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Econmist Intepretations -2      
JungYeun-Do     2012-09-18 (È­) 10:23    Ãßõ:0     Á¶È¸:972     192.xxx.41

Intepretations of the economist article

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Political ads and media firms

Of mud and money

The only sure winners of November¡¯s elections are media firms

Sep 8th 2012 |LOS ANGELES| from the print edition

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LIKE children eagerly awaiting Christmas, American media firms look forward to even-numbered years. Call it election affection. Every two years political campaigns spend billions of dollars on tasteful, fair-minded adverts. A spot showing Paul Ryan tossing Grandma off a cliff, which first aired last year, is typical (see picture). And where there is mud, there is moolah.

In addition to the presidential race this year, candidates are vying for 435 seats in the House of Representatives, 33 in the Senate, 11 governorships and countless local posts. In 2008 Barack Obama¡¯s extraordinary fund-raising helped push spending on political ads to a record $4.2 billion. Can we top that? Yes, we can. Some expect this year¡¯s haul to be 23% higher, at $5.2 billion.

In this section

� ¡íOf mud and money

� Taking pains

� Money to play with

� The heart of the motor

� Prohibition hangover

� Czech pint

� Bargain bosses

Reprints


Related topics

� Online advertising

� Politics 

� Elections and voting

� World politics

� Government and politics

The biggest profits are still to come. The mudslinging gets really messy only after the conventions (the Democratic one ended on September 6th). This is also the first presidential election to test the impact of a 2010 Supreme Court decision that allows companies and unions to spend unlimited sums on election ads. This has brought a flood of new cash to the airwaves. "Super"political action committees (PACs) have spent around $219m so far, more than Mitt Romney¡¯s $163m and close to Mr Obama¡¯s $263m. Restore Our Future, a super PAC that backs Mr Romney, has already spent around $82m, according to the Centre for Responsive Politics, a watchdog.

The bulk goes to local TV advertising—what David Axelrod, an adviser to Mr Obama, calls the "nuclear weapon" of elections. Local broadcasting stations are a cheaper way to reach specific audiences than national cable spots. Spending on TV will attract $3.4 billion in this election cycle, and 83% of that will go towards local TV (see chart). Most political ads appear during the local news.

Cable companies such as Comcast are courting campaign dollars by promising even more precisely aimed ad placement than is possible on local TV. As a result cable operators have quadrupled politicaladvertising revenues since 2004, to $467m, and doubled their share of the pot. But the biggest winners will be firms such as Sinclair Broadcast Group and Gray Television, which own lots of local stations in critical swing states. The 2008 presidential campaign was fought mostly in 14 swing states; this year¡¯s will focus on a mere nine or so.

Such concentration has given local stations greater pricing power, says Michael O¡¯Brien of Scripps Media, which owns local stations in Ohio and elsewhere. As November 6th nears and advertisers snap up more of the available spots in swing states, rates will soar. Marci Ryvicker, a managing director at Wells Fargo, a bank, reckons that a spot in a swing state that normally goes for $50,000 could go for ten times that as the election approaches. This hurts non-political advertisers, who must pay more to tout their doughnuts and haircuts. Of course, they can always wait for November 7th, when prices will plunge again.

As campaigns harness ever more data, they grow better at "microtargeting": tailoring messages to specific groups of voters. This works moderately well with traditional media. For example, you can place an ad applauding or denouncing Mr Ryan¡¯s plan for Medicare (health care for the elderly) during a TV show that old people like. Or you can send flyers to people in specific neighbourhoods or to registered independents, who may be swayable.

But the greatest potential for microtargeting is online. By the end of this election cycle spending on online political ads will have increased more than tenfold since 2004 (admittedly from a low base of $30m), and will account for around 6% of advertising revenues.

Google search ads used to account for the bulk of online advertising dollars: it was a straightforward way for campaigns to provide information about their activities to those searching for it. But now social-media firms such as Facebook and Twitter are also competing for political spending.

Campaigns have started to look beyond the usual search and banner ads, and are shelling out more for video ads on popular news sites (such as CNN.com), niche websites and video sites such as YouTube, which is owned by Google. On YouTube viewers can choose which ad they want to see, and a campaign pays only if the video is actually watched. Both parties are growing more ambitious online. Whereas once they used online advertising mainly to raise money and mobilise volunteers, today they are trying to persuade people to vote for them.

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The other sure winners of this election are the marketing firms that collect data about voters¡¯incomes, family status and web-browsing history. They sell this information to campaigns, which use it to match appropriate ads to receptive eyeballs. Zac Moffatt, Mr Romney¡¯s digital-campaign director, says online spending is critical because it helps candidates reach "on demanders" and "people who are off the grid": the 29% of voters who, according to a recent study by firms including Say Media, a digital consultancy, have not watched live TV in the past week.

Media firms have one or two gripes. A new ruling by the Federal Communications Commission will require broadcasters in the 50 largest markets to make public which political groups they have sold ads to, and what they have charged. That could make it harder for them to jack up prices.

Their biggest grumble, however, is that odd years follow even ones. There will be a few ballot initiatives and local races in 2013, but nothing to compare with the bonanza of a battle for the White House. So media companies should enjoy the next two months of mudslinging. Afterwards, they will have to go back to selling ads for soap powder.





