Media Business
Elon Musk: I Bought Twitter Because It Was ‘Having a Corrosive Effect on Civilization’
” I was worried that it was having a corrosive effect on civilization.”
Published
6 months agoon
By
BNM Staff
Elon Musk returned to the Joe Rogan Experience for a conversation that covered a variety of issues stemming from his involvement with SpaceX to Tesla and Twitter, now referred to as X. During the two plus hour conversation, Musk went into detail on why he chose to spend 44 billion dollars to purchase Twitter, and addressed some of the key challenges the platform dealt with under prior leadership.
When asked by Rogan what ultimately led him to choose to buy the platform, Musk shared that he felt Twitter was doing more harm than good.
“This is going to sound somewhat melodramatic, but I was worried that it was having a corrosive effect on civilization,” revealed Musk. “It was just having a bad, bad impact. Part of that is where it was located, which as you know is downtown San Francisco.”
Musk explained how the the platform’s approach had become influenced by people who shared a different type of philosophy from most of the world. He called San Francisco-Berkley one of the most far left places on earth, and though he viewed San Francisco as a beautiful city, the area surrounding the company had become a zombie apocalypse.
He shared that Twitter’s prior regime was essentially given an information technology weapon which was used to inject a mind virus into the rest of the world. He added that the public was not aware of how much control the government had gained over the platform labeling it a state publication. Musk added that Republicans and views to the right and middle of the road had become censored by a 10 to 1 margin.
A large part of the discussion then turned towards the importance of free speech. Musk explained why it’s vital to protect the first amendment and shared that there had been severe violations by multiple government agencies which warranted repercussions.
Rogan asked Musk if he felt all media groups were working closely with the government, which Musk said yes, adding that X is the only social media platform not beholden to them. When Rogan asked Elon if he felt that extended to TV and print outlets, Musk raised an interesting question.
“It is weird to the degree with which the media is in lockstep”, Musk pointed out. “Why doesn’t the media question the government? They used to. Why don’t they do that anymore? Something doesn’t add up.”
Musk was asked how he manages to juggle overseeing three important, complex companies that require full focus and skill. He acknowledged that it’s a lot for a human brain to handle, which led to Rogan following up by asking what he felt Twitter was actually worth when he bought it. Musk responded with an answer which has since made the rounds across social media.
“Everything,” said Musk.
After Rogan applauded him for taking the risk and stepping up to make a difference for society, Musk explained that he felt many were being ostracized and shut down, and he felt it was critical for a social media platform to exist that didn’t cancel people. After Rogan remarked how hard it is to build a new platform, highlighting the quick rise and disappearance of Threads, Musk added “Zuck himself doesn’t post. You’ve got to use your own product.”
The rest of the conversation included Musk’s views on George Soros, Covid, the past and future of Mars, and much more. To hear the full conversation click here.
Media Business
Entravision, Townsquare, Salem Media, iHeartMedia Top Digital Earners in Radio, Borrell Report Reveals
According to the Borrell Associates report, 20.9% of radio revenue was from digital aspects, on average.
Published
5 hours agoon
April 26, 2024By
BNM Staff
Some radio companies have been quicker than others to adapt to the changing digital landscape. According to a new report from Borrell Associates, companies like Townsquare Media, Salem Media Group, and iHeartMedia are the radio industry leaders.
In a report detailing digital revenue contributions of media companies, the Borrell report shows that Entravision — a company featuring mostly Spanish language radio and TV stations — derives 84.3% of its revenue from digital.
Meanwhile, Townsquare Media sees 52.3% of its revenue from the digital realm. In 2023, the company reported $454.2 million in total revenue. While the company saw a 1.9% decrease in total revenue, but saw a 7% increase in digital.
Salem Media Group, through the third quarter, saw 42.3% of its revenue come through digital endeavors like the Salem Podcast Network, Salem News Channel, and traditional digital advertising. In 2023, Salem’s digital revenue grew 4.1%.
iHeartMedia (30.5), UrbanOne (28.4%), Auduacy (24.7%), Cumulus (19.8%), Beasley Media Group (18.5%), and Saga (9.3%) rounded out the list of radio companies that saw significant portions of their revenue come from digital.
