Media Project

Chapter I: Background of the Problem under study 1.1 INTRODUCTION ABOUT STUDY This comparative study offers multiple perspectives regarding the foreign and domestic business news channel's coverage. Television is the main information source for most of us. Its power

is

conditioning

the

way

we

see

the

world

and

what

happens

in

it.

Almost every TV channel has a news program in prime time. News programs are like the flags and plaques placed on the outside of certain official buildings that tell you where you are and what you can expect to find there. All News programs follow the same pattern. Their shared structural aspects also bring similarities to their content. Television news programs have various levels or strata, the content of which are sometimes similar and sometimes different. It we look at the content and format of the news on the television stations broadcasting in our Country, we can see many interesting points. For example, the way they depict the territory, the depiction of collective identity and the portrayal of the relationship between the population and the social and political structure are different in all these programs. They talk about a particular country in such a different way that we might think they are talking about different countries. And, may be they are! Television as “main source”; TV news is our usual connecting point with things happening even inches from our doors. Television is considered the most reliable source of information (sharing that title with radio, in many countries). Things seen on television are accepted as reality. Pictures and sounds of high quality and impact are often treated as things we have seen with our own eyes. We tend to forget the professional process behind creating the news (the construction and deconstruction of context, the manipulation of sound and picture, and the time constraints involved in the whole process). Instead, we accept the news as something pure and direct, unmediated. Media researchers Rivers, Schramm and Christians noted: "Undoubtedly, the most important role of the media is to feed the ground - to deposit layers of information, day by day, hour by hour, so that a base is laid for the knowledge on which we walk. Compared with the occasional great and dramatic changes we can attribute to the media, this slow, continuing, never-ending effect is immensely more powerful and significant".

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The Study deal with three key areas of focus: (1) An analysis of how the mass media informally educate their audiences through their descriptions and presentations of significant information. (2) The results of a series of interviews with a theoretical sample of people that explores how they describe themselves and how they perceive the quality of information being provided and also they were asked to respond about their perception on information portrayal of Foreign and National business news channels. Thus, resulting in analysis of how effective they are in terms of attracting and satisfying to the need of their viewers. 3) Strategies Adopted & Challenges faced by Business News Channels for successful establishment.

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1.2 NEED FOR THE STUDY The decade of the 90s saw some of the most sweeping changes in broadcasting and cable television in Asia. Direct Broadcast Satellite Television started in 1991 and opened the floodgates to international channels like CNN, HBO, MTV and many others. Countries that till then had limited amounts of foreign Programming on their terrestrial channels now had a variety of foreign channels to choose from. The foreign programmers were attracted to a market that had a large English speaking population and a substantial middle class that was expected to grow. However, as time would show making a success of these international ventures was not as easy as had been expected. My project was based on the “A COMPARATIVE STUDY OF AUDIENCE PERCEPTION ON FOREIGN BUSINESS NEWS CHANNEL AND INDIAN BUSINESS NEWS CHANNEL” and primary data was gathered from Metro City citizens. A research design is an arrangement of condition for collection and analysis of the data in a manner that aims to combine relevance to the research purpose with economy in procedure. The study emphasized the importance of the structure of the news program, and what is even more important, the relationship between the format and the content. The media creates a frame work for understanding everyday life and it offers us the logic that helps us interpret isolated events. The format of the news programs at every television stations shows the huge similarities they all share. Among those common elements are the (1) length of the news programs, (2) the number of news items or stories included, (3) the role played by the anchor person(s) and (4) the use of summary either at the end or beginning of the program The most significant media effect on social orders throughout the world is the folding in of media logic and perspectives into the daily routines and expectations of everyday life. The communication formats that mark off the time, place, and manner of social meanings, definitions, and activities constitute the taken-for-granted and largely non-discursive features of everyday life. The production processes in the news rooms have been reduced to a single pattern, and as a result we see the same kind of news program all over the world. That is why when we ask someone to define what a news program is, the answer will not differ much among various countries. Format is one of the most important defining elements of news programs, and television professionals are subject to its dictatorship.

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We look at a sample of target business group viewers; their characterization and description of themselves in the competitive world; television news media that provide the dominant culture with accounts of the business group people. The role of the media in terms of providing the quality business information is a key issue here. As cognitive psychologist Richard Jackson Harris asserts, the mass media are "a 'magic window' through which we view the world, but also the 'door' through which ideas enter our minds". The metaphor of the window is especially useful in understanding how ordinary citizens learn about business information and the state of being commandant of business information source. Most Indians have no personal familiarity with business information; therefore they depend heavily on depictions of the news media. Thus ordinary citizens learn about the business information and success of an entrepreneur from the media, just as they learn about successful leaders, successful functioning of company and most other aspects of business society beyond the range of the individual citizen's senses. Business news Channels play a vital role as an Informal education source that become the principal avenues for learning once formal schooling is completed. The increase in the use of Internet for viewing business news channel has been increasing due to a tech savvy world. This is mainly due to the increase in the living standard of the people especially the teenagers and also to cater the various needs of the middle-income group. Key focus areas are as follow; 1. Quantify the characteristics of the media- Content customization, the first mover’s advantage and the role of strategic alliances in the process of developing international markets. 2. What happens when specialized content providers seek to establish themselves in new overseas markets? 3. This study also focuses on the strategies of foreign channels adopted to develop a competitive advantage and examines the challenges facing them as they attempted to establish a new market.

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1.3 INDUSTRY PROFILE INTRODUCTION TO TELEVISION Television (TV) is a widely used telecommunication medium for transmitting and receiving moving images, either monochromatic ("black and white") or color, usually accompanied by sound. "Television" may also refer specifically to a television set, television programming or television transmission. The word is derived from mixed Latin and Greek roots, meaning "far sight": Greek tele , far, and Latin visio, sight (from video, vis- to see, or to view in the first person). Commercially available since the late 1930s, the television set has become a common communications receiver in homes, businesses and institutions, particularly as a source of entertainment and news. Since the 1970s the availability of video cassettes, laserdiscs, DVDs and now Blu-ray discs, have resulted in the television set frequently being used for viewing recorded as well as broadcast material. Although other forms such as closed-circuit television are in use, the most common usage of the medium is for broadcast television, which was modeled on the existing radio broadcasting systems developed in the 1920s, and uses highpowered radio-frequency transmitters to broadcast the television signal to individual TV receivers. Broadcast TV is typically disseminated via radio transmissions in the 7-1000 megahertzrange of the FM frequency band. Signals are now often transmitted with stereo and/or surround sound in many countries. Until the 2000s broadcast TV programs were generally recorded and transmitted as an analog signal, but in recent years public and commercial broadcasters have been progressively introducing digital television broadcasting technology. A standard television set comprises multiple internal electronic circuits, including those for receiving and decoding broadcast signals. A visual display device which lacks a tuner is properly called a monitor, rather than a television. A television system may use different technical standards such as digital television (DTV) and high-definition television (HDTV). Television systems are also used for surveillance, industrial process control, and guiding of weapons, in places where direct observation is difficult or dangerous.

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Programming Getting TV programming shown to the public can happen in many different ways. After production the next step is to market and deliver the product to whatever markets are open to using it. This typically happens on two levels: 1. Original Run or First Run – a producer creates a program of one or multiple episodes

and shows it on a station or network which has either paid for the production itself or to which a license has been granted by the producers to do the same. 2. Syndication – this is the terminology rather broadly used to describe secondary

programming usages (beyond original run). It includes secondary runs in the country of first issue, but also international usage which may or may not be managed by the originating producer. In many cases other companies, TV stations or individuals are engaged to do the syndication work. First run programming is increasing on subscription services outside the U.S., but few domestically produced programs are syndicated on domestic FTA elsewhere. This practice is increasing however, generally on digital-only FTA channels, or with subscriber-only first run material appearing on FTA. Unlike the U.S., repeat FTA screenings of a FTA network program almost only occur on that network. Also, Affiliates rarely buy or produce non-network programming that is not centered on local events.

Funding Around the globe, broadcast television is financed by government, advertising, licensing (a form of tax), subscription or any combination of these. To protect revenues, subscription TV channels are usually encrypted to ensure that only subscription payers receive the decryption codes to see the signal. Non-encrypted channels are known as Free to Air or FTA.

Advertising Television's broad reach makes it a powerful and attractive medium for advertisers. Many television networks and stations sell blocks of broadcast time to advertisers ("sponsors") in order to fund their programming.

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Taxation or license Television services in some countries may be funded by a television license, a form of taxation which means advertising plays a lesser role or no role at all. For example, some channels may carry no advertising at all and some very little.

Subscription Some TV channels are partly funded from subscriptions and therefore the signals are encrypted during broadcast to ensure that only paying subscribers have access to the decryption codes. Most subscription services are also funded by advertising.

Social aspects Television has played a pivotal role in the socialization of the 20th and 21st centuries. There are many social aspects of television that can be addressed, including: •

Alleged dangers

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Educational advantages

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Gender and television

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Negative effects

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Politics and television

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Positive effects

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Propaganda delivery

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Socializing children

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Suitability for audience

•

Technology trends

Environmental aspects With high lead content in CRTs, and the rapid diffusion of new, flat-panel display technologies, some of which (LCDs) use lamps containing mercury, there is growing concern about electronic waste from discarded televisions. Related occupational health concerns exist, as well, for disassemblers removing copper wiring and other materials from CRTs. Further environmental concerns related to television design and use relate to the devices' increasing electrical energy requirements 10

A Snapshot of Indian Television History Television in India has been in existence for nigh on four decades. For the first 17 years, it spread haltingly and transmission was mainly in black & white. The thinkers and policy makers of the country, which had just been liberated from centuries of colonial rule, frowned upon television, looking on at it as a luxury Indians could do without. In 1955 a Cabinet decision was taken disallowing any foreign investments in print media which has since been followed religiously for nearly 45 years. Sales of TV sets, as reflected by licenses issued to buyers were just 676,615 until 1977. Television has come to the forefront only in the past 21 years and more so in the past 13. There were initially two ignition points: the first in the eighties when colour TV was introduced by state-owned broadcaster Doordarshan (DD) timed with the 1982 Asian Games which India hosted. It then proceeded to install transmitters nationwide rapidly for terrestrial broadcasting. In this period no private enterprise was allowed to set up TV stations or to transmit TV signals.

