ITV is probably one of the most popular channels in the UK; it has been a part of everyone's lives. ITV has a huge selection of popular programs such as Coronation Street, The Bill, in fact it also was the first channel to launch global popular reality shows such as Pop Idol, X Factor and Britain's Got Talent to name a few.
Over past years ITV has grown in reality shows and nowadays these shows seem to dominate the air waves, you would think that for a channel that gets votes on the likes of shows such as X Factor in excess of two million a show would be safe from the credit crunch.
But as we have seen in the past the credit crunch can take even the strongest companies and bring them to their knees and this is what seems to be happening with ITV. The television companies operating profits for 2008 were down by a huge 32% and things only look set to get worse as the credit crunch matures.
ITV's solution to this is to make 600 more people redundant, after they already got rid of one thousand jobs in 2008. They will also be looking to cut an enormous sixty five million pound budget from the broadcasters. But maybe ITV could effectively be shooting themselves in the foot; by cutting back on costs, we are going to see a lot more budget programmes come through and with a ton of staff being eliminated who is going to be the productive producer of all these programs. If the channel starts losing viewers then they will lose more advertisers which is the main reason they are suffering.
The best approach in my opinion would be to keep the best programs alive, the ones that are in fact attracting viewers and instead of making a huge amount of people redundant, why not look at cutting wages of the big earners? These huge earners must realise that we are in the midst of a fully fledged financial crisis and they should be willing to take a cut to save their company and the jobs of lower paid staff, at least until things begin to improve.
The high earners need to be a little more forgiving as they are earning a fortune to make the company profitable and if it is not profitable then they should be the ones to take the blame and pay cut, not the innocent people who work their 9-5 shifts day in and day out.
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