Preparedness to Cope with an Unexpected Crisis. Lessons Learnt by Spanish Regional TV Broadcasting Management

ABSTRACT The outburst of COVID-19 pandemic all over the world has brought an unexpected economic and financial crisis to our door, which could have dramatic effects in our society and in worldwide economy. In the particular case of the broadcasting business, this potential threat combines with the drastic changes brought by the advent of digital platforms and on-line contents, setting a new scenario of uncertainty. The traditional engagement of the audience and the TVs and society relationship is at stake, and the 70 years old business model we know may be coming to an end. Indeed, the TV business has already evolved to be more economically resilient. The lessons learnt with the past crisis in 2008–2011, were harsh for all and fatal for some. The case for regional broadcasting appears to be especially interesting to study since it gathers two different managerial approaches, public (classic) and private (outsourced), with their corresponding views and actions to endure the crisis. Even though the whole sector was strongly hit by the crisis, the management model adopted by the companies had a notable influence in how they reacted to the crisis, and how they found themselves in the aftermath, bringing precious information on how to confront the incoming COVID-19 crisis. This paper looks to extract the lessons learnt by Spanish regional TVs managing finance and credibility, in order to determine which strategy could be the most advisable to adopt in face of the coming challenges for the sector from both the managerial and stakeholders’ perspective. The paper results show how the management model adopted and the subsequent financial decisions and communication strategy, together with the level of transparency are key elements to become more resilient and be ready to tackle the future scenario of broadcasting.