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ADVERTISING ADVANCES

STATIONS FACED A

significant revenue downdraft last year, with the absence of not only political revenue but much more anemic results from one of their biggest ad categories: automotive. But a new advertising sector became a saving grace for many. “When you break it apart, sports betting is the new masking tape. It’s hidden so many ugly things during the pandemic,” Missy Evenson, vice president of sales, local media, at The E.W. Scripps Co., told TVNewsCheck

10 The Financial Manager • May/June 2022

last September. “Sports betting has saved everyone’s bacon.” In 2022, not only is political back, but sports betting has become even stronger for not only TV stations, but other media sectors as well. BIA Advisory Services called sports wagering a significant driver in its 2022 U.S. Local Advertising Forecast. The report projected that the category would grow 44.9% from 2021 to 2022—the largest expected growth for any sub-vertical. The total advertising spend for online sports gambling in 2022 is likely to be $1.591 billion, according to BIA. TV broadcasting

has the largest piece of the pie, at 34.4%. BIA projections for other local media sector percentages of total share this year include: ■ Over the air (OTA) radio, 9.8%; ■ Cable, 13%; ■ Newspapers (print and online), directories, magazines (print and online), out of home and email, 11.9%; ■ Mobile, 11.5%; ■ Online, 9.2%; ■ Direct mail (3.4%); ■ Over-the-top video (3%); ■ Radio online 2.2%; ■ TV online, 1.7%.

ADVERTISING ADVANCES So how are sports betting operations faring? BetMGM and Caesars Sportsbook are November 2020 to November 2021. In its first month on SBJ Betting’s handle using aggressive advertising bids to get the Nielsen revealed that online sportsbooks chart (January 2022), New York took the No. attention of consumers with famous faces. and gambling sites spent over $153 million on 1 spot among those states who reported, at Oscar-winner Jamie Foxx is the lead spokes- local TV ads during first quarter 2021. The almost $1.7 billion. Its neighbor, New Jer- person for BetMGM. Caesars has a long list leaders in the market, FanDuel and Draftsey, came in at No. 2 with over $1.3 billion. of celebrities participating in its Romanesque Kings, accounted for 66% of this. In third Nevada came in No. 3, at over $1.1 billion; ad spots, such as Halle Berry, J.B. Smoove, place is the newer BetMGM. it’s especially strong in the retail sportsbook and three Mannings football stars: Peyton, FanDuel and DraftKings only shelled business. However, mobile is by far the pre- Eli and Archie. Their highest-profile ad, out $15.4 million for national spots during ferred option for other states that have retail which included all these stars, aired during the same quarter, with the majority of that betting on a smaller scale. That’s true in Il- this year’s Super Bowl. for Super Bowl ads. The period’s total ad linois, Indiana, Michigan, New Jersey and These well-known names are likely worth revenue breakdown works out to 78.4% for Pennsylvania. local TV, 12.7% for digital ads, You can expect higher con3.7% for national TV and 2.2% “This is a godsend for sports talk radio centrations of ad spend to folfor radio. A final 3% was not low where the bettors are and, from the standpoint of revenue. These categorized. therefore, the revenue. It hasn’t aren’t fat cats getting fatter. This is saving Sports betting apps did inreached saturation yet. crease their national advertising The list of big ad spenders is radio.” — Michael Harrison, Talkers Magazine from December 2021 to January topped by brands that most peo2022, spending $86.4 million, ple know about – FanDuel and DraftKings. betting on for BetMGM and Caesars, as they according to iSpot.tv. They attribute this to FanDuel has a slight advantage over Draft- try to grow in market share. Although, they the ending of the NFL’s regular season and Kings. They both debuted in 2018 after the have significant work ahead, if they are to playoffs. Supreme Court ruling that made operations unseat FanDuel and DraftKings. While local radio’s slice of the pie is narrow, legal. it is still large enough to make an impact. As Behind those two, you have newer apps BRAND AD SPEND radio stations face challenges in increasing with lots of brand recognition: BetMGM and The data on how much money individual revenue, sports betting offers them a new Caesars Sportsbook. BetMGM takes third brands are spending on ads is limited. But category. place in market share while Caesars is a dis- according to Media Radar, the online gamMichael Harrison, editor and publisher of tant fifth. In fourth is Barstool Sportsbook, bling industry (including apps), plunked Talkers Magazine, declared, “This is a goddown $488 million on advertising from send for sports talk radio from the standpoint which has operations in nine states. of revenue. These aren’t fat cats getting fatter. This is saving radio.” Radio has a great selling point. Because the betting apps are so accessible and less intimidating, anyone can wager a few dollars. PORTS BETTING’S PRIME TIME IS THE dominates in northern or colder states but And consumers interested in wagering listen NFL season. It’s the top of the pyramid. has little traction in the southeast. to rock, country, R&B and everything else. Sportshandle.com quoted Bruce Beyond the actual games, other sports-reSports betting apps also take advantage of Gilbert, the senior vice president, sports, for lated content is also a magnet for these consumer trust by involving radio talent in Cumulus/Westwood One, as saying: “In states ads. That’s especially true for college sports the ads – deejays and other hosts who often where sports betting is legal, some sports games. Some teams forbid sportsbooks from have a lot of respect and prominence in their radio stations were seeing 30% of their total advertising within live games, while others advertising coming from this category. Outside have cut lucrative deals with sports betting communities.

