Maybe agency-side isn’t the way to go. In an article by NewYorkTimes.com, the media industry is still not out in the clear. Though the economic situation of the country has gotten significantly better, many agencies are still struggling. However, at the top of some of the biggest media corporations like CBS, NBC, Comcast or Viacom, top executives are getting paid at least 8-figures! This is virtually unheard of in the agency-world, where starting salaries are averaging a bleak $30-40,000 a year. What was most striking in this report was CBS’ Leslie Moonves, whose salaries doubled from last year to $43 million.
Though most clients were pulling back their media spending, it seems as if the job security during the economic downfall could, ironically, be found at media companies. These companies have become surprisingly more lucrative, especially in comparison to the financial industry that usually averages much higher salaries across the board. In my opinion, though these large media companies have been reaping unimaginable profits, I question how long it will last. Many, many studies have shown that during economic depressions, companies look to advertising are a quick fix to maintain profits. With the economy slowly recovering, I question how long will this financial growth last?