The second spark came in the early nineties with the broadcast of

satellite TV by foreign programmers like CNN followed by Star TV and a little later by domestic channels such as Zee TV and Sun TV into Indian homes. Prior to this, Indian viewers had to make do with DD's chosen fare which was dull, non-commercial in nature, directed towards only education and socio-economic development. Entertainment programmes were few and far between. And when the solitary few soaps like Hum Log (1984), and mythological dramas: Ramayana (1987-88) and Mahabharata (1988-89) were televised, millions of viewers stayed glued to their sets. When, urban Indians learnt that it was possible to watch the Gulf War on television, they rushed out and bought dishes for their homes. Others turned entrepreneurs and started offering the signal to their neighbours by flinging cable over treetops and verandahs. From the large metros satellite TV delivered via cable moved into smaller towns, spurring the purchase of TV sets and even the upgradation from black & white to colour TVs. DD responded to this satellite TV invasion by launching an entertainment and commercially driven channel and introduced entertainment programming on its terrestrial network. This again fuelled the purchase of sets in the hinterlands where cable TV was not available. The initial success of the channels had a snowball effect: more foreign programmers and Indian entrepreneurs flagged off their own versions. From two channels prior to 1991, Indian viewers were exposed to more than 50 channels by 1996.

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Software producers emerged to cater to the programming boom almost overnight. Some talent came from the film industry, some from advertising and some from journalism. More and more people set up networks until there was a time in 1995-96 when an estimated 60,000 cable operators existed in the country. Some of them had subscriber bases as low as 50 to as high as in the thousands. Most of the networks could relay just 6 to 14 channels as higher channel relaying capacity required heavy investments, which cable operators were loathes to make. American and European cable networks evinced interest, as well as large Indian business groups, who set up sophisticated head ends capable of delivering more than 30 channels. These multi-system operators (MSOs) started buying up local networks or franchising cable TV feeds to the smaller operators for a fee. This phenomenon led to resistance from smaller cable operators who joined forces and started functioning as MSOs. The net outcome was that the number of cable operators in the country has fallen to 30,000. The rash of players who rushed to set up satellite channels discovered that advertising revenue was not large enough to support them. This led to a shakeout. At least half a dozen either folded up or aborted the high-flying plans they had drawn up, and started operating in a restricted manner. Some of them converted their channels into basic subscription services charging cable operators a carriage fee. Foreign cable TV MSOs discovered that the cable TV market was too disorganized for them to operate in and at least three of them decided to postpone their plans and got out of the market. The government started taxing cable operators in a bid to generate revenue. The rates varied in the 26 states that go to form India and ranged from 35 per cent upwards. The authorities moved in to regulate the business and a Cable TV Act was passed in 1995. The apex court in the country, the Supreme Court, passed a judgement that the air waves are not the property of the Indian government and any Indian citizen wanting to use them should be allowed to do so. The government reacted by making efforts to get some regulation in place by setting up committees to suggest what the broadcasting law of India should be, as the sector was still being governed by laws which were passed in 19th century India. A broadcasting bill was drawn up in 1997 and introduced in parliament. But it was not passed into an Act. State-owned telecaster Doordarshan and radiocaster All India Radio were brought under a holding company called the Prasar Bharati under an act that had been gathering dust for seven years, the Prasar Bharati Act, 1990. The Act served to give autonomy to the broadcasters as their management was left to a supervisory board consisting of retired professionals and bureaucrats. A committee headed by a senior Congress (I) politician Sharad Pawar and consisting of other politicians and industrialist was set up to review the contents of the Broadcasting Bill. It held discussions with industry, politicians, and consumers and a report was even drawn up. 12

But the United Front government fell and since then the report and the Bill have been consigned to the dustbin. But before that it issued a ban on the sale of Ku-band dishes and on digital direct-to-home Ku-band broadcasting, which the Rupert Murdoch-owned News Television was threatening to start in India. ISkyB, the Murdoch DTH venture, has since been wallowing in quicksand and in recent times has even shed a lot of employees. But News Corp has been running a C-band DTH venture in the country which has around 20,000 subscribers. In 1999, a BJP-led government has been threatening to once again allow DTH Ku-band broadcasting and it has been talking of dismantling the Prasar Bharati and once again reverting Doordarshan's and All India Radio's control back in the government's hands. Some things change only to remain the same.

Future of Indian Television broadcasting It definitely appears bright; the potential is immense. The number of TV owning homes has a long way to go; only 70 million TV households have been accounted for so far; an equal number have to own TVs as yet. Ad spending on the medium is a pittance compared to the amount spent in smaller TV markets globally. The amount of TV being watched is also not enough; Indians have to watch almost twice the amount of TV they are watching currently to match US viewing habits. The major issue about Indian television: one does not know which it way it will go. Will the net be the medium of delivery of television? Or will television be delivered as it has been over the past few years via terrestrial, satellite or wireless transmission to be watched on traditional television sets? Or will it be watched on handheld devices? A lot of hype has been created around broadband Internet delivery of television to Indian TV or computer homes. (Technology convergence is taking place globally; the latest takeover of Time Warner by an Internet company AOL is an indicator of that transition. AOL will in all likelihood exploit all the properties that Time Warner has on the Net and other modes of broadband delivery.) The current cable TV infrastructure in India is far-too- rickety with MSOs having little control over the state of the fibre as it gets into consumer homes. The coax fibre has not been laid keeping in mind two way connectivity and it also is not consistent all over the cable ops service area. For every cable TV home receiving a good signal there are at least another twenty homes receiving a bad signal. There is no addressability, no transparency of operations as cable ops are averse to paying government levies, and no real communication between cable TV ops and subscribers.

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But there is no doubt that the cable operators have done a good job by building up a cable and satellite penetration of 25 million homes all over India. And they have managed this in the past six to seven years as against the telecom business which has been around for close to 100 years with less than 20 million consumers. The telecom infrastructure also cannot support broadband delivery well enough. Yes DSL and leased lines are an option but they are a rich man's choice. Satellite delivery of broadband signals is one mode that can support broadband Internet delivered television. Richard Li's Pacific Century Convergence Corp is looking at it closely and the footprint of its service will cover India. Direct PC has a similar mandate for the Indian market. Pricing, however, will be a major issue here as set top boxes will have to be purchased by consumers which they may not be open to doing if price is too high.

The penetration of

computers is extremely low with about 3-4 million PCs being the installed base in Indian homes though computer sales have been rising rapidly thanks to lower prices. But it is unlikely to increase so fast so as to come even anywhere close to the 70 million TV homes currently. Indiantelevision.com believes that television will be delivered the same way as it has been so far through traditional modes. It's likely that the television population will cross 100 million homes in the next 10 years. The computer population will be about 15-20 million in the next 10 years. However, some companies, television channels and television producers will attempt video streaming or delivery of video through other compression technologies on the Internet. But it will only be another option for consumers who will log on to watch a shaky picture at least for the next half decade. Cyber kiosks will have sprouted all over India in small towns and it's possible that some consumers will log on to the Net to watch some shows when they want as payment gateways will have been set up. Most viewers will, however, are watching their TV mainly via cable, terrestrial and direct to home television delivered via satellite. Cable TV infrastructure will have improved. Addressability also will have made its mark and consumers will be surfing their television sets for emails and for information. Free-to-air television will, however, continue to rule the roost but tiering will have made its mark and people will be buying their pay per view programmes and choosing the channels they want watch unlike today when everything is thrown at them with a shovel.

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NEWS Introduction News is any new information or information on current events which is presented by print, broadcast, Internet, or word of mouth to a third party or mass audience One theory is that "news" was developed as a special use of the plural form of "new" in the 14th century. In Middle English, the equivalent word was news, based on the French nouvelles. A somewhat similar development is found in at least three Slavic languages (Czech, Slovak and Polish), where there exists a word noviny ("news"), developed from the word nový ("new"). Another theory is that the word, phonetically and its written style, is based upon the Germanic word "neues". A folk etymology suggests that it is an acronym of the cardinal directions: north, east, west, and south.

Reporting of news News reporting is a type of journalism, typically written or broadcast in news style. News is often reported by a variety of sources, such as newspapers, television, and radio programs, wire services, and web sites. Most news is investigated and presented by journalists and can be distributed to various outlets via agencies. The reporting and investigation of news falls within the profession of journalism.

History of news reporting In its infancy, news gathering was primitive by today's standards. Printed news had to be phoned in to a newsroom or brought there by a reporter, where it was typed and either transmitted over wire services or edited and manually set in type along with other news stories for a specific edition. Today, the term "Breaking News" has become trite as broadcast and cable news services use live satellite technology to bring current events into consumers' homes live as they happen. Events that used to take hours or days to become common knowledge in towns or in nations are fed instantaneously to consumers via radio, television, cell phones, and the Internet.