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Strained relations between Japan and South Korea

Lame ducks and flying feathers

Domestic political upheaval in both countries makes a damaging row worse

Sep 8th 2012 |SEOUL AND TOKYO| from the print edition

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IN RECENT administrations in South Korea a pattern has emerged for how presidents treat Japan. For the first three of their five years in office, they are in a friendly swoon, focusing firmly on the future. Then, as if rudely awoken, they remember that Japan was once a brutal coloniser, and things go swiftly downhill.

Lee Myung-bak, in his last few months as South Korea¡¯s president, is following the same script, but with a twist. On August 10th he made an unexpected visit to an islet that South Korea, which occupies it, calls Dokdo, and that Japan, which covets it, calls Takeshima. That suddenly upset the diplomatic limbo in which the territorial dispute had lain for years. A South Korean president had never set foot on the island before. A few days later Mr Lee added what the Japanese saw as insult to injury, by saying that if the emperor, Akihito, were to visit South Korea, he should first apologise for Japan¡¯s wartime sins. Then followed a Dokdo nonsense, in which the South refused to receive a diplomatic letter and Japan refused to take it back. Even Japan¡¯s relations with North Korea appear to have more scope for improvement.

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� ¡íLame ducks and flying feathers

� Troubled waters

� Contemptuous

� Another dynasty in trouble

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� Government and politics

� Yoshihiko Noda

� Politics

� Japan

� South Korea

The question is why Mr Lee, who must leave office shortly after elections in December, is going out of his way to be so provocative. Now that Park Geun-hye, no friend of the president, has become the ruling party¡¯s candidate to contest the elections, Mr Lee looks like a lame duck. His brother, who wielded influence over his administration, was indicted in July on kickback charges, joining other former presidential aides accused of corruption. In a country where ex-presidents¡¯families and friends are often hounded by their enemies, Mr Lee¡¯s visit to the island can best be explained as a way of shoring up his defences before he goes.

The trouble is, he is not the only diminished leader in the neighbourhood. In late August Yoshihiko Noda, the Japanese prime minister, was defeated in an opposition censure in the upper house, in effect killing his chances of pushing legislation through both houses of parliament during this session.

The immediate consequence is that his government is running out of cash. On September 4th it postponed ¡Í4.1 trillion ($52.4 billion) in tax grants to towns and cities, following its failure to pass a bill to issue bonds to help fund this year¡¯s budget. Soon, though, the censure motion may leave Mr Noda no choice but to dissolve parliament, pushing him into an autumn election that polls suggest his ruling Democratic Party of Japan (DPJ) will lose. The fight is likely to be liveliest on the nationalist right, where some of the DPJ¡¯s most potent challengers include people spoiling for a verbal confrontation with South Korea. That will make the bilateral tensions even harder to diffuse.

Pundits are struggling to understand how matters deteriorated so swiftly. They are mystified as to why Mr Lee brought the emperor into the fray. The 78-year-old has worked hard to improve relations with South Korea, as with all neighbours who suffered under Japanese imperialism. He is not shy of apologising.

As for the surprise visit to the island, Mr Lee has broken what the Japanese see as a diplomatic taboo. And he has sought to aggravate the thorny territorial issue with the emotive issue of "comfort women", South Koreans press-ganged during the second world war, along with other nationalities, to provide Japanese soldiers with sex.

A year ago South Korea¡¯s Constitutional Court compelled Mr Lee¡¯s government to take steps to address the grievances of some of the victims who every week hold protests outside the Japanese embassy in Seoul. Park Cheol-hee of Seoul National University reckons that Mr Lee decided to go to the island partly out of frustration, because his government was unable to persuade Mr Noda¡¯s administration to offer compensation to the comfort women, along with profounder apologies than Japan had issued to date.

In South Korea the blame for this felllargely on Mr Noda. However, Hitoshi Tanaka, a Japanese foreign-policy expert who has taken part in comfort-women negotiations in the past, says it was long ago agreed between the two countries that Japan could not offer state handouts to individuals, however much they suffered, on the (admittedly curious) ground that the demands would be endless. He says the Lee administration ignores numerous past apologies, as well as indirect compensation payments.

A big risk now is that the row could inflame anti-Korean sentiment in Japan. Charismatic right-wing politicians such as Toru Hashimoto, mayor of Osaka, who is preparing to launch a nationwide political party to take part in the elections, is one of several influential figures who have called for a review of the 1993 "Kono Statement", named after the then chief cabinet secretary, which is Japan¡¯s fullest apology for the incidents of sexual slavery. So has Shinzo Abe, a nationalist whose disastrous spell as prime minister has not snuffed out his ambitions. Such a review would infuriate South Koreans.

Deteriorating relations have already had material consequences. In June, and at the last moment, South Korea shelved a deal to share intelligence with Japan, mainly about North Korea. Military exchanges, which are encouraged by the United States, an ally of both countries, were suspended this week. Japan is mulling whether to renew a currency-swap agreement that expires in October. Politicians are even threatening to stop a Korean soap-opera star from visiting Japan, after he took part in a swimming relay to Dokdo. For Japanese women obsessed with the "Korean wave" of popular culture, that is extremely serious.

Five million tourists travel between the two countries each year, and the business ties are so thick that a huge incentive exists for South Korea and Japan to overcome their differences. It will not happen, however, before Mr Lee leaves office. By then, Mr Noda may be gone too.



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