Tag: Figured

  • Elon Musk Figured Out the Media’s Biggest Weakness

    Elon Musk Figured Out the Media’s Biggest Weakness

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    A vapor trail of broken Musk promises and failed predictions, all of which became news stories, have been documented by the elonmusk.today website. Musk vowed to build an “everything” Twitter app, but hasn’t. A full-time litigation shop? No sign of it yet. To convert atmospheric CO2 into rocket fuel? A no-show. The list continues: To create a super-fast Starlink service. Produce ventilators. Build a flying car. Distill a Tesla liquor (“Teslaquila”). Start a candy company. Sorry, not yet. When not making news by making promises, Musk enters our news diet by insulting people. He’s knocked a U.S. senator with a vulgar tweet, called a Thai cave rescuer a “pedo guy,” ridiculed Bill Gates’ beer belly and mocked a disabled Twitter employee. When predictions and insults fail to win him publicity, Musk has gained public attention by sharing conspiracy theories, signaling his support of the presidential candidacy of Ye, better known as Kanye West (and then withdrawing it), endorsing hydroxychloroquine as a Covid-19 treatment and by making a poop emoji the auto-response to questions the press sends to Twitter.

    This unbroken stream of Musk blarney and BS should be enough to deter the press from automatically reporting the tycoon’s publicity hounding. But as with Donald Trump, the press seems unable to resist splashing coverage on Musk’s unnewsworthy high jinks, even though the stories have now become as common as dog-bites-man. Reporters on the Musk beat have a point when they say you never know which one of Musk’s outrageous stabs at grabbing attention will actually blossom into genuine news. For instance, when he first said he was going to buy Twitter, who among us could look at his track record and think he would actually complete the deal? Few of the acorns Musk tosses out there end up sprouting into a tree, but enough of them do that maybe his every burp does justify coverage.

    But that can’t be the main reason the press covers every Muskism that comes over the transom. This column suggested late last year that journalists wean themselves from the Musk habit. But instead of giving the once-over twice to his antics, the press corps has further devoted itself to his promotion. He offers reporters table scraps. They turn it into a banquet. He picks a petty fight. They report it as if it were a global war. He’s got the media machine’s number, and keeps pressing it.

    Here’s how it works: Too many editors are eager to assign an easy-to-assemble story from the components of a Musk prediction, threat or stunt. And readers seem to love the copy. It’s Musk-press synergy all the way down. Musk didn’t invent the mock news event, he’s only perfected it. Con men, pranksters and publicity agents have been jamming the press for more than a century with bogus stories like him. In recent decades, hoaxers have persuaded the press to chase the story that Paul McCartney was dead. Another time, a man made worldwide news by claiming to have cured his arthritis by injecting cockroach hormones. Not that long ago, Volkswagen pranked the press with a press release to publicize its electric car by saying it was changing its name to Voltswagen. And in 2009, a Colorado family claimed a helium balloon wafted their son into the heavens.

    Some of these pranks can be dismissed as good-natured fun. But most of them stand as critiques of the press, showing how credulous and easily manipulated journalists can be. When Musk engages in his kind of publicity hounding, he consciously exploits the media’s frailty and appetite for copy. His promises, his kayfabe Twitter spats, his controversy-mongering offer the press a preassembled cast of characters, an element of conflict and questions to answer. A grateful press appreciates how the wow factor of a Musk publicity stunt makes the routine coverage of quarterly reports, city council meetings and weather seem mundane. If Musk isn’t on the press corps payroll, he should be.

    What’s in it for Musk? He has long disdained advertising, believing that the unearned media of a stunt (or the quality of a great product) is advertising enough. According to Ashley Vance’s book, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, Musk ordered his Tesla staff to produce at least one barnburner of a public relations announcement a week to stimulate interest in the company’s cars. But in a 2021 court appearance, Musk made transparent how he keeps playing the press. “If we are entertaining, then people will write stories about us, and then we don’t have to spend money on advertising that would increase the price of our products,” he said.

    Naming one of his children X Æ A-12, as he did in 2020, or pushing a Tesla roadster into space or challenging Vladimir Putin to “single combat” or issuing a Ukraine peace plan or selling 20,000 flamethrowers are prime examples of how Musk garners notice for his brands and his products. These advertisements for himself, to pinch a phrase from Norman Mailer, create a buzz about him and his ventures, and project the image of an omnipresent, charismatic guy who makes hot copy. When the press briefly turned against him in 2018 for some of his business miscues, Musk went all meta on reporters by announcing a press-watch site called Pravduh.com. Like so many Musk projects, it arrived stillborn and was soon forgotten, but not before he got a burst of publicity out of it. Which was the point, anyway.

    Since acquiring Twitter, Musk has made media stunt-work one of his prime occupations — announcing plans, ending them, releasing Twitter files to Matt Taibbi and other journalists, and even tweeting from the toilet. He’ll do anything to keep it and himself in the news, and every day the news media rewards his showboating with an avalanche of running coverage and commentary. But you’ve got to wonder. Is Elon Musk the problem here? Or is it the press, which understands how it’s being manipulated by Musk but just can’t quit him?

    ******

    Every journalist on the Musk beat should read Edward Niedermeyer’s Ludicrous: The Unvarnished Story of Tesla Motor. Send your favorite empty Musk stunt to [email protected]. No new email alert subscriptions are being honored at this time. My Twitter feed is all about regenerative braking. My Mastodon and Post accounts wish Musk would buy them. My Substack Notes is less than inspired. My RSS feed says Venus, not Mars, should be our destination.