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Objectivity in news News organizations are often expected to aim for objectivity; reporters claim to try to cover all sides of an issue without bias, as compared to commentators or analysts, who provide opinion or personal point-of-view. However, several governments impose certain constraints or police news organizations for bias. In the United Kingdom, for example, limits are set by the government agency Ofcom, the Office of Communications. Both newspapers and broadcast news programs in the United States are generally expected to remain neutral and avoid bias except for clearly indicated editorial articles or segments. Many single-party governments have operated state-run news organizations, which may present the government's views. Even in those situations where objectivity is expected, it is difficult to achieve, and individual journalists may fall foul of their own personal bias, or succumb to commercial or political pressure. Similarly, the objectivity of news organizations owned by conglomerated corporations fairly may be questioned, in light of the natural incentive for such groups to report news in a manner intended to advance the conglomerate's financial interests. Individuals and organizations who are the subject of news reports may use news management techniques to try to make a favourable impression. Because no human being can remain entirely objective (each of us has a particular point of view), it is recognized that there can be no absolute objectivity in news reporting.

Newsworthiness Newsworthiness is defined as a subject having sufficient relevance to the public or a special audience to warrant press attention or coverage. Normal people are not newsworthy unless they meet an unusual circumstance or tragedy. The news divides the population into two groups; those few whose lives are newsworthy, and the multitude who are born, live out their lives and die without the news media paying them any significant notice. The news has always covered subjects that catch people's attention and differ from their "ordinary lives". The news is often used for escapism and thus normal events are not newsworthy. Whether the subject is love, birth, weather, or crime, journalists' tastes inevitably run toward the unnatural, the extraordinary.

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The subject and newsworthiness of a story depends on the audience, as they decide what they do and do not have an interest in. The denser the population, the more global the reported news becomes, as there is a broader range of interests involved in its selection. Only a fraction of news manages to convey the overall world development. Famous TV news broadcasters •

BBC (worldwide)

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ABC (Australia and Asia-Pacific region)

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ABC (USA and Europe)

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NDTV (India only)

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CBS news (USA only)

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Pathé News (Pathé Newsreels from 1910 until

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CNBC news (worldwide)

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CNN

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Sky News (UK and worldwide)

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CNN (worldwide)

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teleSUR (Latin America)

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CCTV (China only)

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Press TV (worldwide)

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Fox news (USA only)

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TIMESNOW (India only)

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GEO News (Worldwide)

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AlJazeera (Arabic world and worldwide)

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Euronews (Europe)

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Deutsche welle (Germany and worldwide)

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1956)

MSNBC (USA only)

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1.4 COMPANY PROFILE CNBC (officially the Consumer News and Business Channel, until 1991) is a U.S. News and satellite television business news channel in the U.S., owned and operated by NBC Universal. The network and its international spin off cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers around the world. The network is currently ranked as the 19th most valuable cable channel in the U.S., worth roughly $4 billion. CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to more than 340 million homes worldwide, including more than 95 million households in the United States and Canada. The network's Business Day programming (weekdays from 5:00 a.m.- 7:00 p.m. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J. CNBC also includes reports from its news bureaus worldwide in Midtown Manhattan, the NASDAQ Market Site, Washington D.C., Chicago, Los Angeles, Palo Alto, London, Singapore and CNBC's headquarters in Englewood Cliffs, N.J. Launched on April 17, 1989, CNBC offers viewers live programming on the markets every weekday, with programs such as "Squawk Box," "Power Lunch," "Closing Bell" and "Mad Money w/Jim Cramer." CNBC Primetime programming (weekdays from 7:00 p.m.-2 a.m. ET) includes "On the Money," and "Fast Money." CNBC Weekend programming offers broad-based talk programming. Viewers of CNBC business news programming are business executives and financial professionals that have significant purchasing power. According to a July 2004 survey by Mendelsohn Media Research, the median household net worth of CNBC Business Day viewer exceeds $1.2 million. The web site cnbc.com extends the CNBC mission to be first and accurate with the news, including presenting actionable information. It is the preeminent financial news source on the web, featuring an unprecedented amount of video, real-time market analysis, three to eight hours of web-exclusive live video programming daily, industry and topic-specific blogs, cnbc.com Live stream (long-form scheduled programming of events), charts and investing tools.

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History The CNBC channel originally had its beginnings around 1980 as The Satellite Program Network (SPN), showing a low-budget mix of old movies, instructional & entertainment programs, and infomercials. The channel later changed its name to Tempo Television. After initially signing a letter of intent to acquire Tempo, NBC eventually opted for a deal to lease the channel's transponder in June 1988. On this platform, the channel was relaunched on April 17, 1989 as the Consumer News and Business Channel. NBC and Cablevision initially operated CNBC as a 50-50 joint venture, choosing to headquarter the channel in Fort Lee, New Jersey. CNBC had considerable difficulty getting cable carriage at first, as many providers were skeptical of placing it alongside the longer-established Financial News Network. By the winter of 1990, CNBC was only in 17 million homes - less than half of FNN's potential reach - despite having the muscle of NBC standing behind it. However, around this time, FNN encountered serious financial difficulties. After a protracted bidding war with a Dow Jones-Westinghouse Broadcasting consortium, CNBC acquired FNN for $154.3 million on May 21, 1991 and immediately merged the two operations, hiring around 60 of FNN's 300-strong workforce. The deal increased the distribution of the newly enlarged network to over 40 million homes. Cablevision sold its 50% stake to NBC upon completion of the deal. With the full name "Consumer News and Business Channel" dropped, the network's business programming was at first branded "CNBC/FNN," although this was phased out before the mid-90s. CNBC began to grow during the 90s, launching Asian and European versions of the channel in 1995 and 1996 respectively.[10] In 1997, CNBC formed a strategic alliance with Dow Jones, including content sharing with Dow Jones Newswires and The Wall Street Journal and the rebranding of the channel as "a service of NBC and Dow Jones". CNBC's international channels were then merged into a 50-50 joint venture with their Dow Jones-owned rivals, London-based EBN (European Business News) and Singapore-sited ABN (Asia Business News) in 1998, while ratings grew on the U.S. channel until the new millennium's dot-com bubble burst in 2000. The new millennium also brought changes to the network, moving its world headquarters from Fort Lee to Englewood Cliffs, New Jersey in 2003, which features completely digital video production and studios made by PDG Ltd of Beeston, Nottinghamshire and the FX Group of Ocoee, Florida.

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NBC Universal reacquired full control of CNBC Europe and CNBC Asia from Dow Jones at the end of 2005. The licensing agreement between Dow and CNBC U.S. remained intact, however. Today, CNBC provides business news programming from 4 a.m. to 8 p.m., Eastern Time, while broadcasting talk shows, investigative reports, documentaries, infomercials, repurposed NBC game shows, and other programs during the evening and early morning. A rolling ticker provides real-time updates on share prices on the NYSE, NASDAQ, and AMEX, as well as market indices, news summaries, and weather updates by NBC Meteorologists (prior to March 27, 2006, all of CNBC's weather reports were provided by AccuWeather). A rotating top band of the screen rotates provides real-time updates on index and commodity prices from world markets. CNBC is the only NBC network whose abbreviation, while containing NBC, stands for another name: the Consumer News and Business Channel. The moniker was simply shortened to CNBC when the former was dropped.

Programming CNBC provides a variety of programs throughout the business day presenting reports on U.S. businesses, updates of stock market indices and commodities prices, interviews with CEOs and business leaders, and commentary from many investment professionals. The following is the usual "business day" (term used by CNBC hosts and announcers) lineup (as of February 26, 2009, all times Eastern):Since 17 September 2007 the network has also run hourly CNBC.com News Now update segments during business day programming. These short bulletins, which are around 30 seconds in length (similar to ESPN's Sports Center Right Now), air before the start of the network's programs from Squawk on the Street through The Kudlow Report. CNBC has experimented with non-business programming during primetime hours with a mixed record of success, including a talk show hosted by Dennis Miller. The channel has at times rebroadcast several NBC programs, including Late Night with Conan O'Brien, Deal or No Deal, The Apprentice, The Apprentice: Martha Stewart, and 1 vs. 100. CNBC's current primetime lineup features The Big Idea with Donny Deutsch, re-airs of NBC programs The Apprentice, Deal or No Deal and 1 vs. 100, along with its own documentaries and talk shows including Mike on America, American Greed and Conversations with Michael Eisner. Prior to 2006-04-20, programs in primetime hours were shown with a 'scroll' featuring news headlines and weather updates at the bottom of the screen. 21

Infomercials are typically aired from 2am to 4am ET and throughout most of the day at the weekend. Since the September-October 2008 financial crisis, the network has begun to place a paid programming tag on the top right corner of the screen during all airings of infomercials. On January 24, 2007, the network launched a long-anticipated monthly newsmagazine called Business Nation, which is anchored by award-winning journalist David Faber. Each edition of the program covers three stories; a mixture of profiles, investigative pieces and features. The format of the show is structured similarly to HBO's Real Sports.[16] CNBC's breakout hit among its original series is Mad Money. Hosted by money manager Jim Cramer, the hour-long show gives stock advice to viewers who call to the program. The show also has a popular segment called "The Lightning Round". In August 2007, Cramer's onair tirade about the weakening economy, which was seen during the "Stop Trading" segment on Street Signs, received national attention and helped galvanize widespread support for the Federal Reserve Board to cut interest rates. Other special or weekend programming includes CNBC on Assignment (for example, The Age of Wal-Mart), Cover to Cover, The Suze Orman Show, and The Wall Street Journal Report with Maria Bartiromo.

