202223 Jun

Media executives say their companies can finally weather a recession

Summary

While media executives are meeting with advertising leaders this week over glasses of rose at the annual Cannes Lions International Festival of Creativity, they cant help but talk about the disconnect between hanging out with celebrities on yachts and the creeping feeling that a recession is around the corner. "While an economic downturn may affect the media advertising market, were on track to achieve our business growth goals following a milestone year of profitability," said Roger Lynch, CEO of Conde Nast. Part of why smaller digital media companies feel prepared for a recession is theyve already laid off hundreds of employees in the past few years, stemming from acquisitions and a desire to shed costs. The last three recessions – the 2020 Covid-19 pullback, the 2007-09 financial crisis and the 2001 dot-com bubble bust – have all led to job loss spikes among media companies, many of which have historically lacked the balance sheets to shrug off temporary downturns in advertising. Smith is promoting this enhanced bond by directly staffing talent agents, who will be tasked with pairing journalists on products and events outside of Semafors core business to broaden their reach.

Source: Cnbc

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