Mark Thompson, CNN’s chief executive, is driving a transformative shift at the network, focusing on adapting to the digital age to secure CNN’s future. He emphasized that following audiences to new platforms like new social media platforms is a must and that failure to do so could jeopardize the company’s prospects and future.
Key steps include a $70 million investment from parent company Warner Bros. Discovery to bolster digital efforts. Moreover, they plan to hire 200 new staff in digital roles and launch subscription products for streaming and lifestyle content. With that, CNN is reducing its reliance on traditional TV, cutting 200 jobs in that area while reshaping its TV schedule with new programs and anchors.
CNN’s challenges include declining TV ratings, a shrinking digital audience, and underperforming advertising revenue, which are some of the main sources of revenue for a news channel. Despite these hurdles, Thompson draws on his experience at The New York Times and the BBC, where he successfully navigated revenue declines in traditional media. Recent initiatives include introducing a paywall for CNN’s website and app so that nobody can access the website and app without a subscription.
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Thompson wants CNN to be the future generation’s go-to news and media channel. For that, leveraging social media and new streaming platforms that resonate with the younger generation is extremely important.