Personalities and coverage Much of CNBC's on-air talent has been with the network for some time: Sue Herera and Scott Cohn joined CNBC at its inception, and remain on the air co-hosting Power Lunch and as senior correspondent respectively. Some personalities who joined CNBC from FNN in 1991, such as Ron Insana, Bill Griffeth and Joe Kernen, are also still with the channel. The network has of late sought to increase the profile of its on-air team with the launch of rival business station Bloomberg Television and Fox Business Network - although CNBC's best known personality. Closing Bell host Maria Bartiromo, has for some time made regular appearances on other NBC News broadcasts such as The Today Show as well as anchoring the syndicated Wall Street Journal Report, other CNBC hosts such as Jim Cramer and Erin Burnett have also been used increasingly across NBC's output.

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In addition to its roster of program anchors, CNBC employs a team of reporters who contribute across the network's business day programming, the majority of whom are based at CNBC's global headquarters in Englewood Cliffs. In addition, CNBC has staff permanently based at bureaux in Midtown Manhattan, Chicago, Washington, D.C., Los Angeles and San Jose (the latter referred to on air as "CNBC Silicon Valley"). Cost-cutting at NBC Universal's news divisions has seen some of these offices merged with those of NBC owned-and-operated stations: the Silicon Valley facility was moved from Palo Alto to the KNTV (NBC 11) newsroom in San Jose in January 2007 (occasionally KNTV reporters Scott Budman and Scott McGrew will now correspond for CNBC), while the Chicago bureau now shares a home with WMAQ (NBC 5). The network also has reporters posted at the New York Stock Exchange (where CNBC also has a set used for broadcasting Squawk on the Street, The Call and Closing Bell), NASDAQ MarketSite, NYMEX and the Chicago Board of Trade and Chicago Mercantile Exchange each day.

Ratings There is a fairly clear long-term correlation between the performance of global stock markets and the audience ratings of CNBC. The network had a difficult time attracting viewers in the first half of the decade, but has seen viewership increase from a 2005 bottom to record highs in 2008, coinciding with the sub prime mortgage crisis. CNBC continues to possess the wealthiest audience (in terms of average income) of any television channel in the United States. During the late 1990s and early 2000s, CNBC's ratings were increasing sharply along with the stock market, often beating those of CNN during market hours. In 2000, daytime viewership of the network peaked at 343,000, around the time the NASDAQ Composite crossed 5000. However, when the dot-com bubble began to burst later that year, CNBC's viewing figures declined in tandem. The network's ratings steadily fell quarter after quarter, year after year, until bottoming in Q1 2005, with an average viewership of 134,000 during the day. From the bottom, the network, along with the markets, rebounded significantly—average daytime viewership (6 am to 6 pm) reached a 7-year high of 310,000 viewers in the first quarter of 2008.[31] Coinciding with the extreme market volatility of the ongoing global economic crisis, ratings hit an all time high of 416,000 in Q3. Although the figures remain considerably less than those achieved by Fox News and CNN today, they have still seen a 210% increase in viewership since the beginning of 2005.

23

Despite the viewership slump at the turn of the decade, CNBC has remained extremely profitable: average annual revenues top $510 million while profits for the network exceeded $333 million in 2007, making CNBC a cash cow for NBC Universal and its parent company, General Electric. CNBC is the second most profitable of NBC Universal's thirteen cable channels in the United States, behind only the USA Network The network often sees large spikes in viewership on days of major market moves. In the week of 27 February 2007, when the Dow Jones Industrial Average had its 7th largest loss ever, CNBC's continuing coverage of events resulted in its best ratings week since the market crash after the September 11, 2001 terrorist attacks, with Kudlow & Company, Mad Money, and Fast Money recording their best ratings ever in the coveted 25-54 demographic. When the financial crisis wrecked havoc in the worldwide equity markets, CNBC recorded some of the highest ratings in the network's two-decade history. For the week ended September 19, 2008, the network averaged 502,000 viewers during the "business day" (defined by the network as 5am to 7pm). During this week, Squawk Box, Closing Bell, Fast Money, Mad Money and Kudlow & Company recorded their best viewership figures ever. On September 29, 2008, when the markets faced their worst single session performance since the crash of 1987, CNBC saw its best ratings day ever, with an average 726,000 viewers tuning into the network during the business day. While daytime viewership has rebounded from its 2005 lows, primetime ratings remain weak relative to those of other news networks and CNBC continues to try and rejuvenate its evening lineup. Along with developing new program formats such as Fast Money and Mad Money, the network operates a "checkerboard" programming approach, airing various genres of shows including documentaries, town-hall style discussions and repeats of some NBC output. When discussing the network's ratings, CNBC management and press releases regularly suggest that considerable viewership, particularly during the daytime, is done "out of home" in places such as offices and hotel rooms. As this demographic is not covered by Nielsen Media Research ratings, CNBC claims that the network's true viewership is considerably higher than what is measured.

24

On-air presentation Graphics CNBC is well known today for its flashy and ostentatious graphics package, complete with accompanying animations and animation-sounds. Previous graphics packages put together by the network since the early 90's have gradually increased the "wow" factor -- likely in order to catch a casual viewer's eye, as cable news competition has increased dramatically since the late 80's (when the network was launched). On 2006-11-15, CNBC's 'crystal' gray logo bug was changed to color revealing the rainbow's peacock's normal NBC colors. On 2006-11-28, the new smaller CNBC color bug (similar to the one used in the revamped ticker) began to show up on CNBC's non-business related primetime programming (where the ticker is not shown, except Mad Money and Fast Money), replacing the much bigger 'crystal' bug. On 2007-03-01, CNBC's Squawk on the Street and Closing Bell both started using a new countdown clock (shown in minutes:seconds:tenths-of-a-second format) on the graphics' lowerthird of the screen. On 2007-07-27, it moved to the lower right of the screen, where the CNBC color bug is usually seen. The countdown clock is used for the "Opening Bell Countdown" segment on Squawk on the Street, and for the "Closing Countdown" segment on Closing Bell, along with presidential debates, the announcement of some monthly consumer indexes, and Federal Reserve Bank interest rate changes. In November 2007, the CNBC color bug in the ticker on the lower right of the screen started rotating (and morphing) between the network logo and the CNBC.com logo and back. This is seen only during the network's "Business Day" programming. CNBC began using the "CNBC 20" logo on January 1, 2009 on all of its programs to promote the network's 20-year anniversary. The "CNBC 20" logo will be in use all throughout 2009.

25

Logos CNBC has used numerous logos at various times; this section shows all of its television logos. Logo

Years used 1989 – 1992

Comments CNBC's first logo, used from 1989 to August 1992

1990 – 1992 Planned CNBC/FNN logo from 1991 before the name dropped 1992 – 1994

CNBC logo from August 1992 to August 1994

1994 – 1996

CNBC logo from August 1994 to May 1996

1996 – present

The current CNBC peacock logo from May 1996 to present

Criticism CNBC has been criticized for allegedly amplifying bull and bear markets, particularly in the run-up to the Dot-com bubble and the sub prime crisis. In response to these criticisms, CNBC anchors have pointed to the size of the market and noted that influencing it is "a little out of our reach." Jon Stewart on Comedy Central's The Daily Show has been a vocal critic of CNBC and some of its personalities, beginning after comments were made by Rick Santelli. Despite the lack of direct comments by the network, several personalities have defended their predictions and comments. CNBC was accused by President Obama's administration of "cable chatter." James Cramer's stock picks on his CNBC show Mad Money were found by Barron's magazine in 2007 to have underperformed the S&P 500 stock index over the previous two years. Barron's stated that "his picks haven't beaten the market. Over the past two years, viewers holding Cramer's stocks would be up 12% while the Dow rose 22% and the S&P 500 16%." CNBC disputed the magazine's findings. How CNBC Service Works?

26

CNBC provides users with access to a rich collection of resources related to financial and business news, such as CNBC video programming, financial tools and news analysis (the "Content"). Some of our Content requires users to be registered and other Content requires users to pay a fee which could be billed either in regular increments (e.g. monthly or yearly) or on a pay-per-use basis.

Direct Competitors •

Bloomberg Television

•

CNN International

•

BBC World News

•

Fox Business Network

•

LIST OF INTERNATIONAL CNBC CHANNELS CNBC has operated international versions of its channel since 1995, when CNBC Asia originally launched. CNBC Europe followed in 1996. On 1997-12-09, Dow Jones & Company and NBC announced the merger of their international business news channels. This resulted in a merger of CNBC Europe with Dow Jones' European Business News, and likewise of CNBC Asia with Asia Business News. From then (until January 2006) the international CNBC services carried the tagline "A Service of NBC (Universal) and Dow Jones" (or depending on other local partners, a variation of this tagline). Correspondents from Dow Jones Newswires contribute to the channels. CNBC Europe is headquartered in London, and CNBC Asia is headquartered in Singapore. On 2005-12-31, the sale by Dow Jones of its interests in the international CNBC channels took effect. From 2006-01-01, the "A Service of NBC Universal and Dow Jones" tagline was removed from the international CNBC channels, in line with this. In 2007, CNBC Asia dropped the word "Asia" from its channel indents, on 30 September 2008; CNBC Europe similarly dropped the word "Europe" from its logo. This means the big three CNBC channels US, Europe, and Asia - are all on-screen known as simply CNBC. Besides CNBC Europe and CNBC Asia, the network also operates a number of local business news channels in association with other companies. These channels include Class CNBC in Italy, CNBC-e in Turkey, CNBC Arabia in the UAE, Nikkei CNBC in Japan, CNBC-TV18 and CNBC Awaaz in India, CNBC Pakistan in Pakistan and TVN CNBC Biznes in Poland. 27

CNBC Europe and CNBC Asia are rebranded in some parts of the world with tickers containing local financial information. Examples include CNBC Nordic, CNBC Singapore, CNBC Hong Kong and CNBC Australia. In North America, CNBC World airs business programming from CNBC Europe and CNBC Asia, as well as weekly magazine programs provided by CNBC-TV18 and the Nations. In Central America and the Caribbean, CNBC Latin America retransmits live programs from CNBC and CNBC World. In Canada, CNBC can be seen with most of the programming identical to the US counterpart. However, due to Canadian programming rights, the 9pm slot which shows television programming such as Deal Or No Deal, The Apprentice, 1 vs. 100 and Heads Up Poker, as well as any and all Olympic Games coverage, are replaced by CNBC World programming. However, documentaries are shown in Canada. This had the making of a major problem, as a highlight episode of The Apprentice 5 that aired April 23, 2006, was assumed to not be available anywhere for Canadians due to these blackouts. While the first airing at 9:00pm ET was blacked out, the second airing at 12:00am ET was accidentally shown. Blackouts on episodes that originally air on NBC and Global are likely to continue. However, occasionally, the television shows are shown and are not blacked out, possibly due to a mistake in transmission. CNBC's most recent international spin off is CNBC Africa. With roughly $600 million spent on advertising in South Africa alone, the network sees great potential in grabbing a potential share of that pot. Initially, CNBC Africa has bureaus in Kenya, Nigeria and South Africa and produces 9 hours of local programming per business day. The network was launched on 2007-06-01.

