Media24 gets into a hissy fit over loss of revenue

Media24 the company which destroyed several articles on South African jazz history whilst unlawfully misappropriating my own byline and corruptly rigging proceedings before the Labour Court of SA in 2010, is having a cadenza about the dominance of Google and Meta in the online advertising and search industry.

Last time I checked, Media24 did not have a search engine nor any social media of its own. Their online portal is behind a paywall (read Boere-Mafia Laager), and the loss of advertising revenue has absolutely nothing to do with Alphabet (the parent company behind Google) nor Meta and everything to do with the changing habits of its readers, many of whom have dumped the site’s partisan editorial and its “Kerk bazaar” for greener pastures.

With pay television falling prey to Internet streaming companies like Netflix, and Media24’s Multichoice spun off more than two years ago, (now the subject of a takeover by Canal+), executives at the company must be feeling the pinch, with very little left after tax — a sum of the parts analysis of the company might just provide an astonishing headline: Boetie, where are the parts?

The easy answer is Media24 is Takealot, South Africa’s number one online retailer, but with Amazon, Shein and Temu competing with the platform, executives must have had a groot skrik looking at projected revenues, seeing what is coming at them?

I suspect none of this verdriet impacts upon holding company Naspers and its ‘Jekyl & Hyde’ shenanigans at Prosus, both behemoths who collectively control billions of revenue from Tencent (and the Chinese certainly aren’t complaining about SA ownership of Wechat?) — that ancient bastion of Afrikaner kragdadigheid at the Heerengracht must be sensing they either need to throw in the towel, or buy into the new Web3 economy ?

That would be too easy, instead they have become the eternal whining aunties feasting on scalped whales harpooned by their parent company, so accurately portrayed by Daniel Defoe in his epic tail of capitalism, Moby Dick?

Anyone care to spear a whale?

The media company that refused to participate in the Truth & Reconciliation Commission, disputing the outcome and status of the special report on the role of the media during apartheid, apparently told the Competition Commission that ‘Google is abusing its “dominance” and threatening the viability of the Fourth Estate in South Africa,’ what a joke.

Since when did they ever care about the “Fourth Estate”?

Ishmet Davidson the self-same liar who claimed the company had been given ‘a clean bill of health at the TRC’, is reported to have told the Competition Commission on Tuesday that “Google is sucking advertising revenue out of South Africa, making it increasingly difficult for local publications to survive. He said even News24, despite its size, is loss-making – and he pointed the finger at Google and rival Meta Platforms, the owner of Facebook, for the dire situation facing local publishers.”

Davidson said News24 was “forced” in 2020 to implement a paywall around much of its content, but even though more than 100 000 paying subscribers have signed up, the revenue from subscriptions “has not nearly been sufficient to offset the decline in advertising revenue”.

If this sounds like the man is angling for another bail-out from government, in much the same manner as the sole pay-channel license awarded by former director PW Botha during the 1980s, they suck and you probably on track.

You can read the full story on Tech Central

Our 14 point action plan

1) Fire No 1 and pay back the money

2) Cut back on five hour lunch sessions, R1bn wagyu steaks for No 2

3) Dump the Gupta Raj and the British East India Company kickbacks.

4) Reduce size of cabinet to pre-Zuma levels

5) Break up SOEs into smaller units, sell SAA.

6) Dump Eskom and introduce an Energy Commons

7) Introduce a Social Wage for all (including Basic Income Grant)

8) Household responsibility to provide home economics

9) Income equalisation for periodic work

10) Rent Stabilisation for those renting

11) Compulsory Civics classes for young scholars and new immigrants

12) Adopt David Robert Lewis’ Electronic Freedom Charter

13) Celebrate the Earth Rights we got into the Constitution

14) Hire competent staff at finance ministry

How much did it cost South Africa to prop up the Greenback?

Manual in love with the Dollar?
Manual in love with the Dollar?

TREVOR MANUAL will come to rue the day he chose to support the Dollar and devalue the Rand. South Africa’s entry into financial markets has literally cost every man, woman, and child R6000*. In an instant we have wiped out the gains of the last five years, pushing the currency back to levels that are dangerously close to the devaluation which occurred during the mid-nineties. The Reserve Banks activity in buying the Greenback shortly before the devaluation should become a subject of public inquiry, since in so doing, we have allowed our country to yet again become the slave to Wall Street Bankers.

The recent crisis in capitalism comes after the market in derivatives based upon junk bonds was allowed to get out of hand, forcing the collapse of several banks including US Treasury’s Fannie Mae and Freddie Mac. To call it a “sub-prime” crisis is to miss the point about junk bonds. The continued use of complex derivative schemes that leveraged assets that did not exist, or had little worth in the real world from an equity perspective remains. The problem of what Joseph Stiglitz calls “the phantom economy” , in other words, a false economy, is the result of the abandonment of financial regulations in favour of a wholly deregulated market – George W Bush’s supposed radical reforms. The role of the South African Reserve Bank in the critical period before the devaluation needs to be to be investigated, but is not all that surprising, since the Bank has continued to allow itself to be drawn in as a guarantor of last resort, even for debt that it does not own, propping up the system with tax-Rands.