TIS THE SEASON — OR NOT

of football season, sportsbook advertising is taking up about 10-12% of inventory in states where sports wagering is legalized.” While media companies can reap the most dollars during the professional and college football season, there are opportunities year-round. For example, spring brings the NCAA Men’s Basketball tournament and a flurry of bracket betting. Sports fans can also bet on NBA, MLB and NHL games. Betting app advertisers focus on regions of the country where there’s the highest viewership and fan bases for particular sports. For example, hockey

12 The Financial Manager • May/June 2022

apps, among them LSU and University of Michigan. You may be surprised to learn that news programming gets the greatest share, according to Nielsen. The research company has explained that stations have less control over their ad inventory with sports telecasts, which air mostly in primetime. As a result, TV stations have more flexibility to place ads during the news. Nielsen reports that the share of these ads in news increased 40% in the last year. For advertisers, news spots are attractive because of the diverse viewership.

NO SLAM DUNK There are both positive and negative trends to watch out for moving forward. On the upside, sports are universal and diverse in what they offer and whom they attract. That means the market for sports bettors crosses demographics and regions. Sports betting apps are also easy to use from the comfort of anywhere. The intimidation factor of physically going to a sportsbook and figuring out the lingo is gone, so the barrier to adoption disappears. Continued on page 14

CO N G RAT U L AT I O N S TO T H E

2022 Award Winners

BCCA CONTRIBUTOR AWARD ELLEN LEHR

MFM RAINMAKER AWARD

WORKING CAPITAL

CARRIE HEFFERNAN

MARCY MAGIERA

REGIONAL ASSISTANT CONTROLLER

DIRECTOR, COMMUNICATION & EVENTS

BONNEVILLE INTERNATIONAL

DEG: THE DIGITAL ENTERTAINMENT GROUP

ALESIA LEWIS

ANTONELLA RICCIARDI

DIRECTOR, FINANCE – TREASURER

SVP GROUP CONTROLLER, CORPORATE FINANCE

THE WASHINGTON POST

NBCUNIVERSAL

BCCA CONTRIBUTOR AWARD

MARCUS ANJEWIERDEN

ELLEN LEHR

AUDITING DIRECTOR AND CONTROLLER

DIRECTOR OF ACCOUNTS RECEIVABLE

THE CHURCH OF JESUS CHRIST OF LATTER-DAY

AUDACY, INC

SAINTS (BONNEVILLE INTERNATIONAL)

