Archive item

Title: Footprint of Financial Crisis in the Media: Overview
Other/original title:
Publisher: Open Society Foundations
Files: Footprint of Financial Crisis in the Media - Overview.pdf
Abstract: The study "Footprint of Financial Crisis in the Media," published in January 2010 by the Open Society Institute Media Program, explored the impact of the global financial crisis on media and news delivery in 18 countries of Central and Eastern Europe and the Commonwealth of Independent States. Media businesses in these countries, faced with "nose-diving advertising revenues," were forced to slash costs, lay off employees, and reduce output, negatively affecting the scope and quality of news. This is the overview report, which includes the study's executive summary and conclusions. Some of the study's key findings, comparing media performance in 2009 with the previous three years, are that media across the region have lost 30-60% of their income; several media markets experienced bankruptcies of independent outlets and an "exodus" of foreign investors, leaving quality media like the Latvian daily Diena with an uncertain future; the crisis-related constraints and ownership changes have caused an overall drop in the quality of news delivery; and "media content has become shallower, more entertainment-centered, increasingly isolationist, more prone to political and business influences, and lacking in investigative bite". The overview report observes a "three-tier media market" in the region, where diverse media markets were most developed in the Czech Republic, Hungary and Slovakia, whereas the least developed group "comprises countries where privately owned media and accountability journalism are largely embryonic," such as Kyrgyzstan, Armenia, and Moldova. However, the crisis exacerbated many of the same trends "almost universally across the region," the report observes, including the tabloidization of news selection and headlines; lower quality, lesser frequency and narrower range of topics in investigative reporting; increasing reliance on PR materials, news agencies and unconfirmed reports on the internet; increased attempts to use media as a political tool; and cuts in regional and international coverage.
Publication/ adoption date: 2010-01
Language: English
Rights: Open Society Foundations, shared under Creative Commons Attribution-NonCommercial-NoDerivs 3.0 license as per