Introduction
In today’s world, media companies play a vital role in the life of society. With the rise of social media and Internet use, traditional media companies have been challenged to keep up. Keeping up was no easy task, considering that the multitude of platforms for broadcasting would increase production costs (Albarran, 2016). However, the abundance of ways to broadcast media helped the companies as well, be it on an international level as Hearst or more local as Saga Communications.
Hearst Corporation
Hearst Corporation is global media and services establishment that, in addition to media, focuses on a multitude of various services that work on international levels. Globally, the company markets itself as a provider of media and information as well as transportation (CAMP Systems) and credit rating (Fitch Ratings) (“About Hearst,” n.d.). Naturally, the same services are presented to customers locally and nationally. Financially, the company has faced several struggles due to the economic uncertainty of 2022, including the company’s largest source of profit, the Fitch Group. On the other hand, other Hearst ventures have seen record profits, which allows the company to continue to invest in the business ($300 million in 2022) (“Annual letter from Steve Schwartz,” 2022). New investments help create new jobs and further development opportunities for the company.
As has been mentioned above, the largest source of profit at Hearst is the Fitch Group, which targets financial experts by providing information and analytics regarding both global and local markets. Due to the variety of services the company offers, its market is incredibly diverse. The production and distribution strategy lies within constant investment in both already established and newly-developing branches, as well as the acquisition of intellectual property. In addition, Hearst focuses on delivering an abundance of content, varying from TV shows to medical data (“About Hearst,” n.d.). With all of these outlets being available online, the company has managed not only to keep up with technological development, but also profit from it greatly.
Saga Communications
Saga Communications is a broadcasting company that focuses on obtaining and managing radio stations, and its marketing is conducted on a local level. According to the company’s 2021 financial statement, it has managed to recover from losses sustained in 2020 and continues on the pattern of growth (“Saga communications, inc. 2021 Annual report,” 2022). As a company that provides media services, Saga Communications relies on advertisement to gain profit. In addition, the establishment holds various events that promote talent and increase revenue. The radio stations that Saga Communications hosts vary greatly in music and shows that are broadcast; therefore, the audience range is quite large. Furthermore, to entice younger audiences, certain stations have podcasts. For example, Sunny 95 has The Screening Room, a podcast about movies, and Garage Gaze with Arch Madness, a show about rock music (“Sunny 95”, n.d). The company’s strategy for production and distribution is a fair mix of obtaining and producing content. Overall, Saga Communications has managed to keep in touch with the digital era.
Conclusion
In conclusion, the world of media is a diverse market that, with the age of the Internet, has faced various challenges as well as obtaining certain advantages. Hearst Corporation and Saga Communications are both media companies; however, their reach and velocity differ quite significantly. Hearst has an extensive global influence with multiple services and media outlets, while Saga Communications focuses on local radio stations. Despite these differences, both companies managed to adapt to the change brought by technological advancements.
References
About Hearst. (n.d.). Web.
Albarran, A. The media economy. Taylor & Francis Group, 2016.
Annual letter from Steve Swartz. (2023). Web.
Saga communications, inc. 2021 Annual report. (2022). Web.
Sunny 95. (n.d). Web.