NATIONALMEDIACREDIT.COM / ABC-AMEGA.COM

Congratulations ALESIA LEWIS

The Financial Manager • May/June 2022 13

ADVERTISING ADVANCES SPORTS BETTING —Continued from page 12

Local TV and radio are preferred channels. Digital can only play a small, confined role. Localization is foundational because regulations are at the state level. While streaming video and audio keeps eating away market share from linear local TV and radio, betting advertisers are stemming the erosion. However, there are some potential challenges. The primary concern, as with all advertisers, is that they’ll only spend if they’re profitable. For sportsbook companies to make money, they need bettors with disposable income. Economic hiccups could halt wagering for some. What’s more, if brands determine that they’ve reached their customer acquisition goals, their ad spend is likely to dwindle. That’s what Caesars Entertainment CEO Tom Reeg relayed during a fourth-quarter earnings call: “We have accomplished what we set out to do. We set out to become a significant player, and it’s happened significantly quicker than we thought. I think most of you know me as someone who’s not one to spend any money needlessly.” Media companies also must be aware that as legalization expands, each state will be competing for advertiser dollars. Betting companies may abandon one state and flock to another to engage new customers. Thus, it’s a good idea to keep an eye on pending states this year and beyond. That’s your real competition, or your opportunity, depending on where your company’s outlets are located. Finally, two words of caution that relate to consumers. First, betting, in general, can have negative connotations and create addicts. Most big sportsbook companies have created ad content that addresses this, providing resources for responsible betting. Second, advertisers are going to be cognizant of the frequency of ad placement. Most media professionals involved with sales know that too much of anything can cause consumers to have negative impressions. As this is a relatively new category, there are still many unknowns. As more data comes in about the ad spend and the results of promotional campaigns, the market will shift and adjust. However, there are many reasons to be cautiously optimistic. Christian Kligora is the senior vice president of customer success at Marketron. He can be reached at Ckligora@marketron.com.

14 The Financial Manager • May/June 2022

CONGRATS

Winner of the 2022 BCCA Contributor Award, by Media Financial Management

The Financial Manager • May/June 2022 15

17%

34%

Don't produce

Produce them SPECIAL REPORT: THE DOWNLOAD ON ON-DEMAND any podcast when an 32%

That’s a big push from an estimated $133 million in 2015, when host-read ads dominated podcast advertising. (You may have been spurred by the mattress and underwear ads that were common back then.)

68% of Stations Produce Podcast

“What best describes how your station(s) produce podcast?”

Have a regular schedule 34%

Don't produce any podcast 32% Have no schedule or plan 11%

Produce them when an opportunity arises 23%

opportunity arises 23%

Have no schedule or plan The most significant catalyst for advertiser 11% growth may be the remarkably attractive de-

mography. Podcast listeners are upscale and educated, with the median age of listeners at 34, by far the lowest of any major media.

65% of Stations Podcasts Are “Local”

“Do you produce podcasts that have 50% or more of its listeners living within the same local market?”

Don't know 17% No 18%

No 18%

Yes 65%

audio as brands try to reach young consumers, likely due to TV’s declining audiences and Apple’s moves towards more mobile privacy, which undermines paid social. Standard Media Index (SMI) reports that

Less Than Half of Stations Sell Ads on Podcasts

“Does your station(s) sell advetising on podcast?”

We sell ads on podcast 46% Yes 65%

We don't sell ads 46% Don't know 7%

In addition to massive increases in audience listening, audio ad tech has advanced rapidly 65%advent of Stations PodcastsadAre “Local”and with the of dynamic insertion “Do you produce podcasts that have 50% more of various tracking and accountabilityormetrics. its listeners living within the same local market?”

In contrast, according to Cumulus Media and its Westwood One unit, AM and FM’s Stations median Less age isThan 48, Half whileofTV is 54.Sell Ads on Podcasts Advertising budgets are shifting to digital “Does your station(s) sell advetising on podcast?”

in 2021, national advertisers increased their N=218 to Source: Borrell/RAB survey; digital ad spend by 43% compared to 2020. For the first time, quite a few national advertisers working with large agencies spent as much on digital audio as they did on AM and FM radio – although when spending from all agencies is factored in, radio ad spend remains the biggest slice of the audio pie, by far. A Don't know 17% recent article in The Wall Street Journal said sell ads on podcast HERE ARE SEMINAL MOMENTS IN MEDIA WHEN ITWe BECOMES APPARENT CHANGE podcasting is the fastest-growing segment for is underway. For many, the popularity of “House of Cards” on46% Netflix was a defining major national brands. No in streaming video. Netflix had morphed from mailing DVDs to making an moment This increase in advertisers is also driving Yes 18% We don't sell ads extensive library of older movies65% and TV shows available on-demand. up CPM rates. The cost per thousand (CPM) It was the first time many of us learned about binging shows and took the next46% step increased to $26 from $22 in 2019, according Don'tconvenience, no longer beyond the DVR. That enabled us to time-shift TV viewing to our to Standard Media Index. Mighty attractive. know forced to watch “Grey’s Anatomy” at 9 p.m. on Thursday. Of course, that was just the Pierre Bouvard, the chief insights officer at 7% beginning. Today, Forbes reports there are almost 50 streaming services in North America, Cumulus Media and Westwood One, says with the largest creating popular original shows. audio attribution is improving too, with marWhat about audio? While TV was transforming into video on demand, radio remained keters now able to quantify brand lift and almost exclusively live and linear. As people listened to broadcasts on AM/FM radio test creative for streaming, podcasting and, devices, seeds of change were sprouting that would transform audio content forever. Public some cases, radio. and 160 who produce Source: Borrell/RAB survey; in N=218 totalAM/FM respondents

