Third quarter earnings from the largest television network owners show a tepid advertising environment. Blame Nielsen. Or ebola. Or something.
Network owners argue improper measurement is responsible for advertising declines, not a lack of viewing or hit shows. The blame Nielsen, the industry's leading ratings agency, for not accurately measuring on-demand, streaming and mobile viewing.
AMC Networks / Via amcnetworks.com
Ratings have been steadily eroding for years, but a precipitous decline began this summer and has continued through the new fall television season. As ratings have declined, so too has advertising growth, particularly among cable networks, as evidenced by third quarter results. Advertising revenue was all over the map, from a gain of 5.4% at Scripps Interactive, owner of Food Network and HGTV, to a decline of 5.8% at AMC Networks, which owns AMC, IFC, and Sundance, and blamed the drop on tough comparisons to the third quarter of 2013, when the final episodes of Breaking Bad aired.
Elsewhere, Comcast and CBS reported advertising gains at their broadcast networks, but Comcast also had a 4.6% decline at its cable networks. Rupert Murdoch's Fox experienced a 5% advertising revenue decline at its broadcast network, but a gain of 10% at its cable channels. Time Warner's Turner Networks, which include TBS, TNT, and CNN, posted a decline of 2%, while Discovery Communications reported a 1% increase in advertising revenue.
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