One of the most wonderful things about our industry is just how much we punch above our weight in terms of influence. Whether it’s influencing customers to buy our clients products or influencing politicians via news and a current affairs, we as an industry have a lot of clout for what is a minor monetary contribution to the overall GDP of Australia (2-3%). In recent months this very fact has again been illustrated with the very public interest of Gina Rinehart who has invested in both the Ten network and the print and online publisher Fairfax.
They are an interesting choice of media to invest in. Both are under a lot of pressure as media networks trying to improve their bottom line and their share of the media pot which kind of rules out this investment being highly profitable, at least in the short term. Both also have distinct differences in the audience they attract with ten being traditionally the young and funky crowd, and Fairfax being a touch more serious as “the thinking person’s media”.
OMG! That must be it, how the plot suddenly thickens, what is this mining baroness up to? Combine those two audience groups and Gina can now brainwash a nation spanning the young and old peoples of Australia. Quick call the national guard, the army, the police, or better yet lets have another media something something inquiry … apologies for the obvious sarcasm but really I think Gina’s interests are far more simplistic and benign in nature as she establishes herself as the female equivalent of Kerry Packer.
To understand her motive however we have to ask the million dollar question…sorry the “billion” dollar question (It is Australia’s richest person after all), and this is: Why is Gina suddenly interested in media companies? Judging by the media frenzy and the flood of conspiracy theories proposed by a number of journalists from a myriad of competing networks no one really knows, because no one really knows Gina Rinehart. For me that in itself could be the answer, maybe Gina wants to come in from the mine (couldn’t resist). Media interests are a proven vehicle to let the world know what you’re like, just ask the Packer family or the Murdochs. So maybe her investment is not the second installment of Tinker Tailor Soldier Spy and we should all stop being so suspicious. Perhaps it is just a leading business woman who now wants to engage with the country that has made her and her family very wealthy.
Unfortunately, given the significant reaction in the press there will be one major impact that I think will be inevitable and a shame for the media industry as a whole. That is the influence it will have on the Federal Government, who will now probably delay ruling on the cross media platform ownership laws as a result of her investments. These do need a significant overhaul but sadly her very well-known political views will undoubtedly make the current government nervous. When it comes to media personalities and their influence the pollies in Canberra watch far too much television and read far too many spy novels and will again think it’s another John Le Carre character plotting to bring them down.
Nick Keenan
Head of IP&I Melbourne
MediaCom
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