FROM THE PRESIDENT
Science Without Fiction
TFM’s special report explains how to make new technology work to your best advantage — and how to avoid some pitfalls.
D
ick Tracy had a radio watch in the 1940s. Writer Arthur C. Clarke appears to have anticipated both satellite television and the World Wide Web. Drones and video watches were certainly part of the 1960s cartoon show, The Jetsons. Unfortunately, sci-fi writers skip that messy step between creation and interoperability. Welcome to TFM ’s 2019 special report, “Technology Trends.” This issue takes on the advances that promise to change the world of media and the disruption the industry must address. Take the Internet. Many companies use their web presence to gather data from current and prospective clients. Data is valuable and thus an attractive target for cybercriminals. As Lowenstein Sandler attorneys Mary Hildebrand and Carly Penner explain, U.S privacy and cybersecurity laws vary by state and territory. Making matters even more confusing, definitions of specific terms, such as “personal information,” may be specific to a jurisdiction. Failure to obey regulations can result in significant fines. Chubb’s Patricia Kocsondy takes on another, less savory, aspect of the web in her “Dear Expert” column: best practices when responding to a ransomware attack. Kocsondy provides information about experts who can act when the unthinkable occurs. Drones have compelling When I read the automation article by Prenewsgathering capabilities. miumMedia360’s Joan FitzGerald, I was Yet they are hobbled by laws struck by how technological advances change expectations. The technology for buying local that seem overly restrictive. media has remained unchanged. But now faxes aren’t enough. Advertisers want station groups to be more responsive; agencies to reconcile invoices more efficiently; and both groups to resolve discrepancies quickly. Solutions must skirt potentially expensive pitfalls. In his article about 5G, the National Association of Broadcasters’ Skip Pizzi notes that the term 5G is confusing because there’s so much hype surrounding how this new technology standard will change our world. Fortunately, he takes the time to explain what it can, and may, offer. Pizzi even includes a sidebar about backward compatibility. Our “Last Word” column looks at regulations around those Jetsons-inspired drones. While they have compelling newsgathering capabilities, drones are hobbled by laws that seem overly restrictive. Author Anne Swanson from Wilkinson, Barker, Knauer explains what regulations are being considered and why those changes may be delayed. This issue includes two additional stories and two more columns, all of which relate to technology trends, although that is not their primary focus. TV Music License Committee’s Janet McHugh updates the situation with BMI and ASCAP consent decrees. She suggests that, if these are to be reworked, today’s technology should be part of the solution. Technology has cut into newspaper circulation and advertising revenues. I encourage you to read the thoughtful piece by The Lenfest Institute of Journalism’s Joseph Lichterman; he discusses creative ways to preserve the fourth estate of democracy. Finally, in “Credit Where Due,” author David Frogel from FastPay suggests technological solutions to resolve delays in the invoice-topay process. And “Human Factor” columnist Josef Martens encourages us to take risks, which seems counterintuitive in the face of change. Unlike writers who imagine new technologies, MFM and BCCA members must manage the scarce resources needed to integrate them into ever-evolving business processes. Helping members find the right solutions is one of the ways we work to make Mary Collins is president finance employees more knowledgeable and valuable today and CEO of MFM and BCCA; Mary.Collins@MediaFinance.org. while developing the next generation of media leaders.
4 The Financial Manager • September/October 2019
EDITORIAL ADVISORY BOARD MICHAEL DENSON Director, Credit Services NMCP GREG LECHOWSKI Market Controller, Phoenix Bonneville International CAL MOSTELLA Vice President, Treasurer WarnerMedia JOHN SANDERS Principal Bond & Pecaro MEREDITH SENTER Member Lerman Senter PLLC C. ROBIN SZABO President Szabo Associates ALISON YOUNG Senior Director, Accounting Operations The E.W. Scripps Company JAMIE GRANDE MFM/BCCA Staff Liaison
CONTRIBUTORS JOAN FITZGERALD PremiumMedia360 DAVID FROGEL FastPay MARY J. HILDEBRAND Lowenstein, Sandler LLP PATRICIA KOCSONDY Chubb JOSEPH LICHTERMAN The Lenfest Institute of Journalism JOSEF MARTENS JANET MCHUGH TV Music License Committee CARLY S. PENNER Lowenstein, Sandler LLP M. ANNE SWANSON Wilkinson, Barker, Knauer LLP
