Prosek Partners, a leading independent public relations and financial communications and marketing firm, released today the results from a new survey of financial and business media journalists, revealing New York City and London will remain key media hubs in the post-pandemic world. Nearly two-thirds of respondents (62%) noted that these cities will maintain or grow their level of importance for financial and business journalism, even as the impact of the pandemic continues to limit in-person interactions between journalists and sources.
"New York City and London have long been recognized as influential, global media hubs and agencies and clients have organized themselves around these hubs," said Jennifer Prosek, Managing Partner at Prosek Partners. "If things were to change, it could change the face of the industry. While Covid-19 was a shock to the system, it’s clear these media hubs will continue to prevail as prominent centers of influence in the post-pandemic world."
Prosek Partners’ survey polled 86 U.S. financial and business journalists between October 1-20 on several questions related to how the media is conducting its work amid the pandemic and what back-to-the-newsroom plans look like.
Adjusting to Remote Work
Results also highlighted the difficulty journalists are having with idea generation and mining for new sources. Sixty-one percent of reporters stated that it has been harder to develop new sources in the remote work environment, with only 11% stating that it has become easier.
Maintaining work-life balance was cited among the biggest challenge in the work-from-home environment by 44% of reporters surveyed. Other key challenges included bonding and building trust with new sources (named by 26% of respondents); Covid-19 dominating the news cycle (19%); and brainstorming and collaborating with other reporters (12%). Additionally, financial/business reporters are overwhelmingly in favor of phone interviews versus Zoom or video conversations, with nearly three in four (73%) respondents stating they prefer this method.
"With 95% of respondents stating they use PR pros as much or more than usual during this time, it’s evident that there is a big opportunity for public relations teams to be valuable to reporters, said Prosek.
Yearning for Normalcy
Prosek Partners’ survey indicated that many reporters are eager to get back to traditional ways of doing work. With respect to return-to-newsroom plans, the findings showed that 11% of reporters surveyed are already back in the newsroom. Out of all respondents, a quarter (26%) expect to be back in the office by the end of the year, and more than two-thirds (69%) anticipate being back by the end of Q1 2021. Furthermore, more than six out of 10 (62%) reporters expect that some or all their flexible arrangements will become permanent.
Despite the changes introduced by the pandemic, many reporters appear eager to return to normalcy. One-third (33%) of reporters said they are already comfortable to host in-person, socially distanced interviews, with another third stating they will likely be comfortable by March 2021. All told, just a quarter (26%) of respondents indicated their belief that in-person meetings are a thing of the past. And despite concerns over the future of in-person conferences, two-thirds (64%) of journalists disagreed with the notion that conferences will be less important for them to attend moving forward.
About Prosek Partners
Prosek Partners is among the largest independent communications and marketing firms in the U.S. and one of the few domestic, mid-size firms that offers global capabilities through its London office and international network. Specializing in providing a full range of communications solutions to financial and professional services companies, the firm delivers an unexpected level of passion, creativity and marketing savvy. Prosek Partners’ "Unboxed Communications" approach brings breakthrough ideas to every client engagement. Services include digital and traditional media relations, financial communications, investor relations, transaction services, crisis communications and issues management, digital marketing, design and creative services, content creation, publishing, media training and branded entertainment. The firm has been named an Inc. 5000 Fastest-Growing Company, a "Top Place to Work in PR" by PR News, A New York Observer Power PR firm, and a Holmes Report "Best Agency to Work For" and "Agency of the Year." Prosek Partners is a certified Woman-Owned Business. For more information about Prosek Partners visit www.prosek.com or follow the agency on Twitter at www.twitter.com/prosekpr.
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