Media Chasing Dollars

As the presidential election cycle winds its way toward the national conventions, it's not just the candidates, or the political parties, that are looking for money. The media too, is looking to cash in on one of the most closely watched presidential races in recent memory. The trouble for traditional media is strikingly similar to the crisis the music business faces. 

People's consumption habits have changed, and turning interest into revenue isn't as easy as it used to be. For example, the broadcast television networks' evening newscasts are having trouble stopping a long term decline in viewers. The slide has continued even as this year's primaries were hotly contested. Don't even talk about newspapers. They're in worse shape. A continuing cycle of readership decline, cutbacks and buyouts, and in some cases ownership changes has created anxiety in a good number of print newsrooms.

And all this during a time when people seem to be clamoring for more information. In terms of print media, the Internet could well be the cause of the havoc. People are consuming more news, and from many more sources. Take the case of our friends from Politico.com. They're averaging 2.5 million unique visitors a month to their Website. Say what you will about his site, but the Drudge Report also has become a favored place for people to pick up round the clock news. 

Add to all this the growing power of cable news, YouTube's popularity as a site to see controversial campaign commercials, and you get the picture. 2008 may not be the best year for traditional media to chase those advertising dollars that come during an election cycle. Estimates of the potential amounts to be spent are incredible when compared to just a few years ago.

The question is, where will those dollars go?