As News Corp. prepares to launch Fox Business Channel (FBC) on October 15, there is growing speculation about the approach it will use in tackling financial news. According to Variety, the channel will try to appeal to both diehard investors and consumers interested in business. However, the article notes this has proved to be a perilous path before:The approach, appealing to the American consumer as well as the professional investor, has been tried before, notably by CNNfn, which didn't survive the dot-com crash…. [A]nchors were once instructed to ditch the finance jargon -- "the Fed" for example -- but found they ended up talking down to their core aud[ience] of finance professionals.The Wall Street vs. Main Street conundrum is a daily challenge for business news channels. FBC executives are promising to cut down on the financial lingo that alienates average television viewers. NBC Universal’s CNBC tilts more towards the professional set. Its daytime viewership averages around 250,000 and the channel attracts some of the wealthiest television viewers. Industry experts believe there is room for another channel.
News Corp. may already have a leg up when it comes to programming targeted towards consumers. Fox News Channel (FNC) is currently home to the top six business-themed shows on cable. Neil Cavuto’s popular “Cavuto on Business” will remain on the news channel, even as he serves as a flagship personality on the business sibling. Meanwhile, managers have tapped a variety other talent, including a Nashville radio host who specializes in personal finance.
FBC’s new logo (above) forgoes the multicolor graphics that adorn FNC. Executives from the network say the gold scheme is a hint towards the riches viewers can apparently amass by watching the channel. Perhaps this is another indication that the network is aiming for the everyday consumers – power users of CNBC probably don’t need to be reminded of their wealth. Meanwhile, promotions posted on FBC's new site (screen capture left) feature actors depicting everyday people such as a baker, voice actress and antiques dealer, each asking questions like "how am I going to send my children to college?" Each spot also reinforces a "business of life" brand.The launch of FBC comes just months after News Corp. announced a plan to takeover the revered Wall Street Journal. Critics of that deal worried that chairman Rupert Murdoch, an Australian, would use the newspaper to further a conservative agenda while trampling its journalistic independence. However, as a piece from The Economist points out, it’s in Murdoch’s best interest to protect such a holding:
Mr Murdoch is a tabloid king who has a reputation for taking everything he buys downmarket. The Journal is the gold standard of business reporting. Mr Murdoch is one of the biggest beasts in the business jungle, constantly on the prowl for synergies and acquisitions.…If Mr Murdoch degrades the Journal, he will be destroying the very thing for which he is paying such a premium—the paper's reputation.At the time of the deal, it was rumored that Murdoch was seeking out the Journal and its Dow Jones parent because its resources could be marshaled in the launch of an upcoming business channel. However, with this launch just days away, there are no obvious signs of any type of cross-branding between the station and the newspaper. FBC uses a distinctive logo, draws on existing FNC personalities and will cover both consumer and investor news.
The success of FBC will be interesting to watch this fall. With FNC currently at the top of cable news ratings, buzz from the older sister station could translate into strong ratings for the newcomer. However, like with the Journal, Murdoch has an incentive to keep the channel's news as apolitical as possible. Investors don’t like their business news mixed with opinion and spin.CNBC (right) enjoyed its heyday during the bullish years of the late nineties, but market conditions are less certain now. FBC will probably see strongest growth among consumers interested in the economy and finance issues. More devout investors are probably happy with the straight-talking CNBC for now. However, FNC made waves when it jumped into the cable news market 11 years ago and has now surpassed the genre's pioneer, CNN. Could FBC enjoy the same success?
1 comment:
Your article about the new Fox Business Channel provided an interesting look into the potential successes and failures of a new channel. I never thought about how much detail goes into news planning, such as the tone and language of the newscast. Since I am not a big follower of the news I tend to like newscasts without the jargon and with a lot of detail, however, I never thought about how this could be frustrating to watch for a person who already has strong background information on the subject. The main problem I found with your article is that you tried to do too much with too few words and it became a bit confusing. After the first few paragraphs I thought you were going one direction, then you brought too many other things into the equation (the color of the logo, the website, Rupert Murdoch) and I was not sure what point you were trying to make. I am sure with more space you would have been able to further expand on all the areas you wanted to talk about, but my suggestion is to remain focused on fewer key points. Your graphics were great and made me want to visit the websites that were shown. You did a good job speculating on their possible success by comparing it to CNBC. It will be interesting to see what happens.
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