in isolation.
Media is a business. That business, like all industries, is subject to the play-out of external forces. Those in the conspiracy-consumption loop could weary of the bombast. They could pivot to another form of what could be classified as "entertainment." Such a shift happens all the time.
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