According to the Borrell Associates report, 20.9% of radio revenue was from digital aspects, on average. That pales in comparison to newspaper companies (45.5%) and Yellow Pages (58.4%), while TV lagged behind at 16.9%.
Media Business
NAB Announces Latest Board Election Results
The new members will serve two-year terms that begin in June 2024.
Published
1 day agoon
April 25, 2024By
BNM Staff
The National Association of Broadcasters (NAB) has announced the newest members of its Radio and Television Board of Directors.
The new members will serve two-year terms that begin in June 2024.
Beasley Media Vice President and Market Manager Mary Menna has been elected to the New York/New Jersey district.
Saga Communications President and CEO Chris Forgy will serve the North Carolina and South Carolina district (District 6).
Jerry “J” Chapman, the President and majority owner of Woof Boom Radio, has been named to take over the 10th district (Indiana), that was previously held by Mike Hulvey before he departed Neuhoff Media for the RAB.
Townsquare Media CEO Erik Hellum has been elected to serve District 12, which holds Missouri and Kansas.
Finally, Bonneville International Executive Vice President of Strategy and Technology Tim Swift was elected to represent Arizona, Nevada, New Mexico, and Utah (District 22).
Additionally, Radio One Regional Vice President and General Manager Eddie Harrell Jr. will be appointed to a designated seat that had been held by Urban One CEO Alfred Liggins.
The following executives were re-elected and will continue to serve on the NAB Radio Board:
- Leonard Wheeler, President of Mel Wheeler Inc. (District 4: DE, DC, MD, VA)
- Flynn Foster, President/Owner of Guaranty Media (District 8: LA, MS)
- Jeanna Berge, President of iHeartMedia Multi-Platform Group (District 14: IA, WI)
- Andrew Sutor, Executive VP and General Counsel of Audacy (District 16: CO, NE)
- Ben Downs, Vice President of Bryan Broadcasting (District 18: Southern TX)
- Larry Patrick, Managing Partner of Legend Communications (District 20: ID, MT, WY)
- Bob Proffitt, President/CEO of Alpha Media (District 24: Southern CA, Guam, HI, American Samoa, Northern Mariana Island)
The following executives will make up the NAB Television Board:
- Lynn Beall, Executive VP and COO of TEGNA
- Amy Liz Pittenger, Executive Vice President of Bahakel Communications
- David Griffin, CEO of Griffin Communications
- Nicholas Radziul, SVP of Distribution and Government Affairs at Hearst Television
- Deb McDermott, CEO of Standard Media Group
- Pam Teague, COO of Sarkes Tarzian Inc.
Media Business
RAB Names O’Reilly Auto Parts 2024 Radio Marketer of the Year
The Radio Marketer of the Year award will be presented to O’Reilly Auto Parts at the 2024 Radio Mercury Awards on June 6 at Sony Hall in New York City.
Published
1 day agoon
April 25, 2024By
BNM Staff
The Radio Advertising Bureau (RAB) has announced O’Reilly Auto Parts has been named the winner of the 2024 Radio Marketer of the Year Award.
The honor coincides with the 25th anniversary of the “Oh, Oh, Oh, O’Reilly” jingle. The company has made radio central to its marketing plan.
“O’Reilly Auto Parts continues to be an incredibly valuable partner to the radio industry,” noted RAB President/CEO Mike Hulvey. “Their ongoing dedication to the use of radio as a lead medium to drive their local business forward is truly a collaborative effort to be celebrated by the entire radio industry.”
“Thank you to RAB for recognizing O’Reilly Auto Parts with this incredible award,” said O’Reilly Auto Parts Vice President of Marketing and Advertising Hugo Sanchez. “I’m really proud of our entire marketing team, as well as the more than 90,000 team members across the United States, Mexico, and Canada.
“This award is a testament to the work of all of our team members, who provide excellent customer service each and every day. Our marketing and advertising work, and the jingle, mean nothing without our team members delivering this great service to all of our customers day in and day out.”
The award will be presented at the 2024 Radio Mercury Awards on June 6 at Sony Hall in New York City.