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    ( With inputs from : www.politico.com )

  • What Rupert Murdoch and Logan Roy Figured Out

    What Rupert Murdoch and Logan Roy Figured Out

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    The “Succession” Kids lose interest in The Hundred the second they learn that papa Logan is bidding for Pierce Global Media, a conglomerate he tried and failed to buy in season two. After much swearing and bidding, the Kids outbid Logan for Pierce, paying $10 billion.

    Which was a better business move for the Kids, The Hundred or Pierce? Should Logan have gone higher?

    If The Hundred were a loaf of bread and not a media start-up, you’d quickly find it going for 75 percent off at a bakery outlet. Listen to The Hundred’s worn-out pitch:

    “The world’s leading experts provide humanity’s most invaluable knowledge in bespoke, bite-sized parcels, designed to improve the lives of subscribers and the world in general. The antidote to the modern malaise of empty-caloried input-overload.”

    “Succession” writers are deliberately sending up the new media genre here, all but asking their viewers, “Can’t you just smell the mold?” The web abounds with bite-sized parcels, news digests, New York Times breaking news alerts on phones, self-help media, TikTok and other mini-diversions. It’s hard to imagine the “Succession” Kids putting their own trust funds into The Hundred, let alone convincing the investors they’ve summoned to pony up for the “disrupter news brand.” There’s no evidence they understand the new media property they’re conjuring into existence. Do they read any of the publications their pitch name-checks? Do they read anything? Can they read? They talk about finding subscribers, which appears to be essential for modern media plays, but discuss no reason why anybody would pay for their projection.

    The Hundred proposal also echoes the tale of The Daily, a 2011 iPad-centric start-up that Murdoch personally shepherded into existence before it collapsed almost two years later due to lack of reader interest. “New times demand new journalism,” Murdoch said at the launch of his “visionary” property, which he said was for modern news consumers who expect “content tailored to their specific interests to be available anytime, anywhere.” Its initial investment was about $30 million, reported the New York Times, and the weekly cost of production was $500,000.

    But what of Pierce Global Media? A couple of seasons ago, Logan who has a decade-long lust to buy Pierce, was willing to part with $25 billion for it. (Pierce is owned by a family that resembles the Bancrofts, who sold Dow Jones of the Wall Street Journal fame to Murdoch for $5.7 billion.) After Logan offers $6 billion for Pierce he gets topped by the Kids who have flown to matriarch Nan Pierce’s vineland home to “check out” a deal with her and end up chasing their own tails to a $10 billion offer.

    The offer makes no business sense. If Pierce has lost this much hypothetical value in just a couple of seasons, it’s on a downward trajectory. Why get trapped in a bidding war? In earlier cross-talk, Roman tells Shiv she wants to buy Pierce to retaliate against her husband Tom, who double-crossed her in the season three finale, and tells Kendall he wants to retaliate against Logan who has ground him down for his entire life. They deny it, but it’s true. Roman, who should know better, goes along with them anyway, and the bid mushrooms to $10 billion to seal the deal. The Kids are as stupid as Logan makes them out to be. Buying Pierce, even at an inflated price, makes sense for Logan because it would leave him in control of a conservative cable channel, ATN, and the lefty Pierce broadcast properties. He would also accrue more political influence. The Kids, on the other hand, don’t seem to know much about running media properties, and owning one will only put them in competition with the old man, who does.

    The episode leaves it unsaid, but perhaps allowing his offspring to win the bidding war at a ridiculous price might be the most injurious thing Logan has ever done to them. In real life, Murdoch grossly overpaid for Dow Jones and the Wall Street Journal when he threw down $5 billion for it. A little over a year later, his company took a large write-down, $3 billion of which reflected the declining value of his newspaper operation, which included Dow Jones and the Wall Street Journal. Murdoch, like Logan Roy, controls such an immense operation he can afford such a localized financial calamity. But can the Kids?

    We can surmise where all this is going. First, the Kids did the right thing for the wrong reason by abandoning The Hundred for a run on Pierce. Then they did the wrong thing for the wrong reason by overbidding for a big company. Surely, they will discover that they overpaid and try to extricate themselves from the deal. The Pierces will demand — and receive — an enormous fee from the Kids for breaking the deal, and the Kids will pay through the snout. Then Logan will pounce at a more reasonable price, and taking possession of Pierce Global Media will allow him to expand his empire, out-duel the Pierce family at last, and punish his treacherous Kids.

    “Succession” is no more a documentary about the Murdoch family, new media and the television business than Shakespeare’s plays are faithful histories of London, Venice, Rome and Verona. “Succession’s” writers rightly mock the likely success of new media startups in the episode, mockery that was rewarded this week as Grid, a worthy startup from early 2022 with a $10 million bankroll, shut down Monday after being acquired by the Messenger, yet another soon-to-launch site.

    The media game has always been a gamble for its best players, like Rupert Murdoch and Logan Roy, as well as its suckers, like the Kids, who can’t even figure out what game they want to play. Legacy media might not be the blue chip that “Succession” seems to imply it is — the sector lost $500 billion in market cap last year. But if the episode convinced just one investor not to start a Substack meets Masterclass meets the Economist meets the New Yorker this year, it will have done its job.

    ******

    Sarah Ellison wrote a good book about the Murdoch purchase of the Wall Street Journal: War at the Wall Street Journal: Inside the Struggle to Control an American Business Empire. Send Logan Roy insights to [email protected]. No new email alert subscriptions are being honored at this time. My Twitter feed reads the Wall Street Journal. My Mastodon and Post accounts can’t decide whether Elon Musk is destroying Twitter or saving it. My RSS feed had a nightmare the other night that it was a Semaform.



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    ( With inputs from : www.politico.com )