Q&A With Jeff Smulyan
January 22, 2007 at 7:10 AM (PT)
A Q&A session with EMMIS COMMUNICATIONS CEO JEFF SMULYAN has been posted to the company's website. Among the highlights:
Q: Why do you think Q3 was the trough?
A: The L.A. and NEW YORK markets had very, very bad years this year, coupled with the EMMIS-specific challenges that we had, particularly the switch from KZLA to MOVIN 93.9 [KMVN-FM], which obviously meant an entire loss of the revenue base and the cash flow of that station. But we believe that with the new format in LOS ANGELES, as well as some modifications of our sales and programming efforts in NEW YORK, we're going to be in better shape.
We have to get away from the transactional business. We have to do more developmental work.
Q: What lessons have you learned from the difficulties in NEW YORK and LOS ANGELES?
A: We have to get away from the transactional business. We have to do more developmental work. I think that's true of all NEW YORK radio. There are 16 million people in the metropolitan area, and a lot of them have businesses that would be well-served by advertising on our stations. We have to go out and find them. I think that's true for L.A., too. When times are good and the ad agencies keep adding more dollars every year, it's not as imperative, but I think that as agencies shift to other things, we have to go out and find the business directly and develop it.
Read the full text here.