28

TIMES NOW is a Leading 24-hour English News channel that provides the urbane viewers the complete picture of the news that is relevant, presented in a vivid and insightful manner, which enables them to widen their horizons & stay ahead. TIMES NOW is brought to you by Times Global Broadcasting Co. Ltd., a Bennett, Coleman & Co service. We operate out of Mumbai, with presence in 15 other cities through our Bureaus and offices, complemented by the news gathering teams of The Times of India and The Economic Times. TIMES NOW is available across all platforms in India viz. Analog & Digital Cable and DTH, and on mobile through Reliance and Idea services. The Channel can be viewed LIVE outside of India on www.watchindia.tv with a Broadband connection. TIMES NOW is a 24-hour English news channel broadcast primarily in the South Asian region and sparingly across the USA through partner networks. The channel was launched as a jointventure of Bennett, Coleman and Co, the publishers of The Times of India and Reuters. It launched early-2006 expanding Times Group's reach into news television programming in India as well as to try and carve out its own slice of the English news channels in India pie. It was the first news channel in India to be launched on mobile screens (Reliance Infocomm Network), ahead of the TV launch and has significantly strengthened the digital presence since.

Times Now

Technical Specification for the Box

1. Satellite

INTELSAT 10 at 68.5 degree East

2. Down Link Frequency

4064.27 MHz

3. Polarization Launched

January Vertical23, 2006

Owned by 4. Transponder

BCCL 20 C

Country 5. Symbol Rate Website 6. FEC Ratio

India 4610 K symbols / sec http://www.timesnow.tv 2/3 Availability Satellite

Airtel digital TV (India)

Channel 300

Big TV (India)

Channel 453

DirecTV (U.S.)

Channel 2025

Dish TV (India)

Channel 606

Tata Sky (India)

Channel 534

29

History Times Now began its planning operations sometime in 2005. Sunil Lulla was hired from the Sony Entertainment Television to be the CEO and Arnab Goswami was chosen as the channel content head. A team of young people are the face of the channel. Some of the popular anchors on the channel are Rahul Shivshakar, Mahrukh Inayet, Harishree Mehta, Rupali Mehra, Rukmani Vishwanath, and Tamanna Imandar. Well-known investigative journalist Navika Kumar, who was earlier part of the Indian Express, is the Political Editor of Times Now. The band of reporters on the channel includes Srinjoy Chowdury, Jayanto Bhattacharya, Bhavtosh Singh, Tariq Mir, Dhanya Rajendran, Madhavdas Gopalakrishnan, Nidhi Tuli, Himar Arjun Singh and Nandita Suneja. Post the Reuters de-merger in early 2008, Chintamani Rao was brought in to head the network replacing Sunil Lulla who went on to pursue his entrepreneurial instincts. Mr. Rao comes with an extensive background of over three decades in Advertising and Brand Building 30

having worked in India and internationally for leading Advertising Agencies across various verticals saving creative.

Programming Times Now provide news and entertainment for the urbane audience. Feature shows include: Weekend Programs •

Frankly Speaking

•

Versus

•

Total Recall

•

Times Drive

•

The Foodie

Weekday Programs •

The Game

•

8PM

•

The News hour

•

E Now

•

News Now Overnight

Business Channel In early 2008, reports began to filter out that Times Now was planning to launch a Business News channel. Rahul Joshi, the Executive Editor of the Economic Times, is slated to lead the channel from an editorial perspective with Chintamani Rao at the helm as CEO of Times Global Broadcasting Co. Ltd. (the holding company of Times Now and the proposed Business Channel).

Distribution Early in 2008 Times Now (and sister channel Zoom) tied up with Star TV India (a News Corp company) for distribution in India. Star being the largest TV network brings distribution clout (and subscription revenues) to the two Times Group channels.

31

Popularity The initial response to the launch of this channel was demure, in response to the numerous other 24x7 News Channels. However, after suitable exposure and in conjunction with creative methods, it has become more popular with the wide ranging public. The channel ratings grew from 22% in January 2007 to 42% in November 2007 making it the top English Channel on Indian television. Despite the launch of more channels in the genre and the strengthening of existing players, Times Now maintained its leadership through 2008 closing the year with 26 of 48 weeks of leadership over competition.

32

2.1 OBJECTIVES OF THE RESEARCH

The main objectives of the study are as follows:-

33

1. A Comparative study of Audience Preferences for Foreign Business News Channel and Indian Business News Channel based in Chennai metro city. 2. To study the target audience perception towards their preferred business news channels on the basis of select criteria. 3. To study the effectiveness in the size of the hard news audience. 4. To understand the satisfaction level of content of news in Business News channel. 5. To analyze the data from Interpretations & Conclusions based on Findings from

Respondents. 6. To analyze Challenges faces & Strategies successfully adopted by Foreign Business

News Channels in New Market area apart from their parent market.

2.2 RESEARCH METHODOLOGY

The research method adopted is that of a descriptive research. The research aims at identifying the audience’s preferences in watching foreign and Indian news channel in Chennai metro city. The survey method has been used to carry out the study. The most important step in marketing research process is to define the problem. Choose for investigation because a problem well defined is half solved. That was the reason that at most care was taken while defining various parameters of the problem. After giving through brain 34

storming session, objectives were selected and the set on the base of these objectives. A questionnaire was designed major emphasis of which was gathering new ideas or insight so as to determine and bind out solution to the problems. Interview schedule is the technically a test of indicative questions those will be asked from the respondents. In this regard the researcher used a well structured interview schedule for collecting primary data. The interview consists of following types of questions: o Open ended questions o Direct questions o Dichotomous questions o Closed ended questions o Multiple choice questions

2.3 SAMPLING PLAN The sampling procedure followed is that of non-probability sampling. The study was conducted among audiences of business group watching CNBC, a foreign television news channel and Times Now, an Indian News Channel. Thus, the target populations that will be sampled are from Chennai metro city. These were 100 respondents.

2.4 DATA COLLECTION DATA SOURCE Research included gathering both primary and secondary data.

a) Primary Data Primary data is the first hand data using questionnaire, which are selected a fresh and thus happen to be original in character. Primary Data was crucial to know various audiences’

35

preferences about foreign and Indian new channels and to find out the most common reason for audience preference on one channel over other.

b) Secondary Data Secondary data are those which has been collected by some one else and which already have been passed through statistical process. Secondary data has been taken from internet, newspaper, magazines and companies web sites.

2.5 RESEARCH APPROACH / CONTACT METHOD The research approach was used survey method which is a widely used method for data collection and best suited for descriptive type of research survey includes research instrument like questionnaire which can be structured and unstructured. Target population is well identified and various methods like personal interviews and telephone/e-mail interviews are employed.

2.6 DATA ANALYSIS After the data has been collected, it was tabulated and findings of the project were presented followed by analysis and interpretation to reach certain conclusions.

36

2.7 RECOMMENDATIONS

During the study it has been found that some of the viewers of both Foreign & Indian Business Channels are not satisfied with the content of the news being provided. When they were asked for the reason to state, most of them say that TV business news channels broadcasted here are facing a qualitative crisis pertaining to disseminated content in the package of the news. It has become a commercialized sector to get more advertisements business based on TRP points

37

(Television Rating Points) scores and negotiate for higher revenue for air minutes and frequency of broadcasting. These effects channels to eying for news that is hot and sells just for earning more TRP’s. Every issue is hyped for a day or two, so much so that even if audiences switch to any channel, they all will be flashing the same story but when the heat is over there will be no following of the case. Some of the viewers say that it seems as if the business news channels have charted out their own doctrines and present anything as news and serve it to their audience. According to them stories of real life and real heroes of national interest are relegated to the lower ranks. Based on the findings from respondents, I would like to recommend that Foreign business news channels should emphasize more on providing important international business information along with regional market significance for the business people watching the channels so that the audiences can trust the authentic source of information being provided for running/planning their professional life successfully at Single Shop Window without having to switch the channels for Domestic/International news. While the Channels focus on earning the TRP’s for channel’s profitability, should also try to provide information that will be of some national interest to their audiences.

38

2.8 LIMITATIONS

1. The time allotted for the study is very less period, so the study was limited to 100 respondents and as a result of limited time availability, it was not possible to gather full information from respondents.

39

2. The findings are based only on the information given by the respondents and hence respondent’s biasness is another limitation. So the effect of misinterpretation and wrong answers may affect the outcome of the project.

3. Another major constraint was cost. The study involves substantial cost and was beyond the affordability of theme.

4.

