The Reality of MMJ/Reporter Compensation in 2021
I have helped more than a hundred anchors, reporters, and producers negotiate contracts with media outlets and have developed a strong understanding of the current market. These are my insights ....
How is it possible that the starting wage at McDonalds is twice the annual salary of a recent j-school grad working as a multimedia journalist who does 3-4 live hits and a package, all before sunrise?
It really comes down to the headwinds the industry faces today and everything feels like a headwind at the moment if your contract is expiring.
Reality is that not 'everything' is a headwind but there are economic pressures right now. Look at this June 2021 guidance from media buyer GroupM ....
“Television faces countervailing pressures that negatively affect its media owners on the margins; however, advertising is set to remain relatively stable following a year of recovery-driven growth,” GroupM said in its This Year Next Year report.
GroupM notes that "large brands that advertise on TV will mostly maintain their spending as ratings fall and prices rise. Any losses are offset by newer brands, including the digital giants."
Summary, there are margin pressures and you are part of the cost that trims the company operating margins but ad spending will remain consistent and top line revenue is the biggest driver to spending, including future salaries.
Here's what you need to keep top of mind as you read this. First, economic conditions and business models will change over time. Next, you have the ability to adapt and change with market conditions and channels.
So now what?
Most important thing you carry in the bag every morning isn't a tripod, camera, mic, or lights. You carry hope and faith. You should be confident that there will be change (hope) and also believe in your grit, perseverance, and skills (faith). Stories do not come alive by themselves, you give them breath and life.
What should the takeaway be? There will be continued pressure on journalists and salaries but there will also be change largely around channel and the multi-screen delivery of news. Keep your eyes open, be flexible, live lean (for now), and adapt your thinking to include alternatives never considered before.
Listen, stories will need to be told and you are just the one to tell them!
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