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Television news was already vaccinated

11112020_TV news

Television news was already vaccinated

One of the unexpected beneficiaries of the pandemic has been traditional television news. Prior to COVID-19 news agencies were seeing their audiences decline (2019), with many showing double-digit drops as alternate channels (Facebook, Twitter, etc) were drawing more attention.

However, news consumption soared in 2020 with the pandemic, social unrest and of course the U.S. election pulling people towards more trusted and consistent video formats. One of the major winners of this in the U.S. has been Fox News with 3.7 million nightly prime-time viewers, up approximately 46 per cent year to date with a spike of 139 per cent year over year in October (ahead of the election).

In fact, Fox News attracted the highest audience of any network for its election coverage with 13.7 million people tuning in, making a 19th consecutive year as the #1 watched U.S. cable news network a near certainty. While a downturn in ratings after the election will be unavoidable, Fox News may be set to receive a fresh bout of competition from an unlikely source. In a highly unusual move for on outgoing president, reports indicate that Donald Trump is planning to launch of a rival right-wing news network once he leaves office, encroaching on an area Fox News has had to itself for around 20 years.

Daily U.S. news viewership (000) has soared in 2020

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Source: Bloomberg (January 1, 2020 to October 31, 2020)

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Amit joined MGIM in April 2018 as a Senior Research Analyst after spending seven years as a credit analyst at Credit Agricole and Citigroup, based in New York. Prior to this, Amit was an investment banker with Citigroup for five years in New York and Sydney, focusing on Media and Telecoms; Metals and Mining; and Consumer Products.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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