Research work was carried out in one metro city ‘Chennai’ so the findings may not be applicable to the other parts of the country because of regional socio-cultural differences.

5. Such type of studies are psychological and require a lot of time as every individual is different and it is hard enough to study about each individual.

6. Few respondents are not confident while responding the questions. 7

There was no literature as ill as no material available related to my study so it took time to go around and collect relevant information from the respondents.

8

Some of the questionnaires are incomplete or ire not properly filled so it was difficult to analyze them.

40

41

Chapter III and IV: Empirical Results / Data analysis & Discussion

3.1 Data Analysis The data was collected, edited, consolidated and then coded. The data was analyzed using tables and graphical tools.

3.2 Analysis and Findings The response collected through various sources like meeting the personal, questionnaire circulation and data collection etc., is tabulated and the findings are tabulated as below:

Table no: 3.1 42

Respondents on the basis of business news channel Q1. Which business news channel do you prefer to watch most of your times? CNBC

58

TIMES NOW

25

OTHERS Source: Primary Data

17

INTERPRETATION: - Out of the sample size of 100 Audiences, 58 viewers of CNBC and 25 viewers of TIMES NOW are taken in to consideration for comparative study.

Figure no: 3.1

43

Respondents on the basis of business news channel

No. of Users

17%

CNBC TIMES NOW 58%

25%

Table no: 3.2

44

OTHERS

Respondents spend time on daily basis in watching business news Q2. How much time you spend on daily basis in watching business news? CNBC TIMES NOW Less than an hour. 22 12 Between 1 to 2 hour. 18 9 More than 2 hour 18 4 Source: Primary Data

INTERPRETATION: - There are more viewers for CNBC that are spending more than 2 hours and while checking the category of these audiences, we found that they are professional / self employed. Viewers spending less than an hour are basically business men running business with less than 10.

Figure no: 3.2

45

Respondents spend time on daily basis in watching business news

25

22

20 15

18

18

12 9

10

4

5 0

Less than an hour.

Between 1 to 2 hour. CNBC

TIMES NOW

Table no: 3.3

46

More than 2 hour

Respondents attention bearing news

Q3. How much attention you would give to the news bearing more international information’s?

HIGH MODERATE LOW Source: Primary Data

CNBC

TIMES NOW

16 28 14

9 10 6

INTERPRETATION: - It is observed that in CNBC as well as in TIMES NOW the viewers give moderate attention to the hard news but this ratio is comparatively high in case of CNBC. However the ratio of the viewers of CNBC who give high attention to the hard news is comparatively much more when compared to TIMES NOW.

Figure no: 3.3 Respondents attention bearing news 47

30

28

25 20 16 CNBC

14

15 9

10

TIMES NOW

10 6

5 0

HIGH

MODERATE

LOW

Table no: 3.4 Respondents watch news channels regularly

48

Q4. Do you watch news channels regularly? CNBC YES 38 NO 20 Source: Primary Data

TIMES NOW 18 7

INTERPRETATION: - A large segment of the viewers of CNBC and TIMES NOW agrees to the fact that they watch these business news channels regularly.

Figure no: 3.4 Respondents watch news channels regularly

49

40

38

35 30 25

20

YES

18

20

NO

15 7

10 5 0

CNBC

TIMES NOW

Table no: 3.5 Respondents best understanding level of the news always comes on

50

Q5. What would you choose if you have to say Best understanding of the news always comes on CNBC TIMES NOW Watching Motion pictures 40 22 Reading or hearing 18 3 Source: Primary Data

INTERPRETATION:- Most of the viewers of CNBC and TIMES NOW gave preference to seeing pictures or video footage while very few viewers says that they learn more from reading and hearing the facts about what had happened.

Figure no: 3.5 Respondents best understanding level of the news always comes on

51

40 40 35 30 25

22

Watching Motion pictures

18

20

Reading or hearing

15 10 3

5 0 CNBC

TIMES NOW

Table no: 3.6 Respondents satisfaction level with the content of the news being provided by the business news channels

52

Q6. Are you satisfied with the content of the news being provided by the business news channels? CNBC TIMES NOW YES 42 16 NO 16 9 Source: Primary Data

INTERPRETATION: - Majority of the viewers of CNBC says that they are satisfied with the content of the news being provided by the business news channels.

Figure no: 3.6 Respondents satisfaction level with the content of the news being provided by the business news channels

53

45

42

40 35 30 25

YES 16

20

NO

16

15

9

10 5 0 CNBC

TIMES NOW

Table no: 3.7 Respondents purpose of watch these channels

54

Q7. For what purpose do you watch these channels? BUSINESS AWARENESS INVESTMENT PURPOSE ANY OTHER PURPOSE Source: Primary Data

CNBC 29 22 7

TIMES NOW 10 10 5

INTERPRETATION: - Majority of the viewers of CNBC and TIMES NOW says that they watch these news channels for business awareness and investment purpose. But this ratio is comparatively high in case of CNBC.

Figure no: 3.7 Respondents purpose of watch these channels

55

30

29

25

22

20 15 10

CNBC 10

10

TIMES NOW 7 5

5 0 BUSINESS AWARENESS

INVESTMENT PURPOSE

ANY OTHER PURPOSE

Table no: 3.8 Respondents aspect of the news preference

56

Q8. Which aspect of the news is most preferred by you? JUST HEADLINES HEADLINES WITH BRIEF REPORTING ON THE FACTS IN DEPTH ANALYSIS DON’T KNOW Source: Primary Data

CNBC 21 30

TIMES NOW 7 14

7 0

3 1

INTERPRETATION: - A large segment of viewers of CNBC and TIMES NOW prefer to get headlines and/or headlines with brief coverage on the facts. Very few viewers are interested in the in-depth analysis of the facts. While those who are disengaged from the hard news altogether shows a clear preference for simpler news presentations i.e. just headlines.

Figure no: 3.8 Respondents aspect of the news preference

57

30

30 25 20

21 14

15 10

CNBC 7

5

7

TIMES NOW 3 0

0 JUST HEADLINES

1

IN DEPTH ANALYSIS

Table no: 3.9 a Respondents influence level in a news source

58

Q9. How much these aspects influence you when a news LIKES

CNBC DIS DOESN’T LIKES MATTER

LIKES

TIMES NOW DIS DOESN’T LIKES MATTER

a) Presents debates between people. b) Reporters with pleasant personality.

48

7

3

11

14

0

48

8

2

18

5

2

50

8

0

20

3

2

48

4

6

11

7

7

20

30

8

13

6

6

c) Has an in-depth interview. d) Shares your point of view. e) Blend your

emotions. Source: Primary Data

CNBC INTERPRETATION: - People like many different styles of presenting the news, and their preference ranges from serious to lighthearted. A solid majority of viewers of CNBC likes in-depth interviews with leaders and policy-makers. Comparable numbers also like debates between people with different point of views and news presented by reporters and anchors with pleasant personalities. Some of the viewers also likes when their point of view is taken into consideration. But most of them dislike the news aimed at stirring the emotions.

Figure no: 3.9 a Respondents influence level in a news source (CNBC)

59

50 45 40 35 30 25 20 15 10 5 0

48

50

48

48

30 20 7

8 3

8 2

0

8

4 6

CNBC LIKES CNBC DISLIKES CNBC DOESN’T MATTER

a) Presents b) Reporters c) Has and) Shares e) blend debates with in-depthyour point ofyour between pleasant interview. view. emotions. people. personality.

3.9 b Respondents influence level in a news source (Times Now)

60

TIMES NOW INTERPRETATION: - Out of the sample size of 50 viewers of TIMES NOW a large segment gives preference to the in-depth interviews. Out of 50, 18 viewers say that they like the news presented by the reporters and anchors with pleasant personalities. Only 14 viewers want to be moved emotionally by the news. 10 viewers express positive opinion of news source sharing their point of views. Very few viewers of TIMES NOW say that they like debates between people.

Figure no: 3.9 b Respondents influence level in a news source (Times Now) 61

20 18 16 14 12 10 8 6 4 2 0

20 18 14

13

11

11 7 7 5 2

3

TIMES NOW LIKES 6 6

TIMES NOW DISLIKES TIMES NOW DOESN’T MATTER

2

0 a) Presents b) Reporters c) Has an in- d) Shares e) blend your debates with pleasant depth your point of emotions. between personality. interview. view. people.

Table no: 3.10 Respondents category of news is followed very closely 62

Q10. What do you think what type of news is followed very Closely? CNBC TIMES NOW INTERNATIONAL 45 16 AFFAIRS LOCAL GOVERNMENT 40 20 Entertainment, SCIENCE & 20 20 TECHNOLOGY BUSINESS & FINANCE 38 13 CONSUMER NEWS 13 14 WEATHER NEWS 15 6 Source: Primary Data

INTERPRETATION: - A large segment of the viewers of CNBC say that they track all business category news with coverage on international from very closely while in case of TIMES NOW viewers are giving more preference to science and technology. A comparable numbers say that they follow local government and entertainment, science &Technology news very closely. It is observed that there has been a continuous decline in interest in consumer news and weather news in both the channels. But as far as international affairs are concerned fair amount of viewers from both Foreign and Indian channels say that they follow such news closely. However this % is very low in case of TIMES NOW.

Figure no: 3.10 63

Respondents category of news is followed very closely

45

45 40

40

38

35 30 25 20 15

20 16

CNBC

20 20 13 14

13

10

TIMES NOW

15 6

5 0 INTERNATIONAL LOCAL Entertainment, BUSINESS & AFFAIRS GOVERNMENT SCIENCE & FINANCE TECHNOLOGY

CONSUMER NEWS

WEATHER NEWS

Table no: 3.11 Respondents level of channel preferences

64

Q11. What do you think which channel have more coverage in terms of audience CNBC

68

TIMES NOW Source: Primary Data

22

INTERPRETATION: - More surprisingly, out of the sample size of 100 Viewers, 68 viewers say that CNBC have more coverage while 22 viewers gave their rating to TIMES NOW.