A LATE (BUT EXPLODING) BLOOMER

radio (largely National Public Radio) and hobbyists started making inroads with a nascent Less Thanpodcasting. Half of Stations Sell technology called Adsnow on Podcasts The origin of this almost ubiquitous name traces back to Apple’s iPod. While initially “Doesinto your Apple’s station(s) iTunes sell advetising podcast?” podcast listening was a clunky process limited bundled musiconplatform, mainly to desktop computers. Syncing audio between the smartphone and a Mac via a cable was a slow and frustrating process. Then came audio’s “House of Cards” moment: Apple pre-installed its podcast app on all iPhones in October 2014. The same month, the popular public radio show “This American We sell ads“Serial,” on podcast a 12-part podcast investigation of a murder in Baltimore, and Life” introduced 46% podcasts exploded on the scene. We don't sell ads 46%

18 The Financial Manager • May/June 2022 Don't know 7%

MASSIVE M&A ACTIVITY The flow of dollars and innovation in audio ad tech has stimulated a real estate grab over the past few years, with companies including Amazon, Spotify and SiriusXM rolling up podcast startups and paying premium prices for key shows. Amazon signed a deal worth a reported $80 million for “Smartless,” a podcast hosted by Jason Bateman, Sean Hayes and Will Arnett.

Amazon also acquired the popular podcast network Wondery in 2020 and the hosting and monetization platform Art19 in 2021. “The Joe Rogan Experience” podcast was picked up by Spotify for a reported $200 million. Spotify has reportedly spent more than $1 billion gobbling up a series of companies and shows to diversify its portfolio beyond music. The list includes podcasts from the Obamas and acquiring studios like Parcast, The Ringer and Gimlet Media, plus podcast technology companies like Megaphone and Anchor. SiriusXM is also making significant moves to be a full-service audio platform for creators and advertisers. The satcaster acquired digital audio advertising company Adswizz in 2018 and Pandora in 2019. Then in 2020, it snapped up the podcast hosting and distribution platform Simplecast and the large podcast programming and advertising network Stitcher. LOCAL AND BEYOND With so much consolidation driving scale, it’s easy to think digital audio is just a national play. However, Gordon Borrell, CEO of the

research and consultancy firm Borrell Associates, which tracks local media, is seeing a push from analog to digital investment among advertisers. While most of the spend had been relegated to banner ads and audience extension

most significant trend to watch in podcasting. Discoverability is a considerable challenge. Today, it’s not enough to create high-value original content. Anyone serious about podcasting must also be willing to invest in great visual packaging,

Gordon Borrell says that while podcasting is still mostly national, local-oriented companies are hopping onto the mic. programs, streaming audio ads and podcast efforts are now stimulating growth. Borrell says that while podcasting is still mostly national, local-oriented companies are hopping onto the mic – among them publicly held radio, TV and newspaper companies, as well as independent influencers. No matter if a company is local or national in scope, there is still room for experimentation and growth, from advancements in the last year with subscription models to emerging advertising opportunities in branded audio content. With so much great audio content available, it’s important to understand marketing is the

including appealing artwork and audio search engine optimization tactics. They also must market across owned, earned and paid channels. If people can’t find your podcast, they can’t listen to it. Marketers and media companies are wise to start thinking, or rethinking, how they approach such a rapidly evolving ecosystem. The galaxy of digital audio is vast, and the rewards can be significant. Steve Goldstein is founder and CEO of Amplifi Media, an audio advisory firm for broadcast networks, media companies and brands. He can be reached at sjgoldstein@amplifimedia.com.

The Financial Manager • May/June 2022 19

LEADERSHIP TACTICS

A series of tools can transform stuck systems, leading companies and their employees into new areas of expansion and well-being.

BY ADAM GIERLACH T WAS A BEAUTIFUL SEPTEMBER

day in pre-pandemic times. Through the sunny windows of a classroom at Gonzaga University in Spokane, Wash., mountains were visible in the distance. But I was filled with anxiety and discomfort, as were my fellow classmates, as our professor, Adrian Popa, led us through an exercise on leadership and metanoia. What, you may ask, does that strange word, metanoia, mean? Generally, it refers to a shift of mind. And to do so, one must grasp the deeper meaning of learning, according to Peter Senge, a senior lecturer at the MIT Sloan School of Management. “Real learning gets to the heart of what it means to be human. Through learning we re-create ourselves,” he explains in “The Fifth Discipline.” “Through learning we become able to do something we never were able to do. Through learning we reperceive the world and our relationship to it. Through learning we extend our capacity to create, to be part of the generative process of life,” he adds. Against this backdrop, Popa introduced an exercise. We were asked to list the four most important people in our lives; the four qualities/skills/values we held most dear; four material possessions crucial to our lives and work; and four external achievements or goals. The 16 “items” were written out on separate rectangular pieces of paper. As the exercise went along, slowly but surely each one of these paper tiles was taken away until there was only one remaining. Some of these items were removed by our choice. Some of them were removed by others. And some were removed completely arbitrarily, just a matter of random circumstance. As each person’s 16 tiles were whittled down to one, the energy in the room grew tense and uneasy. Some of us bargained and pled with the

instructor along the way, seeking to alter the rules of the exercise or escape the exercise altogether. We clung to control, to certainty, to predictability, to being the center of our universe. We also experienced the discomfort of taking away tiles from our classmates. How could I reasonably choose between the value this person holds most dear, and the most important person in their life? The experience called into question our deepest mental models, the beliefs that govern how we see the world. Whatever illusions of control, certainty and predictability we thought we had over our lives were in dispute. And the exercise dispelled many of the success models on which we have based individual and collective achievement. We were asked to learn, to recreate ourselves and extend our capacity to create. I’ve recalled that classroom experience repeatedly as the coronavirus and its profound cascading impacts has continued to rage throughout our world. It seems as if this exercise is being forced upon us with live ammo, not just tiles. Many individuals and organizations are stuck in destructive patterns of the past, or patterns that fail to meet the needs of the present and the emerging future. When we meet fixed problems with known solutions, it often results in merely reacting to external circumstances we perceive as having been imposed on us. This involves a search for greater knowledge, or merely reenacting old habits or established patterns. At its most creative, perhaps small adjustments are often made with greater experience and some reflection, but awareness largely remains on the surface. THE THEORY U PROCESS A more creative and generative learning cycle is achieved by employing Theory U. The “U” relates to the movement of the process, rather than an abbreviation The Financial Manager • May/June 2022 21

LEADERSHIP TACTICS for university. And it is a methodology to employees through compensation, includ- being an end in itself, is actually the means transform stuck systems and individuals that ing benefits. And they ascribe attrition to to an end.” For Frankl, meaning fulfillment was developed by Otto Scharmer, a senior work-life balance, health factors or employees comes through the self-transcendent nature lecturer at the Massachusetts Institute of just deciding to seek a better job. Arguably, of human existence. This can occur when one Technology, along with his colleagues. It asks American organizations remain stuck in a experiences the goodness and beauty of life us to cross three thresholds: trajectory of denial by not seeing what is itself, or encounters the uniqueness of another Suspension – Set aside old habits of judg- actually going on with employees. And they human being. ment and break habitual patterns. Instead, go through a subsequent de-sensing by refusThe movement up the Theory U involves simply observe rather than rushing to act or ing to listen and engage empathetically. For recognizing what wants to be born and allowimposing previous ways of thinking onto a some, that has led to a path of destruction. ing it to do so. From there, one can crystalnew situation. lize a vision and intention and then Redirection – This involves looking embody the new through doing. It’s Arguably, American organizations at reality from a different angle. And presented as a smooth process, but remain stuck in a trajectory of it “requires listening to the views and the journey may contain mini-U’s, experiences of others, taking them in denial by not seeing what is actually and perhaps a new U begins after as part of seeing current reality from completing one journey. going on with employees. a multiplicity of views,” as Scharmer As Scharmer notes, this type of wrote in “Leading From the Emergjourney “is open-ended and full of ing Future.” Relationships and organizations have suf- disruptions, confusions and breakdowns, but Letting Go – Profound quieting and stillness fered irreparable fracture through employee also breakthroughs.” allows an inner knowing to emerge. This is attrition. known as “presencing.” One releases the old Absencing cycles may be quite under- SERVANT-LEADERSHIP self and is able to connect to larger wholes. standable. When confronted with such Those who tackle issues such as the Great The opposite of presencing is absencing. trauma and an abnormal situation, denial Resignation can also benefit from exploring “Instead of opening the mind, heart and and de-sensing may seem like an appropriate the idea of servant-leadership. That involves will, the absencing cycle holds on tightly to response. The coronavirus has reached an being a servant first, as opposed to leader the past. It does not dare to lean into the unimaginable death toll of 975,000 human first. “The difference manifests itself in the unknown, the emerging future,” Scharmer lives in the U.S., according to The New York care taken by the servant-first to make sure writes. As a consequence, “we are thrown into Times, at the time of this writing. As early that other people’s highest priority needs are a trajectory of denial (not seeing what is going as August 2020, American adults were see- being served,” Robert Greenleaf, the founder on), de-sensing (lacking empathy with the ing record levels of mental distress. Almost of the modern servant-leadership movement, other), absencing (losing the connection to half of all employees surveyed globally by has explained. “The best test, and [one that’s] difficult to one’s higher self), delusion (being guided by McKinsey in April 2021 reported feelings illusions), and destruction (destroying others and symptoms of burnout. The Great Res- administer is: Do those served grow as perand ourselves).” ignation placed even greater stressors on sons? Do they, while being served, become This bleak vision of the future seems to be already fatigued and strained persons and healthier, wiser, freer, more autonomous, more mirrored by the so-called Great Resignation. relationships. And this was all prior to the likely themselves to become servants? And According to data cited in a McKinsey & Co. disruption caused by the latest Omicron what is the effect on the least privileged in research article, “‘Great Attrition or ‘Great surge. The ongoing losses, uncertainty and society? Will they benefit, or, at least, not be further deprived?” Greenleaf wrote in an essay Attraction?’ The Choice is Yours,” more than disruption require great healing. 19 million U.S. workers quit their jobs from How can one respond in more life-giving titled, “The Servant as Leader.” Servant-leadership is characterized by April to September 2021. The article, and its ways to such situations? Rather than absencresearch highlighting the true causes of attri- ing, one can move into life, to respond to life listening, empathy, awareness and healing. tion, concludes that companies “don’t really by being responsible: “Man is responsible for In “The Book of Joy” the Dalai Lama and understand why their employees are leaving fulfilling the meaning of his life. Being human Archbishop Desmond Tutu remind us: “Our in the first place. Rather than take the time to means responding to life situations, replying to greatest joy is lived in deep, loving, and geninvestigate the true causes of attrition, many the questions they ask. Being human means erous relationships with others.” The light of companies are jumping to well-intentioned answering these calls,” wrote Viktor Frankl, a servant-leadership, found in these relationquick fixes that fall flat.” Holocaust survivor and founder of logotherapy, ships, directs us away from the darkness and According to McKinsey, employees large- a school of psychotherapy, in his book “Man’s destruction of absencing, and toward serving first, creative and generative action, and the ly cite relational elements as key drivers for Search for Ultimate Meaning.” their departure, including the sense that they Meaning is unlikely to be found through seeds of the future. aren’t valued by the organization or by their seeking happiness or power as ends in and of manager and that they don’t feel a sense of themselves. In “The Will to Meaning,” Frankl belonging. states that “pleasure, rather than being an Adam Gierlach is a leadership coach and a former Division-I men’s college basketball Yet employers over-index on transaction- end of man’s striving, is actually the effect of coach. He can be reached at (856) 206-2363 or al factors. They seek to assuage and attract meaning fulfillment. And power, rather than adam@adamgcoaching.com. 22 The Financial Manager • May/June 2022

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The Financial Manager • May/June 2022 23

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BCCA MEMBER CONTRIBUTOR AWARD THOSE WHO RECEIVE THIS ACCOLADE HAVE HELPED THE MEDIA CREDIT AND COLLECTIONS COMMUNITY IN NUMEROUS WAYS.

ELLEN LEHR Audacy Inc.

HEN ELLEN LEHR JOINED AUDA-

cy Inc. three years ago, she was a newbie to the media industry. She had a strong background working for the data software analytics company Qlik and, before that, the National Association of Insurance Commissioners. But that only went so far in preparing her for the new role: director of accounts receivable at Audacy, an audio media giant. But in the short time she’s been there, Lehr has made a splash. That’s according to her boss, Demetri Tzimoulis, Audacy’s

26 The Financial Manager • May/June 2022

vice president of finance operations, who Annotti, president and CEO of MFM. arrived at the company less than a year “She’s also encouraged other Audacy staff after Lehr. “We’ve been able to take DSOs people to participate in our events.” down not by just a few days, but by 15 to That kind of come-on-in attitude speaks 20 days,” he explains, referring to days sales to Lehr’s personality. She stands out from outstanding. the pack of people who hold similar roles Lehr joined Audacy at a time when the because of “her wealth of knowledge and company wanted to centralize its accounts the way she shares it. She’s a great mentor. receivable, accounts payable and general Not everyone has that skill. She’s 100% ledger processes. “We operate in 48 marapproachable,” says Vera Nusbaum, Audakets, and I think we cy’s director of finance, had 48 different ways who worked with Lehr “We operate in of assessing credit. I’m at Qlik. (In fact, they 48 markets, and exaggerating a little, but joined Audacy on the you get the gist of it,” same day.) Nusbaum I think we had 48 she says. “It was a twosays that Lehr doesn’t different ways of year transformation, operate with a lot of assessing credit. but we’re finally in a drama. “She’s very proI’m exaggerating a good place right now.” fessional and has a great When tackling a big disposition.” little, but you get project like centralizaW hat would Lehr the gist of it.” tion, Lehr says that she say if a younger person — Ellen Lehr doesn’t believe in “reinasked her for suggesventing the wheel.” She tions on the best ways was able to garner insights from fellow memto move up the corporate ladder? Exactly bers of MFM’s Media Credit Committee, what she’s said to her own children, who which was formerly known as the BCCA are now in their 20s: “Don’t just come [to Committee. “People are very transparent management] with a problem; come with about what they do and don’t do. That’s a solution as well,” she says. helped me with my own process,” she says. “The people on my team that have Lehr jumped into the MFM “pool” in thrived, that I’ve coached and mentored, 2019, and one thing led to another. “Early are very inquisitive,” Lehr says. That trait is this year, she served as one of the co-chairs so strategic. “Don’t take things at face value. of the virtual Media Credit & Collections Ask, ‘Why? Why are we doing it this way?’ Workshop, and she’s moderated some workLook at the root cause of why you have a shop and roundtable discussions,” says Joe problem,” she advises. TFM

BCC

BCCA is the media industry’s premier provider of credit information, education, and networking opportunities.

GROW.

Professional Development And Networking For Media By Media MEDIA CREDIT COMMITTEE A key element of BCCA, the committee provides a platform for media credit professionals to share ideas, discuss industry topics and network with their peers. Through the committee, members help coordinate panels for the annual conference, credit workshop and identify topics for monthly webinars.

NETWORKING: ☑ Monthly calls ☑ Best Practices ☑ Connecting with peers

BCCA HAS ALL THE PIECES TO HELP SOLVE YOUR CREDIT PUZZLE.

Contact Arcelia Pimentel at apimentel@bccacredit.com Visit www.bccacredit.com BCCA is a subsidiary of Media Financial Management Association (MFM).

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4/19/22 8:54 PM

IT’S not often a company reaches 50 years of serving clients,

especially in the media business. But here we are—thanks to our exceptional employees and loyal clients—MORE focused than ever on delivering MORE media debt dollars to our awesome clients. To all of you we say thank you.

A dozen reasons why Szabo Associates is celebrating 50 years in business Here are a few (well, actually a dozen) reasons why we’ve persevered and grown over the past half century. 1. First and largest media debt collection service 2. MORE debt delivered to clients than combined total of all other collection agencies 3. Millions and millions delivered to clients in 50 years 4. A/R services for some or all of your accounts 5. Inhouse litigation experts and access to more than 400 law firms worldwide 6. Resolves MORE than 50% of client collection issues within 90 days 7. Collects debt AND retains vital client relationships

8. 24/7 secure online Client Portal for instant updates 9. DebtorNet® proprietary database with 650,000+ advertisers and agencies 10. Best ever staff, including team members rigorously trained in print, television, radio collections 11. Best MFM opening night parties EVER! 12. YOU! Our treasured clients To discover at least another 38 “Szabo mores” visit our new website, Szabo.com.

1971–2021

MORE is better than less. Szabo Associates, Inc. • 404-266-2464 • www.szabo.com • info@szabo.com