Fox Biz: Still Can't Get Anyone To Watch
Nine-month-old Fox Business Network is averaging 8,000 viewers during the day and 20,000 in primetime over the first three weeks of July, according to Nielsen numbers relayed by the Washington Post's Howard Kurtz.
The good news is that's a 26% leap over the 6,300 daily viewers the network was getting last fall. The bad news is that it's still a tiny fraction of CNBC's 284,000. The prime time jump is little bigger -- it's a 33% increase over last fall's average of 15,000 -- but not that meaningful. That's because like CNBC, Fox Biz is focused on daytime programing, when its target audience is supposedly watching for markets news. CNBC averages 191,000 viewers in primetime.
What can Fox Biz do to improve? Get its channel into more homes: So far, even with Rupert Murdoch's leverage, the channel is in just 40 million homes, while CNBC in 96 million. That's 140% more reach . But something else is going to have to change, too: Even if you bumped up Fox's ratings 140% it still wouldn't be playing in CNBC's league.
Fox is looking at the bright side. "It's a slow-growing business, but it's a growing business," says network EVP Kevin Magee. He has a little reason for optimism: after its first nine months on the air in 1997, Fox News was averaging just 14,000 viewers during the day and 25,000 viewers in primetime.
But so far, Fox Business Network is giving CNBC nothing to worry about.
See Also:
Thomson Reuters New Channel Won't "Challenge" CNBC
Fox Biz: Still Beating CNBC (On The Web)
Fox Business Snatches Walt Mossberg From CNBC
Fox News: We Photoshop, You Decide
Fox Biz: No One's Watching
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If they hooked up with someone like RedLasso to allow bloggers and journalists to easily embed niche interviews and stories from their news coverage, then their stories would get better coverage and people would think, I could have seen that news live if I had only been watching Fox Business. By unlocking the restrictions on their content, it would encourage people to share footage that is collection dust on the shelves and would create a huge advertising platform for them to monetize. Once people saw enough stories show up on the web, they would begin to ditch CNBC for better news coverage.
Right now, Fox is trying to control which stories are "viral" and which ones aren't allowed to be put online, but they need to open up their entire catalog to anyone who is wants to comment on their coverage. Unless they improve their reporting and take advantage of the WWW, they'll continue to be irrelevant among the business crowd. It's one thing for CNBC to be a dinosaur and to refuse to innovate, but when you are pulling in the dismal ratings that Fox is, you need to be more proactive, if you want to build an audience.
Would love to see more tech coverage personally, that would give them a much needed niche.
The audience here is serious market watchers and professional traders, and the "living room" metaphor just doesn't work for that. They should go to a desk, like CNBC, and start hauling in some of the great guests that CNBC has. They should also hire someone like Gasparino or Faber to break news.
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