Figure no: 3.11 Respondents level of channel preferences 65

24% CNBC TIMES NOW 76%

Table no: 3.12 Respondents level of believe all or most of what channels say 66

Q12. Do you believe all or most of what Channels say CNBC TIMES NOW YES 42 13 NO 10 7 DON’T KNOW 6 5 Source: Primary Data

INTERPRETATION: - Mostly the viewers of both Foreign and Indian Channels believe the credibility of major news organizations. Very few viewers say no or don’t know to this credibility rating.

Figure no: 3.12 67

Respondents level of believe all or most of what channels say

45

42

40 35 30 25

CNBC

20

TIMES NOW 13

15

10

10

7

6

5

5

0 YES

NO

DON’T KNOW

Table no: 3.13 68

Respondents impact on daily professional life

Q13. Do you think that these news channels are having any kind of direct or indirect impact on your daily professional life CNBC TIMES NOW YES 37 13 NO 13 10 Don’t Know 8 2 Source: Primary Data

INTERPRETATION: - Majority of the viewers of both CNBC & TIMES NOW agree that these news channels are having impact on their daily lives but this ratio is comparatively low in case of TIMES NOW.

Figure no: 3.13 69

Respondents impact on daily professional life

40

37

35 30 25 CNBC

20 13

15

TIMES NOW

13 10

10

8

5

2

0 YES

NO

Don’t Know

Table no: 3.14

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Respondents interesting level in hard news

Q14. Do you think that the hard news audience has increased in size from the past few years largely by the rise in interest in business news CNBC TIMES NOW YES 44 13 NO 10 9 DON’T KNOW 4 3 Source: Primary Data

INTERPRETATION: - A large number of viewers of CNBC and TIMES NOW agree to the fact that there has been a tremendous increase in the size of the hard news audience largely by the rise in interest in business news. However, this % is relatively high in case of CNBC

Figure no: 3.14 71

Respondents interesting level in hard news

45

44

40 35 30 25

CNBC

20

TIMES NOW 13

15

10

10

9 4

5

3

0 YES

NO

DON’T KNOW

Table no: 3.15 72

Respondents role in the rapid increase in the size of the hard news audience

Q15. Does education plays any significant role in the rapid increase in the size of the hard news audience? CNBC TIMES NOW YES 37 14 NO 15 9 DON’T KNOW 6 2 Source: Primary Data

INTERPRETATION: - A large segment of the viewers of CNBC and TIMES NOW believe that education plays a very significant role in the rapid increase in the size of the hard news audience.

Figure no: 3.15 Respondents role in the rapid increase in the size of the hard news audience

73

40

37

35 30 25 CNBC

20 14

15

TIMES NOW

15 9

10

6

5

2

0 YES

NO

DON’T KNOW

74

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Chapter V: Summary and Conclusions 5.1 FINDINGS 76

During this short span of the research project I interacted with the Target group audiences watching CNBC and TIMES NOW news channel in Chennai Metro city. Out of the sample size of 100 viewers, 58 viewers of CNBC and 25 viewers of TIMES NOW are taken into consideration. But still I found that the ratio of the viewers of CNBC in Chennai city is comparatively greater than that of TIMES NOW viewers. It has been find out that in CNBC as well as in TIMES NOW the viewers give moderate attention to the hard news but this ratio is comparatively high in case of CNBC. However the ratio of the viewers of TIMES NOW who give high attention to the hard news is comparatively much more when compared to CNBC. The majority of viewers of both TIMES NOW and CNBC news channels spend mostly ½ hour to 1 hour in watching business news. When they are asked that do they watch these news channels regularly then a large segment of the viewers of CNBC and TIMES NOW agrees to the fact that they watch these business news channels regularly. It has been observed that majority of the viewers of CNBC and TIMES NOW says that they watch these news channels for business awareness and investment purpose. But this ratio is comparatively high in case of TIMES NOW. Most of the viewers of CNBC and TIMES NOW give preference to seeing pictures or video footage while very few viewers says that they learn more from reading and hearing the facts about what had happened. It has been found that a large segment of viewers of CNBC and TIMES NOW prefer to get headlines and some coverage on the facts. Very few viewers are interested in the in-depth analysis of the facts. While those who are disengaged from the hard news altogether shows a clear preference for simpler news presentations i.e. just headlines. People like many different styles of presenting the news, and their preference ranges from serious to lighthearted. A solid majority of viewers of CNBC likes in-depth interviews with leaders and policy-makers. Comparable numbers also like debates between people with different point of views and news presented by reporters and anchors with pleasant personalities. Some of the viewers also likes when their point of view is taken into consideration. But most of them dislike the news aimed at stirring the emotions. On the other hand it is observed that in TIMES NOW a large segment gives preference to the in-depth interviews. Out of 100, 36 viewers say that they like the news presented by the reporters and anchors with pleasant personalities. Only 28 viewers want to be moved emotionally by the news. 20 viewers express positive opinion of news source sharing their point of views. Very few viewers of TIMES NOW say that they like debates between people. 77

When the viewers are asked as to what type of news is followed very closely then a large segment of the viewers of TIMES NOW say that they track business and finance news very closely while in case of CNBC viewers are giving more preference to science and technology. A comparable numbers say that they follow local government and weather news very closely. It is observed that there has been a continuous decline in interest in consumer news and weather news in both the channels. But as far as international affairs are concerned 60 viewers of CNBC say that they follow such news closely. However this % is very low in case of TIMES NOW. It has been found that there are more viewers of CNBC in case of Chennai city. It is because when the viewers are asked to give their opinion about which of the two channels is having more coverage in terms of audience then most of them would give their vote to CNBC. Out of the sample size of 50 Viewers, 28 viewers say that CNBC have more coverage while the remaining 22 viewers give their rating to TIMES NOW. It has been observed that mostly the viewers of CNBC and TIMES NOW believe the credibility of major news organizations. Very few viewers say no to this credibility rating . Majority of the viewers of TIMES NOW agrees that these news channels are having impact on their daily lives but this ratio is comparatively low in case of CNBC. It has been found that a large number of viewers of both Foreign and Indian business news channels (CNBC and TIMES NOW) agree to the fact that there has been a tremendous increase in the size of the hard news audience largely by the rise in interest in business news and according to them education plays a very significant role in the rapid increase in the size of the hard news audience. Majority of the viewers of CNBC and TIMES NOW say that they are satisfied with the content of the news being provided by the business news channels. Does that mean that the television channels we have just mentioned offer the same frameworks to interpret and understand the daily events? Do they talk about the same issues and give us the same news? Do they offer the same portrait of the Country? The answer is Yes and No, at the same time it depends on the depth of the analysis. The profound level of analysis shows us how their format and content coincide. The same structural distribution of themes lead us to two important ideas: the specific understanding of what is relevant, on the one hand, and who is allowed to appear on the news on the other. The superficial level also shows great similarities among the different news programs. They all 78

follow the same structure, choose the same genre, and combine sounds, pictures in the same way. They all use the same audiovisual resources. But, there is an intermediate level of analysis, the one that presents the greatest differences. That level gives us information about the different points of view of the broadcaster. This is the level in which the news gets its context. In this intermediate level we can see that the themes and actors repeated in every news program present a different environment depending on the channel’s ideology. The news is described with different reasons and consequences; it’s presented in different referential contexts. In other words, it’s presented in a different cognitive framework. Politics is one of the most important themes of the news. Four out of ten news items are related to the activities of the different governmental institutions, political parties, unions and so on. But other subjects are also affected by politics. We see the president or representatives of political parties taking part in sporting and cultural events. This is the invasion of social life by politics and it makes up 50% of all the news on these programs. Politicians and institutions are also the most legitimate actors in social life, according to TV news. They act for the benefit and welfare of society, they are the movers and shakers of social improvement.

More time is spent on the main news items, mostly politics. They are also placed in the summary and they are developed in special ways: reporters go on location, use more technical equipment, do live interviews, etc. In short, the favored news items receive more technical emphasis. In addition pictures are used to illustrate the verbal information. Although pictures are the basis of television, that does not apply to news programs. Journalists personalize the content of the news and present it to the audience.

