Tech News Summary:
- Chris Licht’s appointment as CEO of CNN in May 2022 promised a more “bipartisan” approach to news coverage but his recent departure suggests this may not have benefited viewership or the network’s bottom line.
- During Licht’s tenure, CNN experienced a significant decline in ad revenue with MediaRadar reporting a decrease of 39% compared to the prior year and a 23% drop in the number of advertisers in the same period.
- Ratings also dropped during Licht’s time as CEO with an average daily reach decreasing by 7% year-over-year according to Samba TV, with CNN experiencing a reverse increase in reach relative to its competitors including MSNBC and Fox News.
Licht’s CNN Reign Suffers from Dwindling Ratings and Revenue: A Troubling Sign for the Network’s Future
CNN, one of the premier news outlets in the world, is experiencing a difficult time, as their ratings and revenue continue to dwindle under Jonathon Licht’s leadership. Licht has been in charge of the network since 2021, and his leadership so far has not been promising.
According to a recent report, CNN’s ratings have continued to plummet under Licht’s reign. The network’s prime-time viewership has declined by 45% since January, with total viewership dropping by 19%. The report also indicates that CNN’s digital platform is not doing any better, with unique visitors dropping by 34% since January.
The reduction in ratings has had a significant impact on CNN’s revenue. The network’s advertising revenue is down by 34% in the last six months, and the report foresees that the network’s revenue may see a significant decline in the future.
Industry analysts have attributed the network’s dwindling fortunes to a decline in the viewer’s trust. According to the report, CNN’s emphasis on opinion-based journalism has led to viewers losing faith in the network’s ability to report the news objectively.
Moreover, a recent survey found that CNN has the lowest trust amongst major news outlets, with only 15% of respondents saying they have a “great deal of trust” in the network. This result is a worrying development for CNN, given their status as a leading news organization globally.
As the competition increases, CNN’s dwindling ratings and revenue is a troubling sign for the network’s future. However, the network would have to reevaluate their content to regain the public’s trust, and change their approach towards opinion-based journalism. Unless this happens, CNN’s influence in the news industry may continue to decline.