Fox News Revenues Plunge As Advertisers Flee Despite Trump’s Constant Promotion
Fox News advertising revenues plunged 17 percent in September over the same month last year, according to the most recent financial data for the operation. MSNBC is up 2 percent and CNN is down just 1 percent.
Statistics from the Standard Media Index, which tracks media income, showed that Fox News took the biggest hit of any cable news operation. CNN, which President Donald Trump frequently describes as “fake news,” lost just 1 percent in revenue, and MSNBC was up 2 percent.
According to a report published by Ad Week, cable news revenue was down an average of 7 percent for the entire third quarter (July, August, September) over the same period last year.
Costs for 30-second advertising spots rose in September over the same month last year for MSNBC’s “Rachel Maddow Show” (up from $3,800 to $4,600), “The Last Word with Lawrence O’Donnell” (up from $3,100 to $3,700) and “All In With Chris Hayes” (from $2,700 to $3,300).
Advertisers were still spending the most for 30-second spots for Fox News personalities, even though costs were down significantly. A 30-second spot this September cost $12,200 for “Tucker Carlson Tonight,” and $8,500 for Sean Hannity’s program. Last year, during the election, spots on Fox News were going for as much as $31,300.
As Media Matters reports, several advertisers left Hannity’s program this year after he pressed a discredited conspiracy theory about Democratic National Committee worker Seth Rich, who was killed in a robbery. Even though the network issued a retraction, Hannity continued to link Rich’s slaying to WikiLeaks.
But advertisers were not persuaded and quit the program.