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5.2 RECOMMENDATIONS During the study it has been found that some of the viewers of both Foreign & Indian Business Channels were not satisfied with the content of the news being provided. When they 80

were asked for the reason to state, most of them say that TV business news channels broadcasted here are facing a qualitative crisis pertaining to disseminated content in the package of the news. It has become a commercialized sector to get more advertisements business based on TRP points (Television Rating Points) scores and negotiate for higher revenue for air minutes and frequency of broadcasting. These effects channels to eying for news that is hot and sells just for earning more TRP’s. Every issue is hyped for a day or two, so much so that even if audiences switch to any channel, they all will be flashing the same story but when the heat is over there will be no following of the case. Some of the viewers say that it seems as if the business news channels have charted out their own doctrines and present anything as news and serve it to their audience. According to them stories of real life and real heroes of national interest are relegated to the lower ranks. Based on the findings from respondents, I would like to recommend that Foreign business news channels should emphasize more on providing important international business information along with regional market significance for the business people watching the channels so that the audiences can trust the authentic source of information being provided for running/planning their professional life successfully at Single Shop Window without having to switch the channels for Domestic/International news. While the Channels focus on earning the TRP’s for channel’s profitability, should also try to provide information that will be of some national interest to their audiences. I would like to provide few more recommendations based on learning from respondents comments and other sources obtained from articles about news channels appearing in both trade and general interest publications. as follows; a) The entry decisions of International channels into a new market are studied in the context of three strategic areas. i ) The choice of regional vs. global strategy, ii) the first mover.s advantage and iii) the role of strategic alliances. Global strategy The realization that markets for consumer goods are becoming global has raised the question of product standardization to meet this global need. The driving force behind 81

standardization is economies of scale. The assumption is that consumers will be willing to give up on certain preferences in return for a higher price/quality ratio. Adopting a global strategy to meet such global demand gives the firm a competitive advantage in cost and efficiency. Researchers pointed out that factors such as the similarity of the home and host countries along lines of economic development, market development and cultural differences determine whether standardized global products would work. Media corporations have to decide whether product standardization is a viable strategy in the process of globalization. However, a number of communication studies demonstrate audience’s preferences for national over international products. The media corporations desire to reap the benefits of scale economies is in conflict with the audience’s desire for content that is culturally proximate and relevant. It would appear that in order to develop an audience, these channels would have to provide localized content. First mover advantage One factor that can confer a competitive advantage is market entry timing. The first mover advantage is the ability of a pioneering firm to earn profits that are in excess of the cost of capital. The first mover enjoys the scale and learning advantages. There is believed to be a causal connection between the order of entry and market share, the earlier a firm enters the market, the higher will be its market share. Economists see first mover advantages accruing because of barriers to entry faced by the later entrant. These include scale effects, experience effects, asymmetric information about about product quality, differences in the marginal effects of advertising between first and later entrants, reputational effects, buyer switching costs, technological leadership and preemption of scarce resources. One of the most significant behavioral factors that confer an advantage on a first mover is the ability to preempt the perceptual space. Since consumers know little about a new product, the first entrants product influences their perceptions about what that product should be like. The first mover may be able to determine what attributes are valued, what product characteristics are perceived as ideal and use this to their benefit over competitors who enter the market after them. The first mover may even be able to define the product category as a whole, and thus become the .prototype. against which later entrants are judged. While the behavioral aspect of first mover advantages provides useful insights it has been criticized for its assumption that the follower is believed to have a me-too brand. In fact, some firms deliberately choose to enter a market later rather than earlier and use the

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performance of the pioneer as a basis for determining whether the market is a viable one. The later entrant.s levels of performance can be comparable or even superior to those of the market pioneer. Even when the first entrant has a competitive advantage, there is the question of whether this competitive advantage is sustainable based on three necessary conditions for a sustainable competitive advantage; First .customers should perceive a consistent difference in important attributes between the producer.s product or service and those of his competitors Second, this difference should be the result of a gap in the capability of the producer and his competitors and both these factors should endure over time. Finally, the product must be differentiated enough to win the loyalty of a significant set of buyers. It is interesting to consider whether, as a follower, CNBC was able to benefit from any weaknesses TIMES NOW may have had. The first mover advantage can also be examined in the context of the merged strategic Alliances. An alliance is an economic relationship between a firm and another entity such as a factor supplier or a distribution channel that involves and explicit contractual agreement between the entities. Strategic factors involve using alliances to enhance a firm.s competitive position through market power or efficiency. Over the last two decades there has ben an increase in the number of strategic alliances formed, and experts see globalization as the driving force behind this Strategic positioning theory implies that alliances are motivated by the desire to shape competition and consolidate the firm.s market position.Different strategic motives have been offered as explanations for alliance formation. These include risk sharing and market dominance, conforming to host government policy and developing vertical linkages that lead to competitive advantages. In the case of the international business news channels, the two main strategic factors that drive alliance formation are the development of vertical linkages for distribution and conforming to host government policies, specifically dealing with the legality of satellite dishes.A major challenge that the international channels faced was effective Distribution due to the cost of the dishes and government Regulation. The international news channels have found themselves at the mercy of cable operators who have to be wooed in order for these channels to reach their potential audiences. Thus agreements with these operators have become a critical component of a channel’s distribution strategy. To increase the distribution of the channel, other strategic alliances these channels entered into are with terrestrial broadcasters and in some instances, country governments. COMPETITIVE STRATEGIES Globalization or customization? 83

Customization can take one or more of the following forms; i) the use of local on-air personalities, ii) stories that are relevant to the region, and iii) language customization by either subtitles or versioning. If you are looking for a broad base audience that includes lower demographics, you better customize and customize Idiomatically. This strategy was reflected in the steps that CNBC took to strengthen its position in the region with launch of a separate channel for India. CNBC, that carried more local content and provided a separate opportunity for local advertising reiterated the emphasis on regional programming. In order to localize content, 18 bureaus were set up all over the country. Local programs covered news from the Bombay stock market, analyzed news from the subcontinent and examined trends in the Indian business environment. CNBC would produce in the local language using subtitling or dubbing, timeshift to suit local viewing tastes and package the programs to alter the look and feel of the channel. The impact of direct competition in the business news segment was greater financial commitment in the form of more on-location programming, and live news broadcasts. CNBC planned to attract Asian audiences by following the money wheel from Asia to Europe and the US. The channel offered live, day-long coverage of Asian stock market news followed by an Asian market wrapup. Along with this, CNBC also carried live programming includeing a daily, half-hour show about corporate leaders and a magazine format program, Money, Money, Money, which taught viewers how to invest their money. Their plan was to provide 12.5 hours of original Asian programming. The channel.s prime differentiating factor was its global Coverage. Strategic Alliances CNBC India feed was launched on the STAR TV controlled satellite, Asia Sat. The channel planned to join the STAR TV managed Indovision digital package in Indonesia on Palapa C-2. In its first year of operation, much of CNBC.s focus was on signing deals with cable operators in different countries to expand its distribution. CNBC viewed India and China as important Asian markets. In order to be successful in the region, penetration of these markets was essential. An agreement with Indian MSO, IN Cablenet systems gave CNBC access to more number of subscribers. Thus, strategic alliances with various cable systems helped overcome government restrictions and helped each gain a competitive edge.

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5.3 CONCLUSION

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In the world of today, business news has become almost as necessary as food and clothing. It is true that news is playing an outstanding role in strengthening the society and knowledge of business people doing businesses by way of sharing thoughts and ideas. It is the mirror of the society. Business News Channels be it Foreign or Local, are now-a-days regarded as one of the most important catalysts that have an invariably important role in shaping up public opinions, ideas, sentiments, and dogmas by promulgating accurate and desirable information and knowledge. Due to its vast intrusion in public life, it has the power of creating an enduring impact on society and culture of the region. Its duty is to inform and educate people. It helps us to know what’s going on around the world. They put their lives in danger during attacks or natural disasters just to inform us of the situation. It is partly because of them that awareness is spreading in the society. It is the business news media which shape our lives. Our lives would be incomplete without the news. After making a comparative study it is concluded that that there are more numbers of viewers for foreign business news channels (CNBC) in case of Chennai Metro City. It is because when the viewers are asked to give their opinion about which of the two channels is having more coverage in terms of audience then most of them would give their vote to CNBC. Out of the sample size of 100 Viewers, 58 viewers say that CNBC have more coverage while the remaining 25 viewers and 17 viewers gave their rating to TIMES NOW and to Other Channels respectively. It has been found that a large number of viewers of CNBC and TIMES NOW in Chennai Metro City agree to the fact that there has been a tremendous increase in the size of the hard news audience largely by the rise in interest in business news and according to them business dynamics plays a very significant role in the rapid increase in the size of the hard news audience. Majority of the viewers of CNBC and TIMES NOW say that they are satisfied with the content of the news being provided by the business news channels. Therefore we can say that the business news channels are acting as a great force in building the nation/society. Analysts had questioned whether there was a market for an exclusive financial channel in Asia. In theory the market for international business channels was lucrative, attracting Asian business executives who would get their daily market and business information in English. In practice this was a difficult market to reach. In many Asian countries, English is a second language and the international channels faced competition from local channels that had a business news component. Another difficulty

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the international business channels faced was attracting advertisers and advertising revenues. While the merger aimed at strengthening their position and building on their combined market share. Analysts had questioned whether there was a market for an exclusive financial channel in Asia. While the merger strengthened the position of the CNBC Asia with increased market share and improved distribution, there continues to be competition in this segment. CNBC finds itself investing in original programming in order to stay ahead and maintain its advantage of being an early entrant in the market. Contrary to expectations international business news channels did not find it easy to establish a presence in the Asian market. The assumption that there was a substantial English speaking audience was proved wrong, and broadcasting in English further limited the audience in many countries. CNBC.s response was to localize by dubbing and subtitling and broadcasting in local languages. Both realized that there is a greater interest in regional content and after they merged continued to take steps to localize content. The business news segment has seen an increase in competition from both national and regional channels. Retaining the first mover.s advantage has meant making substantial investments to develop original and interesting programming. Whether this advantage will be retained can only be assessed by looking at how the international channel compares with national channels in terms of both advertising revenues and ratings. At present this data was not available. The lessons for international specialized content providers are that audiences prefer customized regional products. Being an early entrant in the market does not ensure a long term competitive advantage and strategic alliances with distributors play a very important role in getting larger audiences. Future researchers could consider examining the programming styles and content of national news/business news channels that see themselves as competitors, to determine whether first mover CNBC Asia established a product standard in terms of content, style and format, that competitors followed. One of the concerns that media scholars have had as media conglomerates carve out market share is a loss in diversity for the audience. Channels need to distinguish themselves from each other and therefore the argument can be made that it will lead to greater variety for the audience. However, the content and style is often set by first mover, others who follow tend to adopt similar formats. In that case, diversity suffers. A textual analysis of content on the different channels in this segment is needed if we are to reach a more definitive conclusion on the issue of diversity.

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