The News Broadcasters Association has requested the Centre to announce a stimulus package to help the broadcasters to tide over the financial stress created by COVID-19 pandemic and the ongoing lockdown .
In a letter to Information and Broadcasting Minister Prakash Javedkar, the Association has said operating costs have gone up exponentially to ensure social distancing measures. This coupled with a large cut in advertising revenue, the Association said even the top rated news channels have had 50% cancellations in advertising inventory. The advertising agencies have deferred payments. The channels are expecting negligible income in the coming several months.
Future bleak
“Poor recovery and lack of future income would mean that the news broadcasters would have to weather the storm for two/three quarters and hope for a partial recovery towards the end of the financial year. To overcome the financial crisis, we are suggesting that the MoI&B announce a stimulus package for the broadcast media,” the letter said.
The Association has asked for a 50% hike in rates of government advertisements by (1) increase the rates of BOC/DAVP advertisements, along with increasing the advertising budget for various ministries.
The Association also sought to remind the government that it owes the news broadcasters advertising dues worth ₹64 crore pending since 2010. “Against the said outstanding, it may kindly be noted that the outstanding dues of the Ministry of Information and Broadcasting (MoI&B) reported by the members is approximately ₹8,62,25,